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Forex4you Technical Analysis 30 March 2011

EUR/USD: Technical Analysis

The longer term point and figure chart remains bullish and is still in an uptrend with an target of 1.4550. On the smaller charts the exchange rate is currently going sideways in a consolidation but if there is a break higher then the 3 x 0.0015 chart yields an upside target of 1.4385. The line of resistance at 1.4280 could also provide an even closer target.



GBP/USD: Technical Analysis

The price continued consolidating within a narrow range and tested support 1.5930/40 level again. Trading has recently pulled back upwards, so the price currently resides at the correction range's resistance 1.6040/50 level. No changes have been made yet, although indicators have turned upwards, suggesting a changing of the trend. Previous forecasts still apply - a pull back up is likely to continue as a part of correction, probably expanding 1.6100-1.6150 resistance range, which looks to be rather strong. Growth and fixation above level 1.6220/30 would mean a transition towards the "bullish" trend. If support 1.5930 level is breached, the next support is seen at 1.5840/50.

Analysis by: Arkady Nagiev
                     Forex4you analyst

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