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Technical analysis EUR/USD, GBP/USD and AUD/USD 3 September 2013

EUR/USD

The pair confirms the previous forecast: after some consolidation above 1.3200 the pair has resumed its attempts to cross the key support range between 1.3200-1.3150; the pair is now close to the lower limit at 1.3165/55. The indicators show a bearish sentiment, which may indicate a high probability of breaking the level of 1.3150. If the price consolidates below, this will indicate a completed reversal down and the price will soon reach the first targets at 1.3060/70 and 1.3000. Moreover, the price is expected to reach the levels of 1.2900/50 – 1.2850/00 – the “neck line” (green line) of the “head and shoulders” pattern, which can be seen on the Daily time frame.

GBP/USD

The pair continued its rise and moved to the resistance at 1.5610/20, which was indicated as a key level; the price is now at around 1.5580/90. The indicators show a possible move up on this pair. However, to confirm this forecast, we should wait until the price consolidates above 1.5610/20. In this case, the pair will quickly reach the target at 1.5740/50. Should the pair break the support range of 1.5400 -1.5350/60, this will signal a reversal to a medium-term bearish trend.

AUD/USD

The bears failed to push the trading below the support of 0.8950/40. The price reached the level of 0.8890, but the fundamental data on the RBA rate has made ​​some adjustments. The pair is now trading at 0.9020/30. The indicators have changed and now show the rise, which may signal a continued rise on the instrument. However, the trend change can be obvious after the pair rises above the resistance level of 0.9110/20, as mentioned before. Before this happens, the pair is expected to resume its bearish trend with the target at the support level of 0.8810-0.8780/70.

Tuesday, 03 Sep, 2013 / 2:10

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-audusd-3-september-2013/

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