Daily Technical Analysis Forex & Gold

Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Consolidating in a small rather nasty little 'triangle' below the top of a large Ichimoku 'cloud' and Fibonacci resistance. Moving averages are bullish yet the Euro has not managed to gather any upside momentum for weeks. As the lower edge of the Ichimoku 'cloud' drops towards 1.3200 over the next six weeks, allow for a shake-up of the complacent and a proper clear out. Later this year the Euro should strengthen so it might be a good idea to buy volatility for this period. Strategy: Possibly attempt tiny longs at 1.3915; stop well below 1.3800. Short term target 1.4050.Direction of Trade: →Chart Levels:
Support Resistance
1.3900 " 1.3979
1.3875 1.4074*
1.3832 1.41
1.3800* 1.4178/1.4202*
1.3745 1.423
GBPUSD
Comment: Price action since late May looks increasingly like 'triangle' consolidation but because the lower edge of the weekly Ichimoku 'cloud' drops through to November bullish moving averages may have trouble pushing the pound higher. Be careful and expect volatility to increase significantly from the levels seen in the last three months. Strategy: Possibly attempt tiny longs at 1.6100; stop below 1.6000. First target 1.6300, then 1.6600. Direction of Trade: →Chart Levels:
Support Resistance
1.6082 " 1.6218
1.603 1.6274
1.5983* 1.6341
1.594 1.6381
1.5800* 1.6432
USDJPY
Comment: A weekly close clearly below 94.00 completes a small 'head-and-shoulders' top, the lowest weekly close since mid-February, should force many to sit up and take note. They will no doubt be forced into action by the end of this month so expect a sudden slide and volatile price swings. Momentum is decidedly bearish and the US dollar is slightly oversold. One-month at-the-money implied volatility looks set to increase significantly over the next three to six weeks. Strategy: Sell at 92.35, adding to 93.20; stop above 93.60. Add to shorts on a sustained break below 91.70 for 90.00, then lower still.Direction of Trade: →↘Chart Levels:
Support Resistance
92.32 " 92.59/92.68
92.08/91.97* 92.95
91.80/91.77** 93.2
91.5 93.60*
91.00/90.87* 89.70 94
Daily Forex Technicals | Written by India Forex | Jul 13 09 06:04 GMT |
AUD: Aud remains bearish still due to sell of in gold and other commodities . Refer charts sent couple of days back .Target 0.7500 Bearish (Aud/Usd: 0.7756).
Gold: Gold almost reached our TARGET OF 900 dollars and we maintain bearishness bias .Still bearish.(Gold- $911.80.00). Bearish.
Dollar Index: Dollar index extends the rebound from 79.56 and is set to take on 80.94. We're anticipating a break of 80.94 resistance to signal resumption of till 82.62 (38.2% retracement of 89.62 to 78.93 at 82.64). (DI- 80.50) Bullish