Mar 30 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
The pair has been floating around 1.3350 and shows a steady rate for the up trend. The daily charts are slightly bullish as the hourly studies are floating in neutral territory. The movement appears to be up, yet it would probably be wiser to range trade today.
GBP/USD
The pair has been moving on a wide range for quite a while now, and it peaked on 1.9655 overnight. The daily charts are slightly bearish, and the hourlies are entering overbought levels. It looks as if the pair is floating at the upper side of the range, and we might see a break down for the bottom side of it.
USD/JPY
It has been a choppy week for the pair as very volatile price action has been quite a routine for the USD/JPY. The daily charts are bullish, as the hourlies are overbought.
A preferable strategy for today might be buying on dips.
USD/CHF
Choppy consolidation sums up this week’s price action, within a 1.2230/1.2085 range.
Daily studies are bullish with neutral hourlies, which suggest that a trending move might be very close. Range trading using the hourlies might be preferable today.
Wild Card
GBP/NZD
The pair has been going through a massive downtrend for a long time now and shows no signs of stopping. A very important support has been broken last week at 2.7520, which indicates that the momentum is only growing stronger which gives FOREX traders a great opportunity for a short position and swing away for further trend movement.
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