May 29 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
In the last couple of days, we have witnessed a tight range trading between the 1.3411 support and the 1.3471 resistance.
On the 30 MIN chart a reverse head & shoulders pattern is forming however not yet completed. In the chance that it will be completed we are expecting an upcoming bullish trend which will take this pair to 1.3459 (Fibonacci). Going long if the pair reaches 1.3435 would be the preferable strategy today.
GBP/USD
On the 4 H chart it can be observed that the bulls are on their way and the GBP will likely strengthen against the. A Doji was established and after breaking the tight channel resistance barrier, this pair may continue consolidating at the 1.9880 level in the upcoming days.
USD/JPY
On the 2 H chart, a falling wedge is to forming in a downtrend which may imply of an upcoming bullish trend. Also the Slow Stochastic is crossing at 9, giving us another signal on the upcoming reversal. Going long at the 121.30 may be the preferable strategy.
USD/CHF
This pair is trading in a tight range in the last 5 days however today the channel boundaries might be breached when a rising wedge in a downtrend is to be established, this pattern may take this pair up to the level of 1.2315.
The Wild Card
AUD/JPY
On the 2 H chart a double bottom pattern is forming which implies an upcoming reversal. RSI at 18 and Slow Stochastic crossed at 15 only strengthening the possibility that this forex pair will consolidate at the 99.90 - 100.00 by the end of this trend.
Preferable strategy may be to go long.
