FX Technical Analysis

Daily Forex Technicals | Written by Mizuho Corporate Bank | Sep 29 08 06:22 GMT |

EURUSD

Comment: A 'spike high' and 'evening star' candle on the weekly chart at 1.4867 suggests we shall consolidate below here for another week or two. The Euro will probably hold between 1.4200 and 1.4800.

Strategy: Possibly attempt small longs at 1.4455 but only if prepared to add to 1.4300; stop below 1.4195. Short term target 1.4550, then 1.4700.

Direction of Trade: →

Chart Levels:
Support Resistance
1.4425 " 1.4555
1.4385 1.4675
1.4275 1.4769
1.4195 1.48
1.415 1.4867*
GBPUSD

Comment: An 'evening star' candle on the weekly chart against the 9-day moving average at 1.8600 suggests Cable will hold below here for another week or two. Prices will probably hold very nervously roughly between 1.7800 and 1.8500.

Strategy: Possibly attempt small longs at 1.8270; stop below 1.8050. Short term target 1.8400, maybe 1.8500.

Direction of Trade: →

Chart Levels:
Support Resistance
1.8229 " 1.8328
1.82 1.842
1.81 1.8469
1.8065 1.86
1.7915* 1.8672/1.8689*
USDJPY

Comment: Holding neatly in a relatively small range below pivotal resistance around 110.00. A weekly close below the bottom of the weekly 'cloud' at 104.50 might add some much-needed bearish momentum and a sustained break below 103.50 should really set things going South.

Strategy: Sell at 106.35; stop above 107.10. Short term target 105.50/105.15, then 104.00.

Direction of Trade: →↘

Chart Levels:
Support Resistance
106.00 " 106.5
105.64 107.03*
104.99 107.55
104.5 108.04*
103.97 108.2
EUR/JPY

Comment: Retreating once again ahead of the 157.00 area. Expect a drop this week to re-test 151.00.

Strategy: Sell at 153.65, adding to 155.00; stop above 157.05. Short term target 153.00, then 151.00

Direction of Trade: →↘

Chart Levels:
Support Resistance
153.62 " 155.3
153.48 156.35
153.00* 156.84
152 157.02*
151 157.75

Mizuho Corporate Bank

Disclaimer

The information contained in this paper is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This paper has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.