Forex Technical Analysis – Daily 06.29.2010
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EUR/USD
Current level – 1.2228
EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are descending, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3458 and 1.4206.
Obviously the pair is still in the consolidation pattern below 1.2469 and we believe, that its third, final leg is underway, targeting 1.2150-1.2100 reversal area before advancing towards 1.2601. Initial resistance is seen at 1.2266, followed by the crucial 1.2292.
Profit-taking affects gold curbing silver and platinum
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2266 | 1.2601 | 1.2208 | 1.2150 |
| 1.2398 | 1.31+ | 1.2150 | 1.1876 |
USD/JPY
Current level – 89.71
The pair is in a broad consolidation above 84.78 short-term low. Trading is situated below the 50- and 200-day SMA, currently projected at 92.60 and 91.06.
With the break below 89.20 the downtrend has been renewed, aiming at 87.94. Intraday resistance comes at 89.05 and crucial is 89.42
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 89.05 | 91.58 | 87.94 | 87.94 |
| 89.42 | 93.50 | —- | 84.78 |
GBP/USD
Current level – 1.5082
The pair is in a downtrend after peaking at 1.7042. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5057 and 1.5851.
Yesterday’s rise marked a local top at 1.5130 and current intraday bias is negative for 1.5005 support. The recent low at 1.5016 is of no technical importance and crucial for the overall uptrend remains 1.4850. Our targets remain in the 1.5230-40 area.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.5130 | 1.5050 | 1.5005 | 1.4643 |
| 1.5230 | 1.5524 | 1.4850 | 1.4240 |
About the Author
DeltaStock Inc. – Online Forex & Securities Broker
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.
