Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 10/29/09
EUR/USD
Current level-1.4739
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.
Yesterday's low at 1.4678 marked the end of the downtrend from 1.4841, but the overall bias remains negative, so a brief test of 1.4766 resistance is to be expected, before final spike-low to 1.4636. A break above 1.4766-70 res. will state, that the bottom is already in place and will challenge 1.4840 area.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.4767 | 1.4840 | 1.5063 | 1.6040 |
Support | 1.4678 | 1.4636 | 1.4444 | 1.3746 |
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USD/JPY
Current level - 91.25
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 90.20 has been met and a larger rebound is to be expected, for 90.91, en route to 91.33. The overall bias remains negative, but the minor downtrend from 92.32 is already completed at 90.23.
Minor | Intraday | Major | Intraweek | |
Resistance | 90.91 | 91.33 | 92.40 | 97.90 |
Support | 90.20 | 89.53 | 87.12 | 83.25 |
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GBP/USD
Current level- 1.6431
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.
Still in the consolidation pattern above 1.6250 and a break below 1.6285 support is needed to confirm, that a sell towards 1.6130 is on the run. Important on the upside is 1.6490. Intraday bias is positive towards 1.6465, en route to 1.6490 with a crucial level at 1.6360.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6465 | 1.6490 | 1.6752 | 1.7042 |
Support | 1.6360 | 1.6250 | 1.6130 | 1.5706 |