bforex
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EURUSD:
Although there are always intra-day plays its a great idea especially after major market moves to reevaluate Support and Resistance (S&R). Major Resistance still sits at 1.38 while Support is holding just south of 1.33. The EUR is in the process of building a upwards sloping S&R trend line. If the EUR can maintain this trend line it will stand its best chance of breaking Resistance. A break above the 50 day MA would strengthen the EUR while an inability to take out the 50 SMA suggests further weakness may be ahead for the EUR.
GBPUSD:
The GBP has been trading above the top of its range for over a week. Prior Resistance was holding at 1.53 while Support was at 1.4950. Similar to the EUR above, the GBP is starting to trend nicely. Next major Resistance sits just north of 1.56 coinciding with a Fibonacci Retrace level and the 100 day MA. The GBP will most likely trade between the 50 SMA and the 100 SMA until market forces break one of the MA's.
AUDUSD:
The AUD has been trending nicely since early February. Major Resistance going back to 2009 sits between .9320 and .9370 as indicated by the black horizontal lines on the chart below. With trend line angling into a triangle price will be under pressure to break through or retrace. The 50 SMA has crossed back above the 100 SMA which provides added technical strength for the AUD. In addition, with the CAD already trading below parity and if you believe in drafting then the AUD may be primed for a breakout. Otherwise a close below the ever encroaching 50 day SMA would trigger a new bearish AUD bias.
To read the complete technical and fundamental analysis visit the bforex blog
bforex is a world leading foreign exchange broker established on an entrepreneurial vision to provide FX traders with simple and intuitive interaction with the Forex market. We are highly valued by our customers due to our expertise in providing traders with unrivalled execution speed, 24 hour assistance, tight spreads, superior exchange rates, commission free trading and a cutting-edge trading platform.
Although there are always intra-day plays its a great idea especially after major market moves to reevaluate Support and Resistance (S&R). Major Resistance still sits at 1.38 while Support is holding just south of 1.33. The EUR is in the process of building a upwards sloping S&R trend line. If the EUR can maintain this trend line it will stand its best chance of breaking Resistance. A break above the 50 day MA would strengthen the EUR while an inability to take out the 50 SMA suggests further weakness may be ahead for the EUR.
GBPUSD:
The GBP has been trading above the top of its range for over a week. Prior Resistance was holding at 1.53 while Support was at 1.4950. Similar to the EUR above, the GBP is starting to trend nicely. Next major Resistance sits just north of 1.56 coinciding with a Fibonacci Retrace level and the 100 day MA. The GBP will most likely trade between the 50 SMA and the 100 SMA until market forces break one of the MA's.
AUDUSD:
The AUD has been trending nicely since early February. Major Resistance going back to 2009 sits between .9320 and .9370 as indicated by the black horizontal lines on the chart below. With trend line angling into a triangle price will be under pressure to break through or retrace. The 50 SMA has crossed back above the 100 SMA which provides added technical strength for the AUD. In addition, with the CAD already trading below parity and if you believe in drafting then the AUD may be primed for a breakout. Otherwise a close below the ever encroaching 50 day SMA would trigger a new bearish AUD bias.
To read the complete technical and fundamental analysis visit the bforex blog
bforex is a world leading foreign exchange broker established on an entrepreneurial vision to provide FX traders with simple and intuitive interaction with the Forex market. We are highly valued by our customers due to our expertise in providing traders with unrivalled execution speed, 24 hour assistance, tight spreads, superior exchange rates, commission free trading and a cutting-edge trading platform.
