EURUSD
Comment: Consolidating neatly in a tiny 'triangle' at the top of this year's trading range. It is just a matter of time before it breaks higher, with a weekly close clearly above 1.4200 essential to confirm an upside break. Implied volatility should then pick up.Strategy: Buy at 1.4235/1.4200; stop well below 1.4140. Short term target 1.4275, then this year's high at 1.4339, a lot more later on.Direction of Trade: →↗Chart Levels:
Support Resistance
1.4199 " 1.4258
1.4155 1.4278*
1.4095 1.43
1.4040* 1.4339*
1.4 1.435
GBPUSD
Comment: Using microscopic Technical Analysis through rose-tinted spectacles as Cable hovers at the upper edge of a 'triangle' formation one can see that yesterday's price action is a 'doji' with a 'spike low' proving that we are looking for direction and that a break higher is likely. If not today, then hopefully a weekly close above 1.6600 should kick-start a decent rally.Strategy: Attempt small longs at 1.6365; stop below 1.6155. First target 1.6550 then 1.6600/1.6650.
Direction of Trade: →↗Chart Levels:
Support Resistance
1.6380 " 1.6506
1.6311 1.656
1.6266 1.6587
1.6187 1.6625
1.6155 1.6745
USDJPY
Comment: Still struggling either side of a sort of 'neckline', consolidating below the 38% Fibonacci resistance and between the 9 and 26-day moving averages. Allow for a little more consolidation above yesterday's low at 93.09 this morning and maybe all day. A drop below 93.00 adds considerable downside pressure, dragging Yen crosses lower, and a weekly close below 93.50 might add a little bearish pressure.
Strategy: Attempt shorts at 94.20/94.45; stop above 94.85. Add to shorts on a sustained break below 93.75 for 93.25, more next week.Direction of Trade: →↘
Support Resistance
93.75 " 94.33/94.46
93.25/93.09* 94.68
92.7 94.80*
92.4 95
92.25 91.70** 95.5
Daily Forex Technicals | Written by India Forex | Jul 23 09 06:34 GMT |
Gold :Gold is hvering around $ 950 favouring bullishness in the commodity. We prefer no buys for the time being since we still feel its in a consolidation phase and a fall cannot be ruled out.(Gold- $952.83). Neutral
Dollar Index :Dollar index is still a range bound with slight downward pressure . We strongly feel that a constant hold below 79.35 support will only turn the outlook short term bearish till 77.70 levels. (Dollar Index - 78.70) Slightly Bearish
Daily Forex Technicals | Written by FXtechtrade | Jul 23 09 04:13 GMT |
DOW JONES INDEX
Today's support: - 8794.40, 8730.27 and 8696.30(main), where a delay and correction may happen. Break of the latter will give 8677.37, where correction also can be. Then follows 8635.43 Be there a strong impulse, we would see 8606.00. Continuation will bring 8550.30.Today's resistance: - 8932.00(main), where a delay and correction may happen. Break would bring 8943.06, where a correction may happen. Then follows 8976.50, where a delay and correction could also be. Be there a strong impulse, we'd see 9003.60. Continuation would bring 9014.26 and 9027.13.
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