May 30 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
After a choppy trading session yesterday where the pair touched 1.3520 and then dropped to 1.3442, it appears to be consolidating. The hourlies are still oversold, and the daily studies give mixed signals with a slight tendency to the bearish side. Local target price might be around 1.3410.
GBP/USD
The pair touched 1.9900 yesterday, and now seems to be heading to the 1.9790 level which is the 50% retracement level of the 1.9680/1.9900 move. The hourlies show that the negative steam is about to be over, and a bullish cross is forming on the 4 Hour chart, indicating that there might be a move up again.
USD/JPY
The massive upwards channel on the daily chart shows no signs of regression, as the slow stochastic supports the notion that the move continues. The hourlies are showing that the current price level is on the bottom of the channel which indicates s good entry point before the additional move up begins.
USD/CHF
After peaking at 1.2320 several days ago, it looks as if a local channel is forming on the 4 Hour chart on the bearish side. The pair now floats at the upper level of the channel, and together with the bearish slow stochastic the conclusion appears to be a further move south, possibly to the 1.2185 levels.
Wild – USD/CAD
The pair has been showing one the most impressive downtrends currently happening in the Forex market. For more than six months now we the pair nose dropping constantly. All the momentum indicators shows that down is the way to go here, and at this point it looks very lucrative to swing a short position on this phenomenal downtrend.
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