Technical Analysis

Fri, 10 Aug 2012 15:39:23 GMT

EUR/AUD is choppy

Yesterday's movement downwards was stopped today, and now a slight bullish reaction takes place. At the moment, the EUR/AUD currency couple is slowly approaching the lower Bollinger band at 1.1657, which might bring some bearish impetus, however, if it fails reverse the tendency, then next resistance at 1.1416 (weekly PP) might probably stop the bullish reaction. Moreover, RSI indicator remains

Fri, 10 Aug 2012 15:30:51 GMT

EUR/CAD confronts 1.2224

The bearish trend, which started on August 6th has finally ended, and now a bullish correction takes place. As for now, the EUR/CAD currency pair is heading towards the lower Bollinger band at 1.2224, which might slow down the rally, but if it is breached, then next resistance at 1.2272 (weekly S1) might change the direction of the prevailing trend.

Fri, 10 Aug 2012 15:29:40 GMT

GBP/JPY breaches 20-day SMA

Yesterday's bearish reaction continues, and the GBP/JPY currency pair has already managed to breach a 20-day SMA at 122.43, and now the currency couple is heading towards the support line of the falling wedge pattern at 121.96, which will probably bring some bullish momentum. In case it fails to stop the bearish movement, then next support at 121.57 (Weekly S1)

Fri, 10 Aug 2012 15:24:48 GMT

AUD/JPY drops below weekly PP

AUD/JPY currency pair has ended its movement within the rising wedge pattern, as today a significant bearish reaction occurred. The price has already dropped below the weekly PP at 82.87, and now AUD/JPY is moving towards a 200-day SMA, which might slow down extension of the dip. In case it is broken, then next supports at 81.91 and 81.28 are

Fri, 10 Aug 2012 08:56:31 GMT

USD/CHF to breach 0.9793

Market respected an uptrend support at 0.9701 and pushed USD/CHF higher, towards an interim level at 0.9793. Additional resistance is at 0.9825, but is viewed too weak to negate an upward impetus the pair had received. Medium-term target is at 0.9953/1.0003, though technical indicators largely remain quiet at the moment and do not support bullish outlook.

Fri, 10 Aug 2012 06:57:14 GMT

USD/JPY to trade sideways for now

USD/JPY remains contained by a narrow range formed by support at 78.43/38 and resistance at 78.71/75. However, the pair should soon be able to gather strength and pierce through an upper limit, then aim for subsequent levels at 78.95/79.08 and 79.29/50. In the meantime, supports at 78.08/77.98 and 77.56 are deemed to be sufficient to preserve bullish outlook.

Fri, 10 Aug 2012 06:49:23 GMT

GBP/USD too heavy to lift

Movements of the cable are becoming less pronounced near a formidable support area that stretches from 1.5624 to 1.5600. However, a robust rally has a decreased probability of appearing and should be stopped by 1.5731/73. Accordingly, we expect the pair to slide back to 1.5276/33 before commencing long-term recovery and overcoming a confluence of 100 and 200 day SMAs.

Fri, 10 Aug 2012 06:40:13 GMT

EUR/USD gains bearish momentum

Advancement of EUR/USD did not extend beyond a 55 day SMA, which has been retaining the pair in a downtrend for more than three months. An initial support zone at 1.2264/26 is unlikely to withstand bearish pressure for long, eventually giving way for a deeper dip, to 1.2061/1.1996. The nearest resistance, on the other hand, may be found at 1.2334/34.

Thu, 09 Aug 2012 16:14:14 GMT

EUR/AUD remains bearish

Although RSI indicator remains neutral, the bearish reaction, which started yesterday. continues, and now EUR/AUD managed to break through the lower Bollinger band at 1.1676, and presently the price is moving towards the weekly S2 at 1.1545, which might slow down the downtrend. In case it is breached, then next support at 1.1487 (weekly S3) will probably reverse the direction

Thu, 09 Aug 2012 16:03:15 GMT

EUR/CAD crosses lower Bollinger band at 1.2268

EUR/CAD continues its bearish trend, which started on August 6th, and today the price managed to cross the lower Bollinger band at 1.2268, and now EUR/CAD is heading towards the weekly S2 at 1.2111, which will probably reverse the prevailing trend, but if it is breached, then next support at 1.2025 is expected to bring some bullish impetus. Nevertheless, RSI

Thu, 09 Aug 2012 15:52:14 GMT

GBP/JPY rebounds from 122.82

The GBP/JPY currency pair still continues its movement within the falling wedge pattern. Yesterday the price bounced off the resistance line of the wedge at 122.82, and today a bearish reaction takes place. At the moment, the GBP/JPY currency couple is gradually moving towards the support line of the wedge at 122.28, which is very likely to reverse the present

Thu, 09 Aug 2012 15:41:34 GMT

Bears overtook NZD/USD; 0.8098 is in focus

Today pair is caught between 0.8098 and 0.8148 and can't successfully breach any of these levels. It is likely that such situation will remain till the start of new trading week unless USD trade balance data will have effect on the development on the pair. In longer time horizon it is likely that the pair will continue to devalue and drop to SMA200 level around

Thu, 09 Aug 2012 15:41:27 GMT

USD/CAD plummets further

Pair has been depreciating for third consecutive day now, but technical indicators on 1W outlook allow us to expect recovery of the pair starting from the next week. After breaching parity level pair has been losing momentum and it seems that weekly pivot of 0.9918 might be the barrier from which the pair will bounce off and try to return above the parity.

Thu, 09 Aug 2012 15:41:13 GMT

AUD/USD remains upbeat; 1.0613 might be next

AUD/USD is holding ground right nowslumped lower yesterday, though today is managed to cover some of the previous daily losses while advancing towards 1.0574 (23.60% Fibo). A breakout here would expose the second and third resistance levels at 1.0629 (Upper Bollinger band) and 1.0668 (R2 Weekly), respectively.

Thu, 09 Aug 2012 15:41:04 GMT

EUR/JPY slumps, targets 96.18

The Euro moved lower against the Japanese Yen, commencing a bearish correction. If bearish momentum holds, 96.18 (Upper support line) is likely become an initial support level for bearish traders. A breakout of this level would expose 95.14 (Lower Support line) and 92.93 (S2 Weekly), respectively.

Thu, 09 Aug 2012 15:34:16 GMT

AUD/JPY to test 83.06

Yesterday's small bearish correction was stopped today, and now another bullish reaction takes place. As for now, the price is heading towards the monthly R1 at 83.06, which might bring some bearish momentum. In case it fails to stop the movement upwards, then next resistances at 83.57 (Weekly R1) and at 83.79 (upper Bollinger band) will probably reverse the current

Thu, 09 Aug 2012 07:06:45 GMT

USD/CHF to step higher

USD/CHF is crawling higher along an uptrend support line and 55 day SMA, while volatility in the markets has vanished ahead of the weekend. An initial obstacle lies at 0.9738/40, followed by a resistance zone at 0.9790/0.9825, while likely further advancement of the pair will encounter a much more stronger area at 0.9954/1.0003.

Thu, 09 Aug 2012 06:59:43 GMT

USD/JPY's short-term outlook is neutral

Gravity of 78.08/77.98 does not permit USD/JPY to leave its vicinity, implying continuation of a downtrend. On the other hand, supports that lie below are formidable, given their proximity to BoJ intervention levels. Nonetheless, the currency pair stays above 78.43/39 and preserves potential to reach out for 79.29/50, breach of which in turn would restore bullish outlook.

Thu, 09 Aug 2012 06:58:19 GMT

GBP/USD is headed towards 1.5731/79

The price is approaching a congregation of resistances at 1.5731/79, which is viewed impenetrable at the moment, being that medium and long-term indicators are bearish. Accordingly, the cable is likely to bounce off the resistance area strongly and then retreat to 1.5624/1.5599, while additional supports are located at 1.5565 and 1.5517.

Thu, 09 Aug 2012 06:53:53 GMT

EUR/USD to erode 1.2337/34

EUR/USD remains unable neither to overcome an initial resistance at 1.2402 (55 day SMA) nor to push through the nearest support at 1.2337/34. In the short-term the currency pair may try to climb over 1.2402 and aim for 1.2612/44, but will be capped there. A dip below 1.2337/34 and its subsequent extension towards 1.2060/1.9996, however, is our favoured scenario.

Wed, 08 Aug 2012 17:12:11 GMT

GBP/JPY slowly approaching 20-day SMA

The GBP/JPY currency couple has continued its movement within the falling wedge pattern, and a breakthrough out of the pattern soon is expected. Yesterday's rally was stopped and today a small bearish reaction takes place. As for now, the price is slowly approaching the 20-day SMA at 122.52, which might stop the bearish tendency. In case it fails to reverse

Wed, 08 Aug 2012 16:39:12 GMT

AUD/JPY moving towards weekly PP at 82.57

AUD/JPY has already for some time been following the rising wedge pattern, and now the price has almost reached the upper end of the wedge, therefore a soon breakaway could be expected. Today the bearish trend renewed its movement, and now the currency couple is slowly moving towards weekly PP at 82.57, which might reverse the bearish tendency, however, in

Wed, 08 Aug 2012 15:55:11 GMT

EUR/CAD confronts 1.2287

EUR/CAD continues its movement within the price channel, which was formed two weeks ago. As for now, the bearish trend, which started two days ago keeps advancing, and now the price is about to confront the lower Bollinger band at 1.2287, where the downtrend might be reversed, but if it fails to stop the bearish tendency, then next support at

Wed, 08 Aug 2012 15:44:18 GMT

NZD/USD favors bullish momentum, might move towards 0.8228

Pair transited in to bearish sentiment which is expected to last until the pair reaches the 0.8098 level, which it tried to breach 4 days on its way up last week. It is possible that after this level the pair will devalue as fast as it appreciated last week and will reach 0.8005 in next few days after the event.

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