GBP/USD Intraday Technical Analysis and Trading Recommendations for March 9, 2012

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On the 4H chart we can see the "Head & Shoulders" reversal pattern which was confirmed on Tuesday when the neck-line 1.5790 had been broken.

As it was expected, the pattern provided some risk for SELL-deals at 1.5870 level corresponding to the right shoulder which was tested twice this week.

Also on Tuesday we could observe breakdown of the lower limit of the mid-term bullish channel with obvious bearish price action. This fact may provide the possibility for opening the short position around 1.5790 with potential target seen at level 1.5480.

The GBP/USD pair also has 50% and 61.8% Fibonacci levels located above at 1.5835 & 1.5865, these levels are strongly defended by the bears.

The expected targets for the confirmed pattern are located at 1.5720,1.5662 and 1.5630 levels. However, the pair has an important support at 1.5750 which may give some retracement before its breakdown.

Some profits should be taken at the expected targets. Stop loss should be placed lower near 1.5880, as breakdown of this resistance level invalidates the current bearish scenario and opens the way to the point 1.5970.

 

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 8, 2012

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On the 4H chart we can see the "Head & Shoulders" reversal pattern which was confirmed on Tuesday when the neck-line 1.5790 was broken.

As it was expected, the pattern provided some risk for SELL-deals at 1.5870 level corresponding to the right shoulder which was tested twice this week.

The yesterday's daily low was at 1.5695. However, the expected targets for the confirmed pattern are located at 1.5720,1.5662 and 1.5630 levels.

Also on Tuesday we could observe breakdown of the lower limit of the mid-term bullish channel with obvious bearish price action. This fact may provide the possibility for opening the short position around 1.5790 with potential target seen at level 1.5480.

The GBP/USD pair also has 50% & 61.8% Fibonacci levels located above within the range1.5835 - 1.5865. This point is strongly defended by the bears.

Some profits should be taken at the expected targets. Stop loss should be placed lower near 1.5880, as breakdown of this resistance level invalidates the current bearish scenario and opens the way to the point 1.5970.

 

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 7, 2012

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On the 4H chart there is the "Head & Shoulders" reversal pattern which was confirmed yesterday after the obvious strong break of the neck-line at 1.5790

As expected, this pattern gave us low risk SELL-deals at 1.5870 corresponding to the right shoulder which was tested twice this week.

The expected targets for the confirmed pattern are located at 1.5720, 1.5662, 1.5630.

Also yesterday we witnessed break of the lower limit of the mid-term bullish channel with obvious bearish price action which may give another SELL-deals on retesting around 1.5790 with a potential target at 1.5480.

Some profits should be taken at the expected targets and stop loss should be lowered to 1.5880 as break of this resistance invalidates the current bearish scenario.

 

GBP/USD Intraday Technical Analysis [ Linear Regression Channels ] for March 6, 2012

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During the past few hours, the GBP/USD  pair was testing its resistance level located around 1.5870 with early signs of bearish mood.

This resistance level 1.5870 is corresponding to the upper limit of both Blue & Yellow channels.

Now the pair is going to test the intraday support level 1.5844 corresponding to the lower limit of the violet channel. In case this level is broken down,  the pair will resume the bearish movement within the blue channel towards 1.5810 and futher towards 1.5770.

The breakdown of the 1.5870 level will allow the GBP/USD pir to resume the  bullish movement within the violet channel towards 1.5910.

The area 1.5910-1.5925 is considered as a resistance leel for the pair as corresponds to the upper limit of the violet channel.

 

EUR/USD Intraday Technical Levels for March 5, 2012

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TODAY's  TECHNICAL  LEVEL :

Breakout BUY Level : 1.3267.

Strong Resistance : 1.3259.

Original Resistance : 1.3247.

Inner Sell Area : 1.3234.

Target Inner Area : 1.3203.

Inner Buy Area : 1.3171.

Original Support : 1.3159.

Strong Support : 1.3146.

Breakout SELL Level : 1.3138.

DESCRIPTION :

Today the EUR/USD pair considers the points1.3159 and 1.3247 as support and resistance levels with the strong support at 1.3146 level and 1.3259 seen as the strong resistance level.

If the EUR/USD pair breaks out and closes below the level 1.3138l today, the signal of bearish trend will be provided; if the EUR/USD pair manages to break out and close above the 1.3267 level - the strong bullish trend will be indicated. Alternatively, you can make BUY-deals at the 1.3171 level and SELL-deals at the 1.3234 level giving that both targets are located at the 1.3203level.

AUD/USD: Technical Analysis and Trading Recommendations for March 2, 2012.

Pivot Point: 1.0782.

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Intraday Technical levels  (March 2, 2012):

R3:1.0927
R2:1.0869
R1:1.0840
PP:1.0782
S1:1.0753
S2:1.0695
S3:1.0666

Overview:

The AUD/USD pair has turbulently reached the level 1.0810 moving from the point 1.0600. Yesterday's deals were closed at level 1.0811. Three months ago the price was below 78% of Fibonacci retracement levels. It is necessary to mention that the price formed a strong resistance level 1.0795 which is located between 78% of Fibonacci retracement levels and 61.8% on Daily chart. Thus, the market is likely to show again the signs of bearish movement indicating a bearish tendency from the level 1.0873 with targets located near the strong support level 1.0675. Meanwhile, the bears were forced to go back to this level, forming a strong support in the point 1.0675 indicating a bullish opportunity above the support level. This can be considered a good sign for BUY-deals higher than 1.0675 with the level 1.0740 as a target and further the 1.0830 level.

Trading Recommendations:

According to previous events, the price is still been trapped between 1.0870 and 1.0650.

• Buy-deals above 1.0675 with targets near 1.078.
• Sell-deals below 1.0873 for the further development of the downtrend in order to continue the  bearish movement towards 1.0595 and 1.047 levels.

Observation (s):

• Please check out the market volatility before investing, as the sight price may have already been reached and scenarios cancelled.
• Strong Support: 1.0600.
• Strong Resistance: 1.0876.

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 1, 2012

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GBP/USD Survey according to the Linear Regression Channels over the past two weeks:

- GBP/USD respected the upper limit of both channels depicted on the chart which showed bearish presence pushing the pair down to 1.5802. However, Price came back quickly to break this channel with quite strong bullish 4H candlestick.

- After failure to trade below 1.5800, GBP/USD pair directed towards 1.5925 which is corresponding to the upper limit of the bullish blue channel & still trading around the same level.

- GBP/USD showed quite strong bearish rejection on testing the high for this month at 1.5927 & failed to bypass its strong resistance area at 1.5940-1.5960.

This will probably delay further bullish movement and push the pair down to 1.5860-1.5840.

- Broken limit of the violet channel at 1.5850 is now acting as support level for the pair.

4H closure above 1.5960 allows the pair to reach 1.6050.

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The 1H chart of GBP/USD shows that the pair has an important support level at 1.5900 which is the lower limit of both the Violet & Yellow channels.

This price level 1.5900 is significant as Bullish Price Action towards it pushes the pair to the upside reaching 1.5950 initially.

Break of this level will allow the pair to reach 1.5850 which is corresponding to the lower limit of the Yellow bullish channel which constitutes an important support for the pair today.

We should pay attention as the 1H chart shows some bullish weakness unlike the 4H chart which is still bullish as long as the pair is trading above 1.5850.