y Technical Analysis by Forex4you

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Hello, traders!

In this post I will publish technical analysis for major pairs daily by Forex4you analysts.
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EUR/USD: technical analysis
This pair has rallied up to a resistance zone composed of previous highs and has started correcting. It will probably fall back down to support at the bottom of the range at 1.3175 at first and then possibly 1.3010. The bigger picture is still bearish overall as there is a large H&S pattern at the highs, however, the recent spike higher was strong and another breakout move could bring the exchange rate up to 1.3400 where the down-sloping channel on the daily chart is located, although after that it will probably resume its descent.

GBP/USD: technical analysis
"Bearish" decline halted at 1.5770/60 support, which triggered a pullback up. The price now resides at 1.5910/00 resistance, mentioned earlier as the key barrier for the uptrend. To recommence their trend and rise towards new local maximums the "bulls" will have to breach 1.5940/1.5910 resistance range. Indicators are uncertain, so the "bulls" may fail and the price has all chances to recommence a decline, if it sucessfully breaches level 1.5750/40. If confirms, trading will move further towards 1.5430, 1.5270 targets.

USD/JPY: technical analysis
Forecasts confirmed and the price continued to move sideways within 84.00 - 82.60/50 range . Attempt to breach the range's support failed - having reached level 82.40/35, the price retraced back up and now resides around 82.60/70 levels. Indicators are bearish, suggesting further decline. 82.50/60 support breakout will indicate a deeper correction, probably to 80.60 or even 79.90/80 level. Before the price holds below 82.50 level, "bullish" sentiment prevails. If the uptrend recommences, the next target will be found at 84.80/90- 85.00 level.

AUD/USD: bounce possible
The aussie has broken down out of its channel and reached a target at 1.0300. It is also being supported at that level by the 200 and 100-day MA's. There is a chance it could bounce from there as momentum is also showing bullish convergence and 5 waves down appear to have completed. If there is a bounce, there may well be a rebound to a band of resistance at around the 1.0555 level. Before the rebound there is also the chance of a final move lower to the 1.0310 region.

Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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EUR/USD
EUR/USD is breaking down after retouching the range highs. There is a substantial clustering of support at the 1.3170 level and it is possible it could stall and bounce from this level back up to the 1.3300 ceiling. Alternatively, a downside break of support at 1.3170 could lead to a sell-off all the way to the range lows at 1.3015.


GBP/USD
Forecasts confirmed - 1.5910 resistance held back further "bullish" growth, like expected. Having tested this barrier on the way up, the price pulled back down, so it now resides at 1.5810/20 level. Indicators seem to be changing their direction, which gives reasons to anticipate further possible decline to 1.5690 level, which currently coincides with the secondary trend line (blue dashed line). If this barrier on the way down is breached, the price will most likely proceed to 1.5430, 1.5270 targets. Before it breaches 1.5760 support, "bullish" chances to recommence growth are still high. Reversal to the uptrend channel sector (red lines) will indicate renewed uptrend.


EUR/JPY: downside possible
The correction from the March 21 highs is probably an A-B-C pattern which has further to go. Wave B is currently unfolding and I would expect it to end soon even though there are no signs of weakness yet. Then wave C may begin down. The target for the end of C is 106.90, which also happens to be at the level of the trend-line from the Jan lows and at the 200-day and 4-hr moving averages. A more conservative target might be at the weekly pivot at 108.05.


Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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USD/JPY
The price keeps on its attempts to breach 82.50/60 support. It has only managed to pierce it so far and then retraced towards 83.00 - 82.60/50 price range. Indicators are currently neutral, suggesting uncertainty in the market, which gives reasons to anticipate further sideways movement and then correction to growth with a possible decline to 80.60 or even to 79.90/80 level. However, medium-term "bullish" trend is still dominating. Should it recommence, the next target will be found at 84.80/90- 85.00 level.


GBP/USD
The "bulls" confirmed their strong potential and resumed growth from 1.5800support. The price has recently ascended towards the breached uptrend channel (red) line and is now testing it again. Trading is carried out at 1.5990/80 level. Earlier forecasts expected a medium term "bullish" trend to recommence if the price retraces back to the uptrend channel sector. So, if current attempts turn out successful, the price will most likely ascend towards 1.6090/1.6100 resistance levels. Indicators are turned up, so the price may succeed. At the same time, level 1.6000 looks to be a strong barrier on the way up, so it's worth considering a possible pullback down too. Decline below 1.5910/00 support will turn market sentiment "bearish" and the price will most likely plunge to 1.5760 level.


EUR/USD
The EUR/USD pair has just backed-up into resistance from the trend-line running up from the January lows. It has started to fall from here and will probably continue until support from previous highs located at 1.3280. However from an upside perspective there is also a chance of the move higher unfolding a little further to 1.3405, nevertheless my preference is for more downside.


AUD/USD
The aussie has rallied up to the 1.0500s but it has reached resistance at that level from the down-sloping trend-line from the highs and has formed a small bearish head and shoulders pattern. It will probably correct back from its current level to support from the trend-line of the up-move at 1.0475, with the possibility of a move down to 1.0425 developing thereafter. An alternative, though less likely scenario is the continuation of the up-move to resistance at the 1.0600 – and then 1.0725 level thereafter.


Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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USD/CHF: technical analysis
The swissie has continued falling as expected but has found substantial support at its current lows at 0.9015. There is a possibility it could continue to move even lower and reach 0.8940, the original target for the move off the March 15 highs, for the legs of the move to achieve equality. However, the current bullish correction looks like it could also be a basing pattern, which may break higher, with an upside target of 0.9085, at an old level of resistance.


AUD/USD: technical analysis
1.0360/50 support turned out to be a strong barrier and triggered a pullback up. The price tested a downtrend channel (blue) line and is now descending. Trading is currently carried out at 1.0410/20 level. Indicators seem to be weakening, most of them, however, still suggest a downtrend as a higher possibility. Earlier forecasts, expecting the next target to be found at 1.0220 support, have all chances to confirm, if the price breaches level 1.0360/50, which it's currently approaching. Growth above 1.0630/50 level and 1.0540/30 resistance breakout will, on the other hand, indicate a reversal up in a medium-term.


GBP/USD: technical analysis
Level 1.6000 turned out to be a strong resistance. The price pulled back down and is now testing 1.5900/10 support. Indicators are turning down, MACD divergence is forming, suggesting further decline. If confirms and the price breaches 1.5910/00 support and holds below, the next target will be found at 1.5760 support. If, on the other hand, the price fails to breach level 1.5910/00, trading will begin to move sideways, within 1.6000 – 1.5900/10 range.


EUR/USD: technical analysis
The EUR/USD pair is trading in a sideways range with a correction down within that range currently underway. This move may continue to the range lows at the 1.3315 support and resistance level. From there, there could be a bounce or a break down as the double top pattern translates into a reversal. If the current rally continues then a retouch of the 1.3380 highs is also possible.


Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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USD/JPY
83.40/00 resistance prevented the price from retracing towards the uptrend channel (blue-dashed line). Trading pulled back down and is now carried out at 82.40/50 levels. Indicators suggest a selloff, which indicates that attempt to breach 82.50/60 support has been successful. была удачной. Further decline towards 80.60, or even to 79.90/80 level is possible. However, this decline should be still considered a correction within a medium-term "bullish" trend, which will recommence as soon as correction is over. The next targets for growth should be found at 84.80/90- 85.00 levels.


EUR/USD: breakdown possible
Eurodollar has currently fallen to trend-line support at 1.3280. My preference is for a break down through the trend-line to the next support level below at 1.3150, however if there is a substantial rebound then it will probably go to the 1.3325s.


GBP/USD
The price continued to decline and pushed the pair below 1.5900/10 level. Having tested 1.5830/40 support, the price retraced to 1.5900/10 level and is now testing it as a resistance. This level has been mentioned earlier as one of the key barriers on the way down, so, if trading holds below we'll be expecting another decline to 1.5760 support, and may be even lower, towards 1.5650/00 price range. Failure to go down below 1.5910/00 level and growth above 1.5940 will be a signal for further growth towards new local maximums.


Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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EUR/USD
The EUR/USD pair has risen to the range highs at 1.3375 and is currently consolidating at that area with the possibility of a break higher - initially reaching the weekly pivot at 1.3422 and then perhaps the upper channel line at 1.3475, where the monthly pivot is situated too. However, given the divergence with momentum and the resistance highs my preference is for a fall back down to 1.3305 at the lower channel line of the rally.


GBP/USD: meeting resistance
The GBP/USD pair has broken above the 1.600 level and has rallied up to a resistance just above 1.6050 from the upper channel line of the rally which began on Mar 13. This should resist further gains and the exchange rate will probably fall from here to support from the lower line of the same channel at 1.5960 where the weekly pivot would also be expected to provide support as well.


USD/JPY: technical analysis
81.80/85 support held back the price from further decline and cancelled, may be just for a while, earlier forecasts, expecting further correction towards 80.60, 79.90/80 levels. The price recommenced its growth and, having reached 83.40 level is now declining. At the moment it resides at 82.80/90 level. Indicators have changed their reading and are now suggesting stronger bullish sentiment. Therefore, it's worth expecting current decline to halt at 82.50/60 support and growth to recommence. The first strong resistance on the way up will be found at 84.15/20 local maximum. At the same time, should the price breach 82.50/60 level, we'll be expecting stronger bearish sentiment and a possible reversal towards 81.80/90 level. In this case the price will be most likely moving sideways within 83.40 – 81.90/80 range with risks to fall towards the above mentioned 80.60, 79.90/80 targets.


Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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GBP/JPY
The GBP/JPY is forming what looks like a triangle at the highs. The exchange rate has just been falling within this pattern. It has not quite reached the lower support line yet and, whilst it is possible it could simply reverse now and begin rising back up to the highs at 133.10 there is also a possibility that it could fall down to perhaps 130.60 where the S1 weekly pivot is. After that, however, it will probably begin rising back up to the top of the range again.

EUR/USD: downside possible
Eurodollar is still bumping up against the range highs and has formed what looks like a possible reversal pattern. It is probable that there will be break lower and a breach of the trend-line for the whole rally up from the 15th Mar lows. The monthly pivot at 1.3260 provides an initial target with 1.3205 as the next target after that.

GBP/USD
The uptrend channel (red) line held back the price. Having tested this barrier at 1.6060 level, trading pulled back down and is now carried out at 1.6020 levels. The price is moving sideways within 1.6060 - 1.6000/1.5990 range. Indicators are turning down, suggesting strengthening "bearish" sentiment, MACD divergence is also forming. Further range consolidation is likely to continue with a possible extension lower, to 1.5950/60 support. Reversal towards the uptrend channel sector will give reasons to consider growth towards 1.6090 - 1.6150 resistance range. Should the price breach a short-term trend line (blue line), we'll be expecting a decline to 1.5830/00 support.

AUD/USD
1.0360/50 support kept on holding back the price. "Bears" failed to breach this barrier - the price reached 1.0320/30 level and pulled back up. At the moment it resides at 1.0380/90 level and is about to make another attempt to test 1.0360/50 level. Indicators are neutral, but they seem to suggest a decline as a bigger possibility. Earlier forecasts, expecting the trades to move towards the next target at 1.0220 level are still relevant. 1.0360/50 support breakout will be a signal for that. Should the price, on the other hand, breach a downtrend channel (blue) line and hold above 1.0550/60 level, we'll be expecting a medium-term bullish trend to commence.

EUR/JPY
The euro-yen pair is trading in a range which may be a triangle or a topping pattern. It is currently at the range lows and where it has found support and it now seems probable that it could rally up to the consolidation highs at 111.00. Another possibility is that the pair will break down through the trend-line from the January lows and continue down in a bearish move to the 106.25s, the 100% extrapolation of the width of the range.

Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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GBP/USD: channel breakout
Cable has broken out of the channel it was rallying in and has fallen quite steeply. There are longer-term bearish indications and a hanging man candlestick on the weekly chart. Although the pair is currently pausing and may correct higher - targeting support and resistance at 1.5925 initially, it will probably continue falling thereafter and probably reach the 1.5810 level at first, which is the target generated by the channel breakout and the level of the 50-day MA.


USD/JPY
82.50/60 support breakout indicated strong bearish sentiment. The price dropped to 81.80/90 level, but failed to breach this barrier and bounced up. At the moment trading is carried out at 82.80/70 level. Indicators are neutral, moving horizontally, which makers market picture rather unclear. In this case it's worth expecting further sideways movement within 83.40 – 81.90/80 range with a possible decline towards 80.60, 79.90/80 targets. At the same time, growth has good chances to commence as well. Should the price breach 83.40 resistance, we'll be expecting a possible reversal towards the medium-term uptrend, which will commence when the price breach 84.20/30 resistance and hold above.


EUR/USD
Bearish sentiment dominated - the price breached 1.3290 support and declined. At the moment it's approaching 1.3120/40 support, mentioned earlier as the first target. Trading is carried out at 1.3180/90 level. Indicators suggest further downtrend, which gives reasons to anticipate the auxiliary trend line (blue-dashed line) to be tested anytime soon with deeper decline towards 1.3200 level. It's worth noting, that the price has good chances to fall down to 1.2970/80 level. To recommence their trend, the "bulls" will have to push the price above 1.3290/1.3300.


USD/CHF: rallying
The swissie has formed a bottom and is starting to rise. It has just broken above key resistance at the 0.9125 level from the weekly R2 and monthly pivot and this is a strong bullish sign. The larger wave patterns also show the possibility of the start of a new sequence higher after the correction finished the preceding major cycle at the end of February. The current rally could be the elliot wave 3 of the new move higher and it will probably reach at least to the 0.9385 support and resistance level, although a more conservative target might be 0.9240.


Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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GBP/USD
"Bullish" attempt to push the price up halted at 1.5930 level. Trading is currently carried out at 1.5860/70. 1.5830/40 support keeps on holding back the "bears". Indicators suggest dominating bearish sentiment, R% turned down, saying in favor of this scenario. Therefore it's worth expecting a decline towards the auxiliary trend line (blue dashed line) around 1.5760/70 price range. Dissension towards 1.5650/40 – 1.5600 supports is also a possibility. Should the price retrace up and hold above 1.6000 level, sentiment will change towards the "bullish".


AUD/USD
The price failed to decline towards 1.0220/30 target, mentioned in the previous comments, and consolidated slightly above, suggesting to anticipate volatility. Trading is currently carried out at 1.0290 level. Indicators are "bearish", which gives enough reasons to expect further decline, may be even towards 1.0140/30/50 supports. 1.0220/30 level breakout will be a sign of a strong "bearish" potential. Should the price, on the other hand, escape from a downtrend channel (blue lines) and breach 1.0440/50 resistance, we'll be expecting a reversal up and strengthening bullish sentiment.


EUR/USD
The price kept on consolidating within narrow ranges. Forecasts confirmed - the "bulls" attempted to test the auxiliary trend line (blue dashed line) as a resistance, but failed - trading reversed down and is now carried out at 1.3100/10. Indicators are mostly "bearish", which gives reasons to expect further dowtrend and another decline towards earlier mentioned 1.2970/80 support range and then lower, to 1.2870/80 and 1.2750 levels. If the price retraces towards the uptrend channel sector and holds above 1.3170/80 level, we'll be expecting the change of market sentinent. Growth above 1.3290/1.3300 level will be the final signal for reversal up.


Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts