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Home arrow Trader Blog arrow Market Analysis arrow Pound stops Dollar 10-day rally
Pound stops Dollar 10-day rally PDF Print E-mail

EURJPY 4H Chart
EURJPY 4H Chart

Euro-Yen Forex Outlook
Weekly
 Massive drop further brought the pair closer to 150.82 (23.6% Fibonacci Retracement Level 169.95 - 88.87) which if this week firm break below 149.23 could see next support target at 138.98. With 100% retracement taken out at 151.70, outlook remains bearish and 157.97 seen at important resistance for the Yen rally before 162.55 could shift focus back to the topside. At time of posting, ADX climbing higher with indicators remain in line with the downtrend.

Downtrend in oversold zone

Daily Another bounced off 150.87 proves that the support is strong at the moment. Trend unchanged as weekly pivot 154.26 and 155.09 should pose as strong resistance with break above would threaten further at 157.93, 38.2% Fibonacci Retracement Level 150.50 - 169.95. Support at 150.87 before 149.23.

Downtrend in oversold zone

4-Hour Stochastic in line with downtrend but on the hourly price is moving higher. Break above 152.20 would signal upside strength towards 153.51 before 154.26. Support now at 151.05 before 150.87.

 Momentum in line with trend

Resistance Levels
169.95 Historic High
166.98
Weekly Pivot R3
165.79
78.6% Fibonacci Retracement Level 150.50 - 169.95
163.30 Weekly Pivot R2
162.5261.8% Fibonacci Retracement Level 150.50 - 169.95
160.2350.0% Fibonacci Retracement Level 150.50 - 169.95
157.93/9438.2% Fibonacci Retracement Level 150.50 - 169.95; Weekly Pivot R1
155.0923.6% Fibonacci Retracement Level 150.50 - 169.95
154.26Weekly Pivot
Support Levels
150.82
23.6% Fibonacci Retracement Level 169.95 - 88.87
150.50 09 September Low
149.23
17 August 2007 Low
148.90
Weekly Pivot S1
145.22Weekly Pivot S2
139.86Weekly Pivot S3
138.98
38.2% Fibonacci Retracement Level 169.95 - 88.87
130.59
23 June 2005 Low
129.4150.0% Fibonacci Retracement Level 169.95 - 88.87
124.1410 November 2003 Low
119.8461.8% Fibonacci Retracement Level 169.95 - 88.87
106.22
78.6% Fibonacci Retracement Level 169.95 - 88.87
88.872000 Year Low

GBPUSD 4H Chart
GBPUSD 4H Chart

Pound-Dollar Forex Outlook
Weekly
 Price has already broken last week low of 1.7536 with first support targeting 1.7446. The week outlook remains bearish with no change in trend and indicators remain in line with strong downward momentum and ADX above 40 suggests that bias should continue on the downside. Next support at 1.7205 before 1.7049 to complete 100% retracement of 2.1160 to 1.7049. Resistance now at 1.8103 before 1.8495.

Downtrend in oversold zone

Daily A Harami pattern was formed yesterday as Dollar saw its 10-day rally broken. Stochastic now above 20 with ADX flat as price now could threaten the descending line formed from 22 August with first resistance at1.7775 before 1.8103. Downside support at 1.7469.

Downtrend - Weak

4-Hour Intra-day trend is up after the pair failed to break lower for the first time in ten days. Upside resistance at 1.7775 before 1.7929. Support now at 17600 before 1.7558.

 Uptrend - Weak

Resistance Levels
2.1160 09 November 2007 High
2.037078.6% Fibonacci Retracement 1.7469 - 2.1160
2.019023.6% Fibonacci Retracement 2.1160 - 1.7049
2.0156 15 July High
1.975061.8% Fibonacci Retracement 1.7469 - 2.1160
1.9581/9578.6% Fibonacci Retracement 1.7469 - 2.0156; 38.2% Fibonacci Retracement 2.1160 - 1.7049
1.939523.6% Fibonacci Retracement 2.1160 - 1.3681
1.931550.0% Fibonacci Retracement 1.7469 - 2.1160
1.913061.8% Fibonacci Retracement 1.7469 - 2.0156
1.910550.0% Fibonacci Retracement 2.1160 - 1.7049
1.887938.2% Fibonacci Retracement 1.7469 - 2.1160
1.881350.0% Fibonacci Retracement 1.7469 - 2.0156
1.8630Weekly Pivot R3
1.861961.8% Fibonacci Retracement 2.1160 - 1.7049
1.8495
38.2% Fibonacci Retracement 1.7469 - 2.0156
1.8390Weekly Pivot R2
1.834023.6% Fibonacci Retracement 1.7469 - 2.1160
1.830338.2% Fibonacci Retracement 2.1160 - 1.3681
1.810323.6% Fibonacci Retracement 1.7469 - 2.0156
1.8015Weekly Pivot R1
1.792978.6% Fibonacci Retracement 2.1160 - 1.7049
1.7775Weekly Pivot
Support Levels
1.7446
161.8% Fibonacci Extension H2.1160 L1.9336 R2.0397
1.7421
50.0% Fibonacci Retracement 2.1160 - 1.3681
1.7400Weekly Pivot S1
1.7205
161.8% Fibonacci Extension H2.1160 L1.9336 R2.0156
1.7160Weekly Pivot S2
1.704928 November 2005 Low
1.6785Weekly Pivot S3
1.6538
61.8% Fibonacci Retracement 2.1160 - 1.3681
1.5282
78.6% Fibonacci Retracement 2.1160 - 1.3681
1.368112 June 2001 Low

FX Operator Forex Blitz 2 Trading System
FX Operator Forex Blitz 2 Trading System

The above technical analysis were based on FX Operator Forex Blitz 2. To get a copy of this profitable trading system, please click here.

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3.21 Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."
 
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