Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Aug 28 08 08:57 GMT |

EUR/USD Current level-1.4777 EUR/USD is in а downtrend from 1.6039 (15 July 2008). Technical indicators are descending and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5428 and 1.5231. As expected the pair broke through 1.4670 and 1.4629, reaching local bottom at 1.4570. Significant rebound so far, but we feel no need to change our outlook for 1.4452, until the 1.4908 resistance is intact. So for today expect a minor top to be formed below 1.4816, before downswing unwinds to 1.4661. Keep in mind, that current descending wave seems to be the last one of the downtrend from 1.6037 and is likely to end around 1.4452 dynamic support. Today's strategy: Stand aside. Resistance Support intraday intraweek intraday intraweek 1.4816 1.4950 1.4638 1.4621 1.4908 1.5507 1.4563 1.4438 USD/JPY Current level - 108.96 The pair is still in the broad consolidation since 95.75 short-term bottom, aiming at 111.03. Trading is situated above the 50- and 200-day SMA, currently projected at 107.09 and 106.62. As the pair broke through 109.55 resistance it became clear, that the previous sell-off from 110.66 was just the final leg of the consolidation since 110.37. So with the recent bottom at 108.17 this corrective phase has ended and the uptrend is renewed for 113.01. There is still no confirmation, that the corrective phase below 110.27 has ended, so only above 109.93 the road will be cleared for 111.03. Today's strategy: Stand aside. Resistance Support intraday intraweek intraday intraweek 110.66 111.03 108.61 108.15 111.03 112.36 108.17 103.83 GBP/USD Current level- 1.8371 The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.85+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.9752 and 1.9853. After topping at 1.8796, the pair has finalized the corrective phase since 1.8512 and the overall downtrend has been renewed for 1.7934. Yesterday a new consecutive low was reached at 1.8285 and the pair is consolidating above that level, before next leg downwards to 1.8136. Crucial is 1.8589. Today's strategy : Stand aside. Resistance Support intraday intraweek intraday intraweek 1.8512 1.9929 1.8285 1.80-sentiment 1.8803 2.0153 1.8163 1.7612 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.