Technical Analysis on FXone - page 2
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Gold Comes Under Pressure, Fx-Insights
Prices are reversing lower after having re-tested broken support turned resistance at the intersection of the 23.6% Fibonacci expansion level ($1526.28) and a major rising trend line established from January.
Risk aversion appears to be bleeding into gold prices via the US Dollar: the drop in confidence alluded to by the sharp overnight decline in S&P 500 futures is feeding safe haven demand for the USD. Gold is priced in terms of USD, so a move higher in the US currency is amounting to selling pressure on the yellow metal. A break through the 38.2% expansion at $1509.49 exposes the 50% level at $1495.92.
More analyses @ FXone
X-Trade Brokers, 16/06/11
Yesterday the USDJPY currency pair reached the highest point in two weeks. From the technical point of view, the raise was caused by the XABCD harmonic pattern with major support level at the 88,6% Fibo retracement.
The break out from the main (red) downward channel can be a clear confirmation that the downtrend is weakening and we can expect larger correction...more
Pre US Open Analysis
EUR/USD INTRADAY: REBOUND.
Pivot: 1.413
Most Likely Scenario: Long positions above 1.413 with targets @ 1.4265 & 1.4325 in extension.
Alternative scenario: Below 1.413 look for further downside with 1.4065 & 1.4025 as targets.
Comment: the pair is breaking above its resistance, the RSI is supported by a rising trend line.
Pre US Open Analysis
Intraday Snapshot, FxPro
EUR/USD
Thursday's three-week low at 1.4073 low is expected to face renewed bear pressure, as the dominant bear threat has not gone away. A fresh wave of EUR bear pressure is required to force a break below 1.4073, creating scope for a downtrend extension towards 1.4055 and the May 23 reaction low at 1.3968. Thursday's bull hammer candle provides caution, and keeping the 1.4073 low intact would prompt a recovery back to 1.4224, creating scope for a corrective recovery towards 1.4350.
Intraday Snapshot
FXone
EUR/USD: Short Term Outlook, Trend Recognitions
Update for: 2011-06-20 - 2011-06-26
Short-Term Trend: weak uptrend
Outlook: EUR continued its decline last week and declined close to the 1.4045 level. This level is an important Fibonacci level and once again it has provided strong support. The Friday's rally so far is considered a counter-trend move, but if the single currency manages to move firmly abv 1.4380, then the odds will favor that a triangle is developing from the early May top. A decline below 1.4045 will confirm our current bearish stance and weakness twd 1.3720 should follow in this case...more
GBP/USD: Short Term Outlook, Trend Recognition
2011-06-20 15:49:34 CET
GBPUSD: 1.6191
Short-Term Trend: weak uptrend
Outlook: GBP has been weaker recently and that is an evidence that wave (g) of the Diametric formation on the chart has possibly ended. But to confirm this view, we need to see a move below the 1.6058 level. Until such a move is seen, there remains a chance for one more (last) rally twd 1.6386 and 1.6470 before the big move down in wave D takes place...more
Major Currency Pairs: EUR/USD, Deltastock
2011-06-20 13:29:09 CET
Current level - 1.4205
EUR/USD is in a consolidation after the recent top at 1.4941 (May 4th, 2011). Technical indicators are descending and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4311 and 1.3636.
Friday's test of 1.4320 resistance area failed and the bias on the 4h. chart continues to be negative for 1.3969. The intraday outlook is also bearish for 1.4128, en route to 1.4070 with an initial resistance at 1.4260 and crucial level at 1.4290...more