Forex Technical Analysis By Forex4you (daily Updated)

EUR/USD: C wave unfolding
The EUR/USD pair is consolidating. On the hourly chart there looks like an incomplete A-B-C correction with leg C down about to unfold, and 1.3345 as its downside target. Eventually I see the recent rally recovering and continuing, however, and rising to the upper channel line of the move at 1.3550, as previuosly predicted.


AUD/USD: @ range highs
The aussie has reached the highs of the consolidation range in which it is still bound. RSI has given a sell signal and it is possible it could fall back down now to the range lows at 1.0660. However, there is also a chance it may still have a little higher to go, perhaps up to the 1.0800 level before being resisted. There is no indication of which direction the consolidation will break out from eventually although given the overall trend is up so there is more chance of it breaking higher.


GBP/USD: technical analysis
The price fell below 1.5850/40 support, but then retraced back up, so it currently resides at 1.5850/60 level. Indicators are unclear, suggesting further range consolidation between 1.5900-1.5820 levels. If the range's resistance is breached, we'll be anticipating growth to 1.5950/40. Decline below support will indicate a soon test at 1.5760/50 level. 1.5750/40 level breakout will be a sign of a possible short-term change of sentiment.


USD/JPY: technical analysis
80.00/10 support level halted a decline, so the pair now resides at 80.50/60 level. Indicators are turning "bearish", which can be considered as a sign of further correction and decline to 79.90/60 support. Level 79.30 may be tested too, the price has all chances to fall to 79.00 level, although current decline should be deemed as a correction within the dominating "bullish" trend.


Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

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