09/11/2011

Major Currency Pairs

 

EUR/USD      USD/JPY      GBP/USD

EUR/USD

November 9, 2011
Current level - 1.3753

The pair is in a broad consolidation pattern below 1.4580 resistance area and current sell-off from 1.4550 is expected to be the final slide to complete that pattern. Technical indicators on the larger frames are neutral and trading is situated between the 50 and 200 daily SMAs, currently projected at 1.4301  and 1.4020.

Yesterday's minor uptrend failed to break above 1.3869 and peaked at 1.3859, setting the beginning of a massive slide towards 1.3520 and later on to 1.3361. The intraday outlook is by all means negative for 1.3608, en route to 1.3520 with a crucial resistance at 1.3814.

resistance intraday intraweek 1.3814 1.3950 1.3869 1.4250

support intraday intraweek 1.3680 1.3520 1.3608 1.3360

USD/JPY

November 9,  2011
Current level - 77.68

The overall downtrend continues to be intact, aiming at new historical lows below 75.95. Technical indicators are still descending and crucial resistance on the daily frame is 80.20.

With the recent slide below 77.70 support area the bias has switched to negative and my current outlook is bearish for 76.50. Initial resistance is projected at 77.90 and crucial on the upside is 78.28.

resistance intraday intraweek 77.90 80.00 78.28 81.46

support intraday intraweek 76.50 75.95 76.50 74.20

GBP/USD

November 9, 2011
Current level - 1.6059

The pair is in a downtrend from 1.6616 high. Technical indicators are descending and trading is situated below the 50- and 200-day SMA, currently projected at 1.6209 and 1.6098.

Yesterday's rise to 1.6130 was practically a second test of the previous high at 1.6168 and a reversal is already popping off the charts, signaling a substantial slide towards 1.5853 , en route to 1.5680. The intraday outlook is bearish, for a break through 1.5977, towards 1.5853.

resistance intraday intraweek 1.6130 1.6250 1.6168 1.6440

support intraday intraweek 1.5977 1.5850 1.5853 1.5650