Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 12/16/09
EUR/USD
Current level-1.4534
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.
Current rebound above 1.4503 low is corrective in nature and should be limited below 1.4607 before next leg downwards to 1.4412-50 area. A clear break below 1.4450 will set the focus on 1.4169 major support. Crucial on the upside is 1.4660.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.4607 | 1.4660 | 1.5146 | 1.5290 |
Support | 1.4450 | 1.4390 | 1.4450 | 1.3740 |
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USD/JPY
Current level - 89.42
The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54.
The intraday bias here is neutral, but a break below 88.95 dynamic support will state, that a top is in place at yesterday's high at 89.96 and a downtrend is on the run towards 87.35.
Minor | Intraday | Major | Intraweek | |
Resistance | 89.92 | 90.77 | 90.77 | 93.40 |
Support | 88.95 | 87.35 | 83.45 | 79.60 |
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GBP/USD
Current level- 1.6241
The pair is in a downtrend after peaking at 1.7042. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
The overall bias here is still neutral and the pair is caught in the 1.6130-6370 range, but we continue to think, that a renewal of the downtrend lies ahead and a break below 1.6180 will confirm, that the focus is set at 1.59+.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6320 | 1.6460 | 1.6840 | 1.7042 |
Support | 1.6180 | 1.6130 | 1.6130 | 1.5706 |