Forex Technical Analysis – Daily 07.06.2010
Posted by adminEUR/USD
Current level – 1.2580
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.
Yesterday’s slide finalized the consolidation pattern below 1.2613 and with the recent low at 1.2479 the uptrend has been renewed, aiming at 1.2790. First intraday resistance is seen at 1.2613 and nearest support is 1.2561.
Profit-taking affects gold curbing silver and platinum
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2613 | 1.2601 | 1.2560 | 1.2150 |
| 1.2790 | 1.31+ | 1.2470 | 1.1876 |
USD/JPY
Current level – 87.87
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.
The consolidation pattern above 86.95 requires one more leg upwards before completion, so current intraday bias is to be considered positive for 88.25 and if we see a break above that level, a test of the major resistance area at 89.20 will be quite possible. Crucial on the downside is 87.40.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 88.25 | 91.58 | 87.40 | 84.78 |
| 89.10 | 93.50 | 86.97 | 79.20 |
GBP/USD
Current level – 1.5188
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 corrective slide bottomed above 1.5063 support and the uptrend has been renewed, targeting 1.5345. Initial intraday resistance comes at 1.5212, so allow brief consolidation in the 1.5155-5212 range before a break beyond 1.5230.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.5212 | 1.5524 | 1.5155 | 1.4643 |
| 1.5345 | 1.5830 | 1.5063 | 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.
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