Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Jul 17 08 09:44 GMT |

EUR/USD Current level-1.5867 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. Tuesday's uptrend managed to climb above March's all-time high at 1.6019, but lost ground and sharply reversed, breaking back again below 1.5950 support, thus setting a final of the rise from 1.5610. Of course this sell-off has no power to change the short-term direction and the fact, that the pair is heading towards 1.6216 and probably 1.6566. Yesterday's correction was limited below 1.5951, as expected and the slide from these levels bottomed at 1.5798. Nicely correcting so far, there is still some potential for 1.5891, but one more leg downwards should follow, toward 1.5763. Today's strategy: Sell rallies to 1.5885, stop above 1.5951, add on a break below 1.5811, target seen at 1.5783. American session: Stay tuned for a reversal pattern above 1.5763. Resistance Support intraday intraweek intraday intraweek 1.5951 1.5989 1.6019 1.6216 1.5891 1.5802 1.5461 1.50+ USD/JPY Current level - 105.38 The pair has finalized its corrective uptrend from 95.75 mid-term bottom with the recent top at 108.59. Trading is situated below the 50- and 200-day SMA, currently projected at 105.81 and 107.25. The sharp rebound from local bottom at 103.79 confirms a final of the slide from 107.31, so allow one, two corrective days before renewing the overall downtrend towards 98.52. We expect this consolidation to be limited below 105.90 and above 104.37, so range trading is to be preferred with a risk limit above 106.31. Today's strategy: Trade the 104.37-105.91 range. Resistance Support intraday intraweek intraday intraweek 105.75 106.31 108.66 109.51 104.37 102.63 102.63 100.00 GBP/USD Current level- 2.0009 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 above the 50- and 200-day SMA, currently projected at 1.9685 and 1.9982 Having topped at 2.0154 the pair entered in a consolidation phase above 2.0007 before renewing the uptrend towards 2.0274. We think, that one more downward leg to 1.9901 is needed before advancing beyond 2.0096 resistance, towards 2.0274. Today's strategy : Stand aside. Resistance Support intraday intraweek intraday intraweek 2.0031 2.0096 2.0274 2.0397 1.9963 1.9901 1.9477 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.