Currency Majors Technical Perspective

Wed, Oct 20 2010, 06:17 GMT
by Ian G Coleman

FXstreet.com Independent Analyst Team  |  View company's profile

8a0b55ce-c48d-4a72-89a0-6cd9d92be4d1 9

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Large down day on the pair. Different scenario than the other USD pairs. She has stopped short of 161.8% and looks to have produced an ABC sequence. Because of this we have more uncertainty on this pair

The bias should still be to the downside as long as she can keep below 13834. A breach of that level would see this move as a three wave correction and open the way for higher highs.

A breach of 13700 and 1350 and 13627 come into play. The bias is to the downside

Support: 13700 13650 13627
Resistance: 13777 13800 13831

LIVE CHART

Large move down on the daily chart (after the PBOC). 1 week chart is showing a combination of support at 15650. 1 hr chart is showing the pair pause at / around 161.8% of the first wave. If the wave count is to be believed then the bias should be to the downside after a small correction.

As long as we can trade under 15800 I think we should move lower with 15650, 15500 and possibly 15420

Support: 15673 15600 15500
Resistance: 15762 15797 15839

LIVE CHART

Reasonably bullish day yesterday for the pair but with half the candle being a spike its shows uncertainty to the upside. The pullback is in three waves at the moment. Daily resistance is at 8202.

Until she can break the resistance level she is still prone to trade lower. A break of 8120 should send the pair to 8100 and 8087.

Above 8145 and we could see 8180 and 8202

Support: 8130 8120 8100
Resistance: 8145 8180 8202

LIVE CHARTS

Through daily resistance and coming back to test, what is now support, at 9659. 1 hr chart shows a correction in three waves.

As long as the piar can hold above 9650 the bias should be to the upside with 9720 9765 and 9900 as targets

Support: 9650 9636 9600
Resistance: 9683 9720 9760

LIVE CHARTS Published on  Wed, Oct 20 2010, 06:32 GMT

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