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Technical analysis EUR/USD, GBP/USD and AUD/USD 13 August 2013

EUR/USD

It seems that the pair has crossed the support level of 1.3300 and then failed to rise above this resistance, which now indicates consolidation. This dynamics was described above as a signal of changing for the downtrend. The indicators are showing a move down and also support these assumptions. However, the final signal of a price reversal was not received yet, which was earlier indicated by a price fall below the support range of 1.3200/1.3150. If this forecast is confirmed, the pair will be expected to test the levels of 1.2820/00, i.e. the “neck line” (green line) of a reversed “head and shoulders” pattern, which can be seen on the daily chart. Meantime, the bulls have a good chance to return and after a resumed rise the target will be set at the resistance level of 1.3410/20.

GBP/USD

The pair failed to fall and is now trading at 1.5470/60. The indicators show no change: the MACD and the R% indicate the probability of trend reversal, while the SS warns of a corrective fall and a possible growth resumption. There are no fundamental changes, but the uncertainty on this pair has increased, so the previous forecast remains relevant: the pair is expected to test the support of 1.5400, but a bearish reversal will be possible after crossing the support level of 1.5200/1.5160. Before the fall below 1.5400/1.5360 the growth resumption remains relevant in the nearest future. The next target for the bullish scenario is set at 1.5610/20.

AUD/USD

Just as expected, the pair continued its rise, but it was short-lived. The price has faced a strong resistance at 0.9210/20 and pulled back down to 0.9120/10. Now the pair is trading at the level of 0.9130/40. Obviously, if the key resistance at 0.9120/10 proves its strength as a strong support, the pair may confirm the previous forecast and rise to the level of 0.9310/20. However, the indicators show a bearish sentiment and do not support the rise, which may doubt the bullish strength. Crossing the tested level will give a reason to expect a resumed fall, which will be confirmed after the pair drops below 0.9035/00.

Tuesday, 13 Aug, 2013 / 12:09

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-audusd-13-august-2013/

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