GBP/USD: Technical Analysis
The yesterday mentioned support at 1.5080/90/70 withheld the trades from sagging down and also caused the consolidation within the range of 1.5200-1.5080. The “Bulls” attempt to get the new local maximums stopped at 1.5240. The trading has came back down up to the point and is currently carried next to 1.5170/80. Both the probability of the indicators’ reversal and the hints on their intents to downgrade suggest taking with special care the degree of 1.5160/65, which an obstacle for the “Bears” on the way down and also a key rate for the continuation of the short-term move down. The breach of this obstacle will determine the next checkup of the support at 1.5080. If this rate fails to withstand for this once, it’ll be reasonable to predict the price decrease to the trend line of the upgrading channel (the blue lines), which currently coincides to 1.5030/20. The MACD divergence speaks well that there’re all chances for the implementation of the “bearish” scenario. The “Bulls” in their turn need the fixation above the resistance range of 1.5220/40 for the advance’s lasting.
EUR/USD: Technical Analysis
The resistance line of the upgrading channel (the red lines) properly acknowledges its present status and doesn’t allow the price to gather rapider tempos of raise. This once 1.2680/85 is a sticking point and the price has already tumbled to 1.2650/40 up to now.
The indicators go ahead pointing to the reversal down. The MACD divergence enhanced, while R% tries to get out of the oversold zone. It’s obviously reasonable to consider the options of the downgrading move’s start with special care. As seems, the breach of the support at 1.2620/30 will announce the probability of the beginning of the price sagging. Occasionally, the next coming supports are going to be at 1.2570 and further at 1.2510/00 as well. Meanwhile, the situation goes on preferring the upturn. The breach of 1.2680 may cause another splash of the market activity intending to push up the price to higher rates, next to 1.2800/1.2900. At the same time for the purpose of better chances to carry out these intents, the fixation of the trades above the resistance at 1.2720/30, which currently coincides to the trend line of the long-term descendant trend (the blue line) and so may bring to naught all efforts of the “Bulls”.
USD/JPY: Technical Analysis
The support at 86.90/95 acknowledged its current status of the powerful obstacle. The price has rolled back upward and is currently attempting to breach 88.20, which was mentioned as a key one when considering the probability of trend’s changing at this pair. The indicators are currently changing their direction to upgrading; that in its turn speaks well for great chances for the “Bulls” to breach the checked rate. If it occurs the first target will be 89.20. Nevertheless, until the price fixation above 88.20 the “Bears” have all chances to take advantage of the current market layout; so, the sagging below 87.90/80 will prompt the price comeback to the basis of this day upturn.
Analysis by: www.Forex4you.com
written by Joaquin Monfort
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