Forex4you Technical Analysis 14/07/10

EUR/USD: Technical Analysis

The move up which started yesterday has made new highs. It will probably continue, reaching first 1.2740 and then perhaps 1.2790 where the monthly pivot resides and the upper channel line of the last leg of the move up.

GBP/USD: Technical Analysis

The “Bulls” succeeded in breaching the resistance at 1.5080/60 and getting back the price into the area of the upgrading channel (the blue lines), which led the necessary adjustment of the trend line for this pattern exactly. Thereupon the trades’ fixation above 1.5110/20 it developed that the market prefers the advance and the price has already checked up the previously noticed degrees i.e., the local maximums at 1.5220/40. The attempts to reach the new maximums are currently made as the rates of 1.5260/70 have already been checked. The indicators’ mood speaks well for the continuation of the upturn, what certainly gives a handle for targeting at 1.5370/80. However, the breach of the powerful resistance at 1.5300/10, which may in its turn cause the rollback down, to 1.5200 or even till 1.5150, is necessary for the accomplishment of this scenario.

So, the breach of that very obstacle at 1.5300/10 will cause the checking up of 1.5380/70 in close time. On the contrary, the return downward, below 1.5160/70, with the following fixation will point to the weakness of the “bullish” potential and the probability of the reversal as well.

EUR/JPY: Technical Analysis

This pair has reached the top of the sideways range which has been moving within during recent weeks. It is probable prices will break down now that the last fractal move up seems to have completed. Initially prices should move down to the bottom of the lower channel of the last move up which began on the 1st of July at the 111.70 mark.

USD/JPY: Technical Analysis
Despite the support at 88.20 was breached, there was no further decline, as that breaching occurred to be false. The price began increasing and returned to the resistance at 89.10. The rollback downward is currently observed, the trading is carried at 88.70/80. The events’ development of that kind just coincides to the forecasts of the previous analysis concerning the trades’ consolidation within the range between 89.20-88.20. Furthermore, the downward reversal at the indicators strengthens the probability of the implementation for this scenario. The price will most likely come back to 88.20. In that case the concerns of breach for this rate will get back their relevance.

Analysis by: written by Joaquin Monfort
Forex4you analyst

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