Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Jul 28 08 09:09 GMT |

EUR/USD Current level-1.5723 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 1.5677 and 1.5181. As expected the pair founded support at 1.5627 and reversed, climbing back again above 1.5712. We think, that last week's bottom was a final of the slide from 1.5946 and currently a corrective phase is underway, targeting 1.5798. Intraday be careful around 1.5685, cause there is still a risk for one more dip to 1.5649 before challenging 1.5798. Today's strategy: Keep trading the 1.5628 - 1.5798 range. Resistance Support intraday intraweek intraday intraweek 1.5754 1.5798 1.6019 1.6216 1.5665 1.5512 1.5461 1.50+ USD/JPY Current level - 107.68 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. Although the pair has spiked high few pips above 107.98, we still think, that this was a part of the consolidation since 24 July 2008 and one more leg downwards is needed to complete the corrective pattern and to initiate a rise towards 108.59 and probably 109.36. Intraday a minor downtrend is on the run, targeting 107.38 and 107.09, with a crucial resistance at 107.87. Today's strategy: Sell for 107.38, stop above 107.87. If stop taken, reverse for 108.59 with a risk limit below intraday low. Resistance Support intraday intraweek intraday intraweek 107.87 108.44 108.66 109.51 106.59 106.06 103.83 100.00 GBP/USD Current level- 1.9865 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. Our target at 1.9826 has been met, so now the consolidation phase from 2.0153 has fulfilled its price requirements and after breaking above 2.0029 the road to 2.0274 will be cleared. Nevertheless, trading is still range-bounded and the senior downtrend from 2.0153 is still intact. Today's strategy : Buy on a break above 1.9912, stop below intraday low, target seen around 2.0001. Resistance Support intraday intraweek intraday intraweek 1.9912 2.0007 2.0154 2.0397 1.9817 1.9771 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.