Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Oct 28 09 08:25 GMT |

EUR/USD Current level-1.4827 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. With the recent break below 1.4840 the downtrend has been renewed and while the pair holds below 1.4840-50 resistance the overall bias will remain negative for 1.4690 and 1.4615. Crucial on the upside is 1.4927, but even a break above 1.4850 will neutralize current bearish outlook. Resistance Support intraday intraweek intraday intraweek 1.4840-50 1.5063 1.4769 1.4444 1.4927 1.6040 1.4690 1.4190 USD/JPY Current level - 91.25 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 The expected reversal in the 92.10-40 area is already a fact and was confirmed with the recent break below 91.57. Current target is set at 90.20 and the bias is extremely negative with an intraday resistance at 91.57-62. Resistance Support intraday intraweek intraday intraweek 91.57 92.40 91.10 88.01 92.40 97.79 90.20 83.53 GBP/USD Current level- 1.6367 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. Although the pair reversed at 1.6440, the test of 1.63+ support failed and the consolidation pattern above 1.6250 is still active. We continue to expect a break below 1.63+, that will target directly 1.6130 major support, but from an intraday point of view the bias is neutral and there is still no clear downtrend on the chart. Crucial on the upside is 1.6490 resistance and after we see a break below 1.63+ crucial will become yesterday's high at 1.6440. Resistance Support intraday intraweek intraday intraweek 1.6440 1.6752 1.6305 1.6130 1.6490 1.7042 1.6250 1.5352 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.