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Technical analysis EUR/USD, GBP/USD and USD/JPY 29 August 2013

EUR/USD

The pair confirmed yesterday’s forecast on its fall. The price fell to 1.3300 support , crossed this level on its way down, and is now trading at 1.3250/60. The indicators show increased bearish sentiment that may indicate upcoming fall to the support level of 1.3200/10. Meanwhile, the level of 1.3250/60 is a strong support that can hold down the price fall or even a reversal. However, the fall to 1.3200 seems to be more likely. However, this won’t be enough for a reversal to a medium-term downtrend; this will be possible after breaking the range of the strong support levels of 1.3200-1.3150. Before crossing this key support we can expect the growth resumption to the target at 1.3500/1.3480.

GBP/USD

The price continues to move down to the support level of 1.5400. However, the bears managed to push the price only to 1.5420/30, where it received support that triggered a move up to 1.5510/20, where the price is trading now. The indicators no longer support the bearish priority, which can result in continued consolidation in the sideway range between 1.5540/50 – 1.5430/20; the current range may expand to the level of 1.5400. As it was mentioned before, the price fall to 1.5400 does not signal a trend change, so the price may resume its rise. Crossing the key support range of 1.5400 -1.5350/60 (the last level for a bullish resumption) will indicate a reversal for a medium-term bearish trend.

USD/JPY

The support level of 97.00 has confirmed its strength. After testing this obstacle on the way down the price began its rise and is now testing the strength of the resistance at 98.10/20. The indicators are changing the sentiment into bullish. This may warn of a resumed rise. However, these signals are not strong enough, as the dynamics can be confirmed after a reversal on the SS. However, the uptrend becomes dominant and breaching the tested resistance level will support this momentum. Obviously, the pair is expected to continue its rise to 99.00 and even reach the level of 100.00 in the near future.

Thursday, 29 Aug, 2013 / 12:34

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-usdjpy-29-august-2013/

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