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Forex4you Technical Analysis 16/08/10

EUR/USD: Technical Analysis

The euro’s recent decline appears to be bottoming out. The current rally may reach to around 1.2905 before rolling over, as it could be an Elliot wave 4 which would be expected to reach the terminus of the wave 4 of lesser degree, which is at 1.2910.



USD/JPY: Technical Analysis

As expected, the price reversed upwards from 85.70/60 and tested level 86.30/10 for strength. It couldn’t breach it though, so the price pulled back downwards and now resides at its initial levels 85.70/60. Indicators show reversal down, strengthening the fears for a downtrend and putting forwards the last day’s assumptions of a new minimums 84.80/70 test if the price comes down below 85.45/30. There’s also some risk for a descent to the new local minimums, around 84.50/00. At the same time, before the price falls below 85.30/45, there's quite a possibility for a growth with future resistance 86.10 30 breakout and ascending to 87.00/20.



AUD/USD: Technical Analysis

The trading didn’t consolidate in the range 0.9040/30- 0.8900 because the price had descended to the key support 0.8850/60. But it couldn’t break this barrier, so the trading is currently getting back upwards to 0.8910/20. Assumptions of a possible consolidation are still relevant, but this time within the range 0.9040/30 – 0.8850/60. Indicators show a reversal upwards, saying in favor of such a scenario. If the price raises above 0.9100/0.9080, the “bullish” trend will recommence. At the same, if the trading will be carried on around supports 0.8900/0.8860, the “bearish” trend is more likely to continue. Support 0.8850/60 breakout will be the signal for the beginning of a downtrend.



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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