AuthorTopic: Forex4you Technical Analysis
nmrata
@2013-05-15 12:26:19
GBP/USD: technical analysis

The price failed to breach lower bound of a strong resistance 1.6360-1.6390 range, level 1.6360, like expected. Consolidation continued and now the price is making another attempt to breach this barrier. Trading is carried out at 1.6360/65 levels. SS and MACD indicators are likely to follow R%'s example and turn upwards too, which gives reasons to expect the "bullish" attempts to turn out successful. 1.6360/90 1.6220/00 range breakout would suggest growth to the new local maximums around 1.6450/1.6500 levels. If the price, on the other hand, breaches 1.6220/00 support, it'd indicate that market chose the "bearish" scenario.

EUR/USD: technical analysis
The price is still consolidating within previously formed narrow range. No changes have been made to the trading picture. Indicators now seem more "bearish", which gives reasons to expect a serious pull back downwards. However, previous comments are still relevant - 1.4360/70 support breakout will be the first signal for decline with the target at level 1.4250. The uptrend channel (blue) line may be breached as well. If it happens, trades will fall to 1.4060/70 level. On the other hand, if trading holds above 1.4500 level, we'll be anticipating a soon test of 1.4580 1.4620 range.

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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