Forex Technical Analysis

Daily Forex Technicals | Written by DeltaStock Inc. | Nov 23 09 10:43 GMT |

EUR/USD Current level-1.4975 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 1.4793 and 1.3523 Last week's test of 1.4796 support failed and this time a bottom has been confirmed at 1.4801, that should start the expected upmove for new highs beyond 1.5063. Intraday bias is positive for a break through 1.4990, en route to 1.5063 with an initial support at 1.4947. Resistance Support intraday intraweek intraday intraweek 1.4990 1.5290 1.4947 1.4623 1.5063 1.6040 1.4796 1.4444 USD/JPY Current level - 88.79 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 bias continues to be negative for 88.21 reversal area and important resistance on the upside is 89.60. We expect one more leg downwards to complete the whole slide from 92.50 and to start the third phase of the prolonged consolidation above 88.01. Resistance Support intraday intraweek intraday intraweek 89.53 92.40 88.73 88.01 90.75 97.79 88.21 83.53 GBP/USD Current level- 1.6590 The pair is in a downtrend after peaking at 1.7042. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258. The break below 1.6515 confirmed, that a top is set at 1.6877 and the uptrend from 1.6250 is over, so current rebound from 1.6460 is to be considered corrective in nature, before further depreciation towards 1.6130 support. Intraday bias is positive for 1.6619 and 1.6710 where a reversal should be expected for 1.6531. Resistance Support intraday intraweek intraday intraweek 1.6619 1.7042 1.6530 1.6130 1.6840 1.7442 1.6460 1.5706 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.