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Daily Technical Analysis by FXCC October 28

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Daily Technical Analysis by FXCC October 28

Postby alayoua » Fri Oct 28, 2011 9:52 am

Daily Technical Analysis by FXCC October 28

Euro vs. US Dollar (EURUSD): We can say that additional bullish movements could be seen during current session, particularly if it succeeded to stabilize above (1.38811) zones. A proper confirmation would occur if the EURUSD will manage to overcome the (1.39818) resistance. We will be looking to buy EURUSD upon any price retracement.

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R1: 1.39818 | R2: 1.40368 | R3: 1.41169 | R4: 1.41719 | R5: 1.42473
S1: 1.38692 | S2: 1.38215 | S3: 1.37666 | S4: 1.37250 | S5: 1.36730

Great Britain Pound vs. US Dollar (GBPUSD): We expect a bullish overall direction for today. That requires the base to build on (1.59000); targeting (1.61959) then (1.62705). A break under (1.59682) support area will extend losses to (1.56315). Look for long positions for today`s trading session.

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R1: 1.61959 | R2: 1.62705 | R3: 1.63474 | R4: 1.63974 | R5: 1.64474
S1: 1.59000 | S2: 1.58478 | S3: 1.57838 | S4: 1.56923 | S5: 1.56315


US Dollar vs. Japanese Yen USDJPY (USDJPY): USDJPY maintains a bid tone for now. Break above (76.422) may trigger further recovery of the USDJPY. Going bellow latest swing low at (75.735), however, would confirm continuation of the bearish trend, towards next objective downwards (74.794). Shorting USDJPY is advisable for today.

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R1: 76.300 | R2: 76.684 | R3: 77.181 | R4: 77.481 | R5: 77.781
S1: 75.735 | S2: 75.394 | S3: 75.094 | S4: 74.794 | S5: 74.494

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