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Technical analysis EUR/USD, GBP/USD and AUD/USD 9 August 2013

EUR/USD

The pair continued to rise and reached the level of 1.3400. The resistance at this level stopped the bulls. The pair is now trading at 1.3380/90. The indicators continue to show the rise, which also increases the possibility of reaching the targets set at 1.3410/20. A large-scale correction mentioned previously still remains relevant. A pullback down is possible after reaching the targets mentioned above, which is also confirmed by the divergence on the MACD. Should the pair breach the support level of 1.3300 and consolidate below, this will change the sentiment into bearish.

GBP/USD

The pair continued to rise and reached the next target, which was set at the level of 1.5570. This resistance level has stopped the bulls and the price is now trading at 1.5550/55. The indicators continue to show a continuing bullish sentiment that supports ongoing rise. At the same time, the level of 1.5570/80 is the first line of the strong resistance range that opens a way to a local maximum at 1.5740/50; this fact warns of the beginning of a large-scale correction from the current levels or from yesterday’s target at 1.5610/20. The bearish dominance will be possible only if the pair falls below 1.5380/1.5400.

AUD/USD

The pair did not confirm the assumptions on a sideway formation and a fall to the level of 0.8850/40. The price continued to rise and is now trading at 0.9150/55. Breaching the resistance at 0.9120/10 was previously indicated as a signal cancelling a fall to 0.8810/00 – 0.8775/80. In this situation, we can make a conclusion on continued rise with the first target set at 0.9310/20. The indicators also support the bullish sentiment. The bearish dominance will be resumed after the price falls below the support level of 0.9000/0.8990.

Friday, 09 Aug, 2013 / 12:08

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-audusd-9-august-2013/

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