Forex Technical Analysis – Daily 08.31.2010
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EUR/USD
Current level – 1.2657
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 break below the crucial 1.2677 set an end to the rebound above 1.2587 and current bias is negative towards 1.2475. Intraday resistance is seen at 1.2680.
Profit-taking affects gold curbing silver and platinum
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2680 | 1.2920 | 1.2616 | 1.2470 |
| 1.2780 | 1.3335 | 1.2587 | 1.2150 |
USD/JPY
Current level – 84.27
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 break below 84.90 support suggests, that the rebound above 83.59 is over and the general negative bias has been renewed for 82.50. Initial resistance is seen at 84.52.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 84.52 | 88.10 | 84.01 | 82.50 |
| 86.50 | 93.50 | 83.59 | 79.60 |
GBP/USD
Current level – 1.5411
The pair is in an uptrend after bottoming at 1.4226. Trading is situated above the 50- and 200-day SMA, currently projected at 1.4986 and 1.5539.
Yesterday’s sell-off from 1.5576 broke below the previous low at 1.5444 and this probably marks the end of the consolidation above 1.5371, so current bias is negative for a break through 1.5371, en route to 1.5118. Initial intraday resistance comes at 1.5452.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.5452 | 1.5712 | 1.5371 | 1.5118 |
| 1.5576 | 1.6000 | 1.5330 | 1.4810 |
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.
