Forex4you Technical Analysis 16/11/10
EUR/USD: Technical Analysis
There haven't been any unexpected events in the pair and the assumptions of a possible price fall confirmed. Attempt to breach key support 1.3570, mentioned previously, is currently being made. Indicators suggest further downward movement and give reason to expect the breakout of this barrier. If it happens, a decline will proceed to support levels - 1.3500/1.3490 and 1.3380/90. Taking into account possible MACD divergence, it's a good idea to be cautious. Rise above 1.3840/50 will be a signal to a possible reversal to growth in a mid-term level.
EUR/JPY: Technical Analysis
In yesterday’s analysis I wrote that we were in an Elliot wave 4 correction of the rise from Friday’s 111 lows. Wave 4 seems to have completed and wave 5 up now appears to be in progress. The odds favour a target for the end of 5 at “slightly beyond the old highs at 113.70, where price will encounter resistance from a trend-line overhead.” The exchange rate currently appears to be stalling slightly at 113.30 which may mean it fails to reach its target but either way, once 5 completes and there is a correction it could go back down to the 112.60 support lows, if not as far back as the 50% Fibonacci retracement line at 112.35.
AUD/USD: Technical Analysis
Support 0.9840/20, mentioned previously as the key support for the continuation of a downtrend, had been breached, opening the way to the next local minimums - levels 0.9790 and 0.9750/40. At the moment the trading is carried on at level 0.9800/10. Indicators are turned downwards, giving reasons to expect the "bearish" trend to preserve. A lot will depend from support 0.9790/80 - in case this barrier is easily breached, we'll be expecting the price to fall even lower, to 0.9700/0.9680.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
There haven't been any unexpected events in the pair and the assumptions of a possible price fall confirmed. Attempt to breach key support 1.3570, mentioned previously, is currently being made. Indicators suggest further downward movement and give reason to expect the breakout of this barrier. If it happens, a decline will proceed to support levels - 1.3500/1.3490 and 1.3380/90. Taking into account possible MACD divergence, it's a good idea to be cautious. Rise above 1.3840/50 will be a signal to a possible reversal to growth in a mid-term level.
EUR/JPY: Technical Analysis
In yesterday’s analysis I wrote that we were in an Elliot wave 4 correction of the rise from Friday’s 111 lows. Wave 4 seems to have completed and wave 5 up now appears to be in progress. The odds favour a target for the end of 5 at “slightly beyond the old highs at 113.70, where price will encounter resistance from a trend-line overhead.” The exchange rate currently appears to be stalling slightly at 113.30 which may mean it fails to reach its target but either way, once 5 completes and there is a correction it could go back down to the 112.60 support lows, if not as far back as the 50% Fibonacci retracement line at 112.35.
AUD/USD: Technical Analysis
Support 0.9840/20, mentioned previously as the key support for the continuation of a downtrend, had been breached, opening the way to the next local minimums - levels 0.9790 and 0.9750/40. At the moment the trading is carried on at level 0.9800/10. Indicators are turned downwards, giving reasons to expect the "bearish" trend to preserve. A lot will depend from support 0.9790/80 - in case this barrier is easily breached, we'll be expecting the price to fall even lower, to 0.9700/0.9680.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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