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Technical analysis EUR/USD, GBP/USD and USD/JPY 8 August 2013

EUR/USD

It looks like the market has chosen the bullish forecast: the price returned to the resistance level of 1.3340/50 and is now testing the strength of this level. The pair is trading at around 1.3345/50. The indicators show the growth resumption. Obviously, this gives reason to expect that the price will reach the target at 1.3410/20. At the same time, a strong resistance in the current price area warns of a pullback down from the current levels. The divergence on the MACD is one of the signals confirming such possibility. Should the price cross the support of 1.3300 and consolidate below, this will indicate a change in the sentiment.

GBP/USD

The bearish move to the supports at 1.5300/1.5280 and 1.5240 resulted in a false breakdown. The price has quickly pierced at these levels, mentioned as the key levels on the way down. The subsequent growth resumption pushed the price up above the resistance at 1.5400/1.5390. Now the price is testing the level of 1.5520/30, mentioned earlier as the next target for rising. The indicators already show the bullish sentiment. Obviously, this situation can be considered as growth resumption; the next target is likely to be set at 1.5570/80 or even a bit higher, at 1.5610/20. Should the pair fall below 1.5380/1.5400, this will open the way for a move down.

USD/JPY

The support at 97.60/70 did not resist the bearish pressure. The price continued to fall and is now trading at 96.30/40. The indicators clearly support a continuing decline. At the same time, the current price area shows many strong supports. One of such supports at the level of 96.00/10 indicates a high probability of stopping a fall down. This forecast is confirmed by smaller time frame (H1), where you can see the divergence on the MACD. Obviously, the price may start its consolidation in the range of 97.00/20 – 96.00/10. At the same time, the end of the move down can be discussed only after the price correction. Meanwhile, the bears will have enough strength to test the support at 95.50/60. Should the price rise above 98.20/00, this will signal the uptrend resumption.

Thursday, 08 Aug, 2013 / 12:11

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-usdjpy-8-august-2013/

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