Technical Analysis 16/08/2010 FXCBS

[fxcbsar]

Monday August 16 , 2010

Previous session overview

The pair Euro against the U.S Dollar traded during the Asian session between the lowest level at 1.27335 and the highest level at 1.28308, while the pair is trading now around the level of 1.28244.

The pair Sterling against the U.S. dollar traded during the Asian session between the lowest level at 1.55338 and the highest level at 1.56362, the pair trading now around the level of 1.56250.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the lowest level at 85.713 and the highest level at 86.226 , the pair trading now around the level of 85.922.

Market Expectations

EUR/USD : We expect today a correction for the pair Euro against the U.S. dollar to the level 1.29080 then the pair will decline again to retest the support level at 1.27300, stability of the trading below the level of 1.29450 is necessary to achieve these expectations.



GBP/USD : We advice our clients to monitor the price of the pair Sterling against the U.S. dollar today until it can take a clear direction determined indicators show mixed sign that make us advice that.



USD/JPY : The Dollar Yen trading is hung between 23.6% and 38.2% Fibonacci correction, where this fluctuation is causing the pair to lose negative momentum appearing through the four hour candlestick we can expect a bullish trend to the level of 86.660.



Senior Analyst / Ali Hasan /FXCBS

Newsletter

Forex ECN Broker | Currency Online Trading | Low Spread | Free Trading Software