Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | May 04 09 11:08 GMT |

EUR/USD Current level-1.3311 EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.3064 and 1.3524. The recent test of the 1.3396 resistance failed and the pair is in a corrective mode before next leg upwards for 1.3521. Intraday bias is negative, for 1.3167. Resistance Support intraday intraweek intraday intraweek 1.3396 1.3524 1.3265 1.2576 1.3524 1.3740 1.3167 1.2328 USD/JPY Current level - 99.40 A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 94.12 and 99.36. Intraday bias is still positive for 99.96 with a risk limit below 99.05, but we expect a reversal around current levels to trigger a sell-off towards 97.13 Resistance Support intraday intraweek intraday intraweek 99.96 101.44 98.12 93.38 100.74 103.55 95.64 89.82 GBP/USD Current level- 1.4940 The pair is in a broad corrective phase, after bottoming at 1.3506. Trading is situated between the 50- and 200-day SMA, currently projected at 1.4422 and 1.5896. Recent high at 1.4980 is nothing less than a serial test of the 1.50+ resistance level, so even though there is an intraday setup for 1.4738, a break above the mentioned resistance seems inevitable. Resistance Support intraday intraweek intraday intraweek 1.4980 1.5065 1.4816 1.4398 1.5065 1.5727 1.4738 1.30+ 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.