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Daily Technical Analysis by FXCC November 16

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Daily Technical Analysis by FXCC November 16

Postby alayoua » Wed Nov 16, 2011 8:54 am

Daily Technical Analysis by FXCC November 16

Euro vs US Dollar Weakness in EURUSD is likely to continue.
We see a less chances of an immediate rise on the instrument for short-term technical outlook. Next downside barriers follow (1.34961) at (1.34139) and (1.33317).
Look for short positions for current trading session.

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R1: 1.36207 | R2: 1.36810 | R3: 1.37652 | R4: 1.38349 | R5:1.39097
S1: 1.34961 | S2:1.34139 | S3: 1.33317 | S4: 1.32694 | S5: 1.32294

Great Britian Pound vs US Dollar It's likely that GBPUSD will decline. A break above (1.59415) could be a threat to the bearish scenario targeting (1.60341) even (1.60930). On the downside, immediate support is at (1.57697).
Break below that area should keep the major bearish scenario intact testing (1.56375) area
Shorting GBPUSD is advisable for today.

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R1: 1.58721 | R2: 1.59315 | R3: 1.59828 | R4: 1.60341 | R5:1.60930
S1: 1.57697 | S2:1.57184 | S3: 1.56375 | S4: 1.55862 | S5: 1.55362

US Dollar vs Japanise Yen The USDJPY bias is neutral. Upper barrier is at (77.591), break above that area could trigger further short term upside pressure testing (77.726). On the downside, the important price level at (76.806) may be tested or broken in the coming sessions, which may pull the pair towards (75.905 – 75.605).
We should wait for the victory of either team players (Bulls or Bears).

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R1: 77.375 | R2: 77.726 | R3: 78.098 | R4: 78.545 | R5:78.845
S1: 76.556 | S2:76.205 | S3: 75.905 | S4: 75.605 | S5: 75.305


Source: FX Central Clearing Ltd. (FXCC)
http://www.fxcc.com/tech-analysis
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alayoua
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