Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Oct 12 09 08:43 GMT |

EUR/USD Current level-1.4692 EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523. The pair is still in the downtrend from 1.4817 and keeping in mind that Friday's attempt to break above 1.4780 resistance failed, the bias should be considered negative for 1.4615, en route to 1.4478. Nevertheless, we continue to think, that current slide is just a part of the consolidation pattern below 1.4842 and is expected to hold above 1.4410-44 dynamic support on the daily frame. Intraday resistance comes at 1.4725, followed by the crucial 1.4775. Resistance Support intraday intraweek intraday intraweek 1.4775 1.50+ 1.4696 1.4444 1.4842 1.6040 1.4650 1.3746 USD/JPY Current level - 90.40 A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84. Friday's sell from 90.50 resistance failed to break below 88.01 and bottomed at 88.62. This confirms, that a bottom is already in place at 88.01 and that level is the end of the downtrend from 97.79. The pair has entered a larger corrective phase, that will target 92.10-40 resistance area. Current intraday bias is positive with nearest support at 89.90 and risk limit below 89.48. Resistance Support intraday intraweek intraday intraweek 90.76 92.40 89.90 88.01 91.50 97.79 89.48 83.53 GBP/USD Current level- 1.5766 The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258. The downtrend from 1.6130 resistance accelerated and broke below 1.5855 'trigger' point. The consolidation pattern above 1.5766 is already completed on the daily frame, so current focus is set at 1.5352. Resistance comes at 1.5798 and crucial is 1.5884. Resistance Support intraday intraweek intraday intraweek 1.5798 1.6130 1.5712 1.5352 1.5887 1.6468 1.5612 1.50+ 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.