Technical Analysis 1/07/2010 FXCBS

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Thursday July 1 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session in a narrow range between the lowest level at 1.2934 and the highest level at 1.22432 , the pair is trading at this time around the level of 1.22113.

Regarding to the pair Sterling against the U.S. dollar also traded during the Asian session in a narrow range between the lowest level at 1.49137 and the highest level at 1.49748, the pair is trading now around the level of 1.49172.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the lowest level at 88.084 and the highest level at 88.558 , the pair trading now around the level of 88.358.

Market Expectations

EUR/USD : The Moving Average 50 (MA50) for the pair Euro against the U.S. dollar is a strong resistance that will lead the pair to decline also the determined indicators show negative sign which may lead the pair to re-test the support level 1.21500, if the pair can penetrate it the pair will decline more.




GBP/USD : Stability of the trading of the pair Sterling against the U.S. dollar below the moving average 50 (MA 50 ) at 1.50190 leads us to expect that the pair will decline today , but we wait for the four hours candlestick to close below the level of (MA 50) , the target will be at 1.48500 then to the target of 1.48030.




USD/JPY : etermined indicators for the pair U.S. dollar against the Japanese Yen show positive sign may lead the pair to corrective movement to the level 88.580 then return to decline to the target of 87.850 , stability of the trading below the level 89.100 necessary to achieve these expectations .



Senior Analyst / Ali Hasan /FXCBS

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