Major Currencies Analysis – Daily 04.16.2010
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EUR/USD
Current level – 1.3556
EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169
Yesterday’s slide bottomed at 1.3513 and we continue to be bearish here for 1.3442 with an initial resistance at 1.3582-96 area. Only a clear break above that zone will confirm, that the slide from 1.3690 is corrective in nature and will target 1.3820 major resistance.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.3585 | 1.3690 | 1.3820 | 1.4216 |
| 1.3497 | 1.3442 | 1.3267 | 1.2880 |
USD/JPY
Current level – 92.68
The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54.
The 92.80-93.80 range is probably over and we favor a break below 92.55 to target 92.10, en route to 90.90. Initial resistance comes at 92.86, followed by the crucial 93.73.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 92.85 | 93.73 | 94.77 | 97.79 |
| 92.10 | 90.90 | 90.90 | 87.60 |
GBP/USD
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 broke through 1.5450 support, the overall bias remains bullish for 1.5650 and 1.5833. Crucial on the downside is 1.5300 support.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.5523 | 1.5570 | 1.5833 | 1.6500 |
| 1.5363 | 1.5300 | 1.4780 | 1.3506 |
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.
