Forex Technical Analysis
EUR/USD
Current level-1.5527
The pair has built a local bottom at 1.5283 and has advanced well to 1.5571. Technical indicators are reversing and divergent. The 50- day SMA is currently projected at 1.5631.
The slide from 1.5571 has set a local bottom at 1.5395, few pips above the 1.5361 support. The advance from that level is targeting the dynamic resistance , projected at 1.5553. On the 4 h. chart a clear H&S reversed formation can be identified, but keep in mind that it will be activated above 1.5571. We expect a brief intrady consolidation below 1.5553, followed by a break above that level and a rise towards 1.5642.
Today's strategy: Buy on dips to 1.5507 with a stop below 1.5453, or buy a break above 1.5567 with targets in both cases 1.5642 and 1.5851 later on.
| Resistance |
Support |
| intraday |
intraweek |
intraday |
intraweek |
| 1.5571 |
1.5807 |
1.5361 |
1.50+ |
| 1.5712 |
1.60-sentiment |
1.5283 |
1.4467 |
USD/JPY
Current level - 104.85
The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are rising slowly and the upmove is dynamically supported at 102.36. The inner structure of the rise is by all means a corrective one, so from a larger point of view the overall downtrend from 124.14 is not over yet.
We still expect a downtrend to emerge, for a break below the 99.86 dynamic support, en route to 95.75. Nevertheless the uptrend on the lower time-frames is still intact, so only below 100.82 will be confirmed, that the outlook is totally bearish for 95.75.
So in our opinion a new high above the recent 105.69 is to be achieved and probably a test of the 106.68 resistance, before reversing and beginning of a downtrend. Of course after breaking above 105.69, the crucial support on the higher frames, that is projected now at 100.82 will be replaced by 102.63.
Today' strategy: Stand aside.
| Resistance |
Support |
| intraday |
intraweek |
intraday |
intraweek |
| 105.68 |
106.31 |
104.76 |
100.82 |
| 105.93 |
108.31 |
102.63 |
95.75 |
GBP/USD
Current level- 1.9461
The pair has reversed at 1.9337 and the technical indicators are rising and convergent. Trading is situated between the 50-day MA, projected at 1.9741 and the 200-day SMA, at 1.9925.
New low was reached yesterday at 1.9374, few pips above the important 1.9367 support. We still think, that last week's activity is a broad test of the 1.9338-67 support and having in mind the high (weekly) frame, that it is derived from, it will take more time to be worked out. Be patient and wait for a break either below 1.9338 or above 1.9633 to determine the general direction of next month's trades.
Today's strategy : Stay on yesterday' longs with a tight stop at 1.9428.
| Resistance |
Support |
| intraday |
intraweek |
intraday |
intraweek |
| 1.9633 |
1.9961 |
1.9367 |
1.9338 |
| 1.9963 |
2.0192 |
1.9338 |
1.9196 |
DeltaStock Inc. - Online Forex & Securities Broker
www.deltastock.com
RISK DISCLAIMER: These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.
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