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Technical Analysis
y Technical Analysis by Forex4you
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[QUOTE="Trevor, post: 29545, member: 14964"] [b]Technical analysis 19th June 2012[/b] [B]EUR/USD[/B] The eurodollar pair has fallen to the bottom channel-line of the move off the June 1st lows. It has posted a hammer candlestick on the hourly chart and begun to rise. There is the possibility of another move back up to the 1.2660 resistance level where the monthly pivot is situated. Alternatively the pair could break down out of the channel, targeting 1.2440 eventually with confirmation given by a move below 1.2540. [IMG]https://lh6.googleusercontent.com/-_RaoU5iDhzI/T-BJVBbxLmI/AAAAAAAABqU/yByoxO6Skws/s512/EURUSD19.png[/IMG] [B]EUR/GBP: rising channel[/B] The EUR/GBP pair continues to consolidate in a rising channel. It is currently at the base of the formation and has just bounced off the lower channel- line and it is possible it will now rally back up to the range highs around 0.8150, although considerable resistance currently lies directly above price preventing more gains and equally it could pull-back to support at 0.8025. A major breakout lower would target 0.7900 and then 0.7875 eventually with confirmation given below 0.7995. [IMG]https://lh6.googleusercontent.com/-u7I5bigzSYo/T-Bi7ebU0tI/AAAAAAAABqg/eqRRxKW0jaM/s512/EURGBP19.png[/IMG] [B]GBP/USD[/B] The price attempted to breach 1.5650 support, but failed. Trading descended, but then recommenced growth. Such reversal may be a sign of a possible consolidation within 1.5720/40 – 1.5650 range, which may end up with a breakout higher and lead the price towards 1.5840 level. Indicators, however, still suggest further decline, which is quite a possibility if the price breaches 1.5560 support and then 1.5470/60 level. If it does, trading will drop back to 1.5280/70 minimums any time soon. [IMG]http://www.forex4you.org/images/site/tech-analitic19/GBP190612.gif[/IMG] [B]USD/JPY[/B] The price tested breached downtrend (blue) line, which indicated its strength as a support and initiated reversal to growth. Having reached 79.30/20 line, trading is currently carried out at 78.90/80 level. Earlier forecasts, predicting correction to growth, mentioned in the previous comments, look to be confirming. Indicators suggest further ascension, which gives reasons to anticipate growth. Strong resistance levels on the way up will be found at 79.40/50 and 79.80 levels. Should the price breach these barriers, trading will rise towards 80.60, and then to 81.20/30 level. [IMG]http://www.forex4you.org/images/site/tech-analitic19/JPY190612.gif[/IMG] Analysis prepared by: Joaquin Monfort and Arkady Nagiev Forex4you analysts [/QUOTE]
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