Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Oct 23 08 09:04 GMT |

EUR/USD Current level-1.2789 EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4595 and 1.5183 As expected 1.2992 managed to limit yesterday's consolidation on the upside and the decline was renewed from 1.2947, reaching low at 1.2721. We believe that the sell from 1.2947 was only an internal part of the consolidation since 1.2731, so allow a few more intraday swings above 1.2721 and below 1.2947 before entering a sharp downward impulse towards 1.2484. Resistance Support intraday intraweek intraday intraweek 1.2992 1.3261 1.3531 1.4865 1.2801 1.2731 1.2484 1.20-sentiment USD/JPY Current level - 97.80 The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 97.63. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76. Obviously te consolidation pattern below 103.55 resistance has ended at 102.41 and the renewed decline has reached a local bottom at 96.84. We think, that with 96.84 the downtrend from 102.41 has been completed, so we'll expect an uptrend towards 99.93, en route to 103.55. Intraday a minor consolidation is what is unfolding below 98.33, so later today expect next leg upwards, to 99.92. Crucial is 96.84. Resistance Support intraday intraweek intraday intraweek 98.33 99.92 102.41 103.55 97.36 96.84 95.75 90-sentiment GBP/USD Current level- 1.6305 The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.70+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421. The sharp sell-off from yesterday's peak at 1.7194 bottomed at 1.6149, but only a brief consolidation is to be expected above these levels, before next leg downwards to 1.5846. The overall downtrend from 2.0153 is in its most powerfull part, so we will expect current rebound to be limited below 1.6492, followed by another strong downmove to 1.5846, en route to 1.55+. Resistance Support intraday intraweek intraday intraweek 1.6492 1.6799 1.7579 1.8802 1.6131 1.5846 1.55+ 1.5112 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.