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  • Forex4you Technical Analysis 03 May 2013 0 comments
    May 3, 2013 4:07 PM

    AUD/USD: Correcting Down-move

    The current rally in the aussie which began on the 2nd of May is probably a correction which will run out of steam, most probably at 1.0345 where the 50-day MA and a down-sloping trend-line intersect. After that we could see the next leg lower take shape, falling down to 1.0195 initially but ultimately to the wider consolidation lows at 1.0150. Alternatively, a break above 1.0385 could be bullish and lead to double bottom triggering and a swift short-covering rally up to the upper border of the larger multi-month triangle at 1.0477.

    (click to enlarge)

    GBP/USD: Consolidating in Up-trend

    Cable is consolidating in a range at the level of the 100-day MA and the weekly pivot. Overall the short-term up-trend remains intact, however, and will probably result in a break even higher eventually, with a decisive breakout above the range highs at 1.5605 leading to a probable move up to the monthly pivot situated at 1.5725. For a bearish reversal, I'd want to see a strong move below the 1.5495 range lows, leading down to a clustering of support at the 1.5360 level.

    (click to enlarge)

    EUR/USD: Bounce Underway

    The EUR/USD pair has drifted higher overnight after falling to support at the 1.3050 level where a major trend-line is situated. It will now probably continue bouncing higher today, reaching back up to the 1.3160 resistance level. Alternatively, for a more bearish scenario to evolve, the pair would have to break down below the 1.3063 lows and the trend-line, targeting support from the 200-day MA at the 1.2955 level.

    (click to enlarge)

    Analysis By: Joaquin Monfort, Forex4you Analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether currency trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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