Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Jul 15 08 08:39 GMT |

EUR/USD

Current level-1.5952

EUR/USD is in an uptrend from recent bottom at 1.5301, that was the final of the prolonged consolidation since 1.5909 (17 March 2008). Technical indicators are slowly rising and trading is situated above the 50- and 200-Day SMA, currently projected at 1.5609 and 1.5095.

The sharp Friday's advance beyond 1.5909 has denied our idea, that a there is one more swing to come, down to 1.5584, as a third part of the consolidation pattern since 1.5909. Now it is obvious, that the uptrend from 1.5301 has been renewed, heading for a beak above 1.6019, en route to 1.6566. As expected yesterday's consolidation was limited above 1.5827 and after building a reliable bottom at 1.5839, the ascending impulse was renewed, reaching high today at 1.5957. Today we will expect a break above 1.6019, that will clear the way to 1.6216.

Today's strategy: Buy current levels, stop below 1.5923, first target 1.6015, second is TBD later.
Resistance Support
intraday intraweek intraday intraweek
1.5969 1.60+ 1.6019 1.6216
1.5923 1.5881 1.5461 1.50+

USD/JPY

Current level - 105.56

The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are flat and the upmove is dynamically supported at 104.74. 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.

Yesterday's consolidation managed to stay below 106.83 and due to the selling pressure at 106.81 the downtrend is renewed, towards 104.98, en route to 103.83. Intraday we expect acceleration of the downtrend towards 103.83.

Today's strategy: Sell current levels for 104.08, stop above 106.05
Resistance Support
intraday intraweek intraday intraweek
106.05 107.91 108.66 109.51
104.98 103.83 102.63 100.00

GBP/USD

Current level- 1.9996

The pair is in a broad consolidation above 1.9338 and below 2.0397. Technical indicators are flat on the higher time-frames and trading is situated between the 50- and 200-day SMA, currently projected at 1.9685 and 1.9982.

There is no chance that the pair is still in the consolidation since 2.0007, so obviously the uptrend for 2.0274 is renewed and today's target is seen at 2.0131. Reliable support comes at 1.9961.

Today's strategy : Buy current levels for 2.0131, stop below 1.9961.
Resistance Support
intraday intraweek intraday intraweek
2.0007 2.0131 2.0274 2.0397
1.9961 1.9791 1.9477 1.9196

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