Currency Crosses Pairs Analysis – Daily 08.19.2010
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EUR/GBP
Current level – 0.8234
Regarding longer term the price it is building a classic triangle and it is not easy to forecast the next step of the price. If the price enters in the control area below 0.8220 it is almost sure that the price it is gonna test previous minimums and looking forward for the full target at 0.8067
Intraday: It is not a bad idea to set stop orders below and above the triangle with a small filters to avoid market tricks.
Profit-taking affects gold curbing silver and platinum
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 0.8260 | 0.8417 | 0.8220 | 0.8067 |
| 0.8336 | 0.8500 | 0.8192 | 0.7685 |
USD/CAD
Current level – 1.0301
Long term bias for the USD/CAD it is lateral .Right now the price has made a bearish breakout but until the price move below 1.0312 it is possible a reversal at the noise level. The price move to the noise level looking for resistances and if it fails to move upper it could be a good long entrance.
Intra day: Good short trade below the last minimums , if that happens the full target could be reached at 1.0218
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.0312 | 1.0690 | 1.0218 | 0.9816 |
| 1.0400 | 1.0750 | 1.0100 | 0.9774 |
GBP/JPY
Current level – 133.07
Long term bias remains bearish and after this long period,it seems that the price is moved lower but it turns to the control area that it is been developed. Classic figure but not easy to trade, again stop orders above and below this triangle
Intraday: Direction short but it can move up in any moment, small stop should be the most logical way to trade.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 134.10 | 144.90 | 131.94 | 131.00 |
| 135.16 | 146.00 | 131.09 | 130.00 |
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.
