Daily Technical Analysis Forex & Gold

Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Painfully slow as the Euro keeps on shying away from this year's high at 1.4339. Patience, but eventually bullish moving averages and a thick Ichimoku 'cloud' should nudge it higher. Strategy: Attempt longs at 1.4150; stop well below 1.4100. Short term target 1.4300/1.4339, a lot more on a sustained break above 1.4375.Direction of Trade: → ↗Chart Levels:
Support Resistance
1.4139 " 1.42
1.41 1.425
1.4065 1.4305
1.395 1.4339*
1.39 1.4365*














GBPUSD
Comment: Nothing to add as Cable hovers reluctantly under the upper edge of a 'triangle' consolidation pattern.Strategy: Attempt small longs at 1.6400; stop well below 1.6300. First target 1.6550/1.6600 and then this year's high at 1.6745 Direction of Trade: →↗ Chart Levels:
Support Resistance
1.6385 " 1.647
1.63 1.6558/1.6587
1.6266 1.6625
1.62 1.6664
1.6187 1.6745*
USDJPY
Comment: Stalling against Fibonacci retracement and dropping back down to a sort of 'neckline' of a large toping pattern that has been building since March. Momentum has yet to turn bearish so we might be in for another slow week.Strategy: Attempt shorts at 94.15, adding to 94.80; stop well above 95.40. Add to shorts on a sustained break below 94.00 for 93.25 Direction of Trade: → Chart Levels:
Support Resistance
94.16 " 94.68
94 94.8
93.85 95.15
93.5 95.39*
93.00* 96.25*
Daily Forex Technicals | Written by India Forex | Jul 29 09 06:11 GMT |
Rupee : Rupee corrected till 48.40 due to sell off in commodities and currencies in yesterday's US Session. It needs to break 48.60 to get a confirmation of the uptrend resuming again. Its likely to hover in a range of 48.30-48.45 today. Its important that it should get support from pound / euro and international stocks to maintain weakness further. Please note that there are stiff resistances in BSE and NSE at the current valuations. Only a break of 48.00 would confirm that rupee is entering a fresh leg of strength again. Mildly bullish.(USD/INR : 48.37)
Gold : Gold encontered a steep fall of 25 dollars yesterday unable to break 960 dollars.As mentioned earlier gold was still in a consolidation phase and a sell off was very much expected. Bearish below 946 dollars. (Gold- $937.40.). Mildly Bearish
Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) has tested the June lows at 78.31, a break of which would be the lowest since December. We should once again expect to hold at 78.25 -- the 61.8% retracement of the rise from the 71.29 low to the 89.50 high. But its time for a corrective bounce again. If we calculate , the equivalent 77.90 support in the dollar index translates roughly to $1.4320 in EURUSD resistance, $1.6570 in GBPUSD resistance, 0.8360-70 in AUDUSD and 0.6650 in NZDUSD, all of which are expected to hold into first week of August. (Dollar Index - 78.84) Range Bound