International Trading

Forex Technical Analysis on Majors

Tuesday, August 17, 2010 , Posted by Usman Ali Minhas at 3:24 AM

Buzz thisInternational Trading



  • EUR/USD


eurusd160810
 Current level - 1.2869
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.
  
The consolidation above 1.2731 low is still on the run and yesterday's high at 1.2872 provoked a minor pullback to 1.2804, which is already a reliable base for the next leg upwards beyond 1.2960, towards 1.2970. The intraday bis is positive for 1.2970.
Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.29061.30801.33501.3850
Support1.28041.27311.27201.2470
__________


  • USD/JPY

usdjpy130810
 Current level - 85.25
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.

Still in the broad range between 86.50 and 84.70 and our outlook is rather neutral until we see a break beyond these boundaries. The intraday bias is also neutral with an initial resistance at 85.55 and support around 84.93.
Key Market Levels
MinorIntradayMajorIntraweek
Resistance85.5586.5089.2093.70
Support84.9384.7084.7879.60
__________


  • GBP/USD

gbpusd160810
 Current level - 1.5657
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 high at 1.5702 was a test of the 1.5712 resistance and this was the first leg of the consolidation pattern above 1.5533. Current pullback is corrective in nature, preceding a break above 1.5695, towards 1.5806.
Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.56951.58161.60+1.6460
Support1.56011.55201.55201.5118

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