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Technical analysis EURUSD, GBPUSD and USDJPY 5 September 2013

EUR/USD

The pair confirmed the forecast and was trading in the range of 1.3200 – 1.3150/60. After testing the resistance level of this corridor the price moved back down and is now at around 1.3170/80. The indicators continue to show a bearish sentiment that supposes a continued fall. However, before this the pair should break the support level of 1.3150. After breaching this level the price may fall to the levels of 1.3060/70, 1.3000. At the same time, the price may fall to the local minima at 1.2900/50 – 1.2850/00.

GBP/USD

The level of 1.5650/60 mentioned in the previous analysis became a key resistance level. The price has tested it on the way up, but failed to cross it, rolled back down, and is now trading at around 1.5600/10. The indicators show a dominant bullish sentiment. The price may resume its rise on this pair and after breaking the level of 1.5650 it may rise to 1.5740/50. Meanwhile, a current continued fall below 1.5590 will indicate the first sign of the downtrend resumption. A fall below 1.5560/70 will be a final confirmation of this forecast. In this case, the pair may move back to the level of 1.5400/20.

USD/JPY

The pair confirmed the assumptions and rose to 100.00. The price has tested this obstacle on its way up and is now trading at around 99.90/95. The bullish sentiment shown by the indicators and the lack of a pullback after the first test of 100.00 shows a high probability of continuing the attempts to break this level (and a possible success). If this forecast is confirmed by a reversal, the pair may rise to the next target at 101.20/50 – a local maximum mentioned in July. However, the strength of 100.00 may trigger the next stop and consolidation in a range with the support level of 99.50 or even of 99.00.

Thursday, 05 Sep, 2013 / 12:59

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-usdjpy-5-september-2013/

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