Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 10/26/09
EUR/USD
Current level-1.5035
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
The overall uptrend is intact with a crucial level at 1.4945. Intraday bias is also positive for 1.5063, en route to our target at 1.5104. Minor support can be found above 1.5011, followed by 1.4981.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.5060 | 1.5104 | 1.53+ | 1.6040 |
Support | 1.4944 | 1.4880 | 1.4444 | 1.3746 |
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USD/JPY
Current level - 91.84
A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.
Our target at 92.10 has been precisely hit and the pair reversed, dipping to 91.57. Despite of current negative momentum, a real confirmation that a top is in place at 92.19 will be received with a break below 91.20 support area. Current bias is negative with resistance at 91.98.
Minor | Intraday | Major | Intraweek | |
Resistance | 92.10 | 92.40 | 92.40 | 97.90 |
Support | 91.57 | 91.20 | 87.12 | 83.25 |
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GBP/USD
Current level- 1.6296
The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
As expected, the pair reversed sharply below 1.6752 resistance zone and the break below 1.6619 confirmed, that a top is in place at 1.6693. Keeping in mind, that there is no significant support between 1.6752 and 1.6130, current target is set at 1.6110-30 area. A minor consolidation is to be expected above 1.6250 with a potential for 1.6363 resistance. Crucial on the upside is the major resistance around 1.6490.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6363 | 1.6490 | 1.6752 | 1.7042 |
Support | 1.6250 | 1.6130 | 1.6130 | 1.5706 |