Jun 28 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
On the 4 H chart we can see that the bullish trend which started yesterday is out of steam and a reversal is occurring at the moment. It is important to notice the neutral channel which is establishing over the last four days. Slow stochastic is due to cross at 90 and momentum at 99.9231 implying an upcoming bearish trend which will take this pair to test the 1.3429 Fibonacci (0%) level.
GBP/USD
Daily chart implies an upcoming reversal with RSI at 86 and Slow Stochastic crossing at 93. On the 4 H chart, Slow Stochastic crossed at 91 which strengthened the assumption of the upcoming bearish trend, it seems that this pair will test the 2.0038 before a reversal will take place so going short would be the preferable strategy.
USD/JPY
A bullish flag is forming on the 4 H chart which might take this pair to 123.73 Fibonacci (76.4%). Slow Stochastic shows a positive divergence which strengthens the possibility of an upcoming bullish trend.
USD/CHF
It seems that the bullish trend is delaying however eventually will take place. On the 4 H chart a tight neutral channel is forming and this pair will try to breach the support barrier which is located at 1.2271, in case of a breakout, this pair will consolidate at 1.2232 Fibonacci(23.6%) and then going long would be the preferable strategy.
The Wild Card
GOLD
Forex traders should pay attention to gold today when on the daily chart a bearish rising wedge is forming however has not completed ,in case of completion we might witnessed a reduction in gold value to 641.33 per ounce within the next 3 days .
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