Updated Intraday technical analysis for major currencies - page 11
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The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone. Price levels 1.6115, 1.6080, and 1.6000 have been broken down confirming the bearish bias for the pair; these levels were lost as support triggered considerable bearish momentum which was apparent on Friday. It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000, the loss of which opens the way towards 1.5910 then 1.5800. The pair has been trapped within narrow range 1.5800 - 1.5890 after finding temporary support at psychological level 1.5800. However, near-term bias remains bearish, as recovery attempts are being capped under 1.5850 resistance. Losing 1.5800 level will probably accelerate bears towards 1.5750 and 1.5700.
Read more: GBP/USD intraday technical analysis and trading recommendations for January 24, 2013
After ten days of continuous ranging between the levels of 1.3275 and 1.3380, the price has broken the upper limit level and has rose to the next resistance level of 1.3485, a level which is in addition to being a resistance level, is being a target level of breakout mentioned above. A breakthrough above the price level of 1.3485 is likely to achieve the full target level of the "reversed head and shoulders" pattern, at the level of 1.3590 initially. On the other hand, a blocking of the current bullish trend will initially lead the price to support level around 1.3380 where price action should be watched.
Read more: EUR/USD intraday technical analysis and trading recommendations for January 28, 2013
The USD/CAD pair strongly rose last week pushing steadily above psychological barrier 1.0000. The upside move might extend during this week towards 1.0150 - 1.0235 zone and the possibility of a bullish move remains valid unless 0.9920 - 0.9960 zone was broken. The trading range for this week is expected to be between key support around 0.9900 and key resistance around 1.0240. Support: 1.0050, 1.0010, 0.9960, 0.9915, and 0.9830 Resistance: 1.0120, 1.0155, 1.0205, and 1.0270 Recommendation: Based on the charts and analysis above, the best opinion is watching the price action around 1.0150 where bullish momentum can fade away to take a low risk SELL entry. Buying the pair is recommended above 0.9920 targeting 0.9970, 1.0120 then 1.0205 and SL as 4H closure below 0.9900.
Read more: USD/CAD intraday technical analysis and trading recommendations for January 28, 2013
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone. It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000. The pair was trapped within narrow range 1.5800 - 1.5890 after finding temporary support at psychological level 1.5800. However, bearish breakout took place last week opening the way towards projection target around 1.5725 which has been hit today. The pair remains under heavy SELLING pressure, as recovery attempt from Friday’s lows at 1.5745 zone, failed to push the pair above 1.5800 level. This week started with manifest weakness, although weekly closure came slightly above 1.5800; weekly gap added further bearish domination focusing initially on 1.5700 target. Brief consolidation at 1.5700 is expected, as indicators are entering oversold state
Read more: GBP/USD intraday technical analysis and trading recommendations for January 28, 2013
My forecast is the next
GBPUSD
SELL
If the price breaks through the level 1.55590 bearish movement will start. Targets of the bearish movement:, 1.55317.
Daily Outlook for Tuesday, 24. September 2013: yesterday the euro was trendless, with a weak downward trend can not be dismissed out of hand. The intermediate lows of Thursday and Friday were not reached, but the flag-shaped trading range held. Currently, the euro is back to the intermediate lows from Thursday and Friday. The very short term chart image is to be considered within the neutral range, the parent remains bullish.
Rate as $ 1.3502
Trend: upward/sideways
Intraday Resistances: 1.3495 / 1.3510 + 1.3528 + 1.3569 + 1.3640 + 1.3711
Intraday Supports: 1.3470 + 1.3452 + 1.3386 / 1.3382 +1.3310 / 1.3325
The bullish flag of the last days should ideally be resolved at the top and EUR/USD should start a new boost. If the currency pair climbs over $ 1.3530, the high should be attacked at $ 1.3569 again. If it manages a sustained break above $ 1.3569, a high for the year continued rally to $ 1.3711 could be initiated. From there it could start a multi-day correction again.
Further pullbacks to $ 1.3470 or the old August high of $ 1.3452 or even slightly below would be harmless. Only below $ 1.3440 a deep pullback to $ 1.3382 must be scheduled.
Daily Outlook for Tuesday, 08. October 2013 : The consolidation of the euro continued yesterday. New trading signals are so far non-existent. But soon it will be a new trend move.
Rate as $ 1.3566
Trend: Sideways
Intraday Resistances: 1.3588 + 1.3650 + 1.3711
Intraday Supports: 1.3542 + 1.3537 +1.3505 + 1.3452
Review : Yesterday, there was little movement in the euro. The value oscillates between major chart brands. An escape attempt on the upper as well as one on the bottom was unsuccessful. In the short term therefore dominates a trading range, the price action in the medium term, the upward trend of the currency pair is intact.
Technical Outlook : On the chart technically relevant brands has therefore changed little. The EMA200 on an hourly basis, yesterday once again demonstrated its supportive effect in evidence and today should also be kept in view. If EUR/USD will fall below the lows around $ 1.3540, losses could face up to $ 1.3500. A recapture of the brand of $ 1.3588 on an hourly closing basis would in turn be seen as positive and paving the way for a continuation of the uptrend could make to $ 1.3646 and also in connection to the first year high to $ 1.3711. The situation comes to a head, therefore, why is shortly to be expected with new trading signals.
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Daily Outlook for Monday, 14. October 2013 : The euro was very volatile on Friday, but the underlying trend is still upwards.
Rate as $ 1.3561
Trend: sideways / up
Intraday Resistances: 1.3582 + 1.3607 + 1.3646
Intraday Supports: 1.3548 + 1.3510 + 1.3484 + 1.3460 / 1.3450
Flashback: EUR/USD on Friday actually managed to jump out of the triangle toward the mark of $ 1.3600, but did not reach it. Rather, it came in the meantime to a strong nightcap south. On an hourly basis, however, held the upper triangle boundary as new support. Currently, there is a further upward thrust. The double bottom in the short-term window and the uptrend on the daily chart are still intact.
Technical Outlook: A base is created for the bulls. A rise above Friday's high of $ 1.3582 would create space to resistance at $ 1.3607. A break above $ 1.3607 should bring us to $ 1.3646. About this brand again there are no significant resistances in the direction of the yearly highs at $ 1.3711. As good support has recently proved the mark of $ 1.3548 . Only including the bottom of education would be compromised and it could again lead to charges in the price zone around $ 1.3510. A sell signal would arise below $ 1.3484 with targets to $ 1.3460 and $ 1.3450.
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Daily Outlook for Tuesday, 10. December 2013
Trend: sideways / up
Intraday Resistances: 1.3768 + 1.3786 + 1.3832
Intraday Supports: 1.3738 + 1.3711 + 1.3677 + 1.3646 + 1.3622
Flashback : Yesterday EUR/USD was working further up. The intermediate target at $ 1.3738 has been reached, the daily high was $ 1.3768. Here there was a short-term overshooting. Rising high and low points indicate an intact uptrend on an hourly basis. In the short term a pullback should not be surprising.
Technical Outlook : After the last days at EUR/USD brought handsome profits. Possible consolidation goals are for today's trading at $ 1.3711 and $ 1.3677. Also a clearer deflation down to $ 1.3646 should have investors in mind. If EUR/USD will get above the high of $ 1.3768, it could take directly go to the targets at $ 1.3786 and $ 1.3832. With or without a detour on the bottom a new annual high in December is generally still quite accessible.
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