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Thread: Forex Technical Analysis by IFC Markets

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    Default Forex Technical Analysis by IFC Markets

    Surging line has limited downside bias of the USDCAD in the immediate near term trading, coupled by 100 SMA which is physically placing a hurdle in the negative development. In addition, falling prices stopped slightly above the 61.8% Fibonacci level of 1.0014 to 1.0597, at 1.0236. We cannot ignore all that indications in forming our trading expectations. Firstly any short positions are suggested to be covered since we consider recent negative move a retracement that ended and that is reinforced by Stochastic being in the oversold zone. Up trend is likely to resume moving towards initial upside barrier at 1.0357 around 50 SMA ahead of next resistance at 1.0420.

    Forex Technical Analysis by IFC Markets-3a4e114343e4f3f0385914e9f624d6afea4a7e5e-png

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    Default Forex Technical Analysis by IFC Markets

    The pair upside potential was limited by resistance at 1.5404 at the 61.8% Fibonacci level of 1.5754 to 1.4832. The currency pair shifted into downside bias yesterday and holds it for today as well, penetrating support at SMA 100 and 50 consolidation point at 1.5291 and falling to support at 1.5192. In our view prices are likely to move below 1.5192 towards 1.5010, however major macroeconomic decisions for the sterling and the greenback may offset technical indications.
    More: Forex Technical Analysis BRITISH POUND / US DOLLAR 2013-07-31 | IFC Markets

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    Forex Technical Analysis GBP/USD 2013-09-11

    Bullish momentum drove the currency pair to almost 3-month peak at 1.5754 with prices today consolidating near that key cap. Positive structure dominates in the daily chart suggesting continuation to higher levels. In addition, SMAs are below prices and the Bollinger band does not set any upside hurdle.

    Looking at the oscillators the RSI (14) is rising since upside development initiated early in July from support at 1.4832, Stochastic just entered overbought but there is still some room to previous peaks line at 84.

    Therefore we consider that the British pound against the US dollar has good chances to breach 1.5754 and we would likely follow the brake, although we are cautious ahead of employment report.

    Forex Technical Analysis by IFC Markets-c2ad6156dd93a4d1ec3967099ed43cf50a910610-png

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    Forex Technical Analysis AUD/USD 2013-09-10

    Upside development prevails in the currency pair as indicated by the surging line. Positive bias is also reinforced by 50 SMA crossing from below both 100 and 200 SMA, in addition the pair has recently successfully breached key resistance at 0.9236 increasing its bullish strength.

    However, we are concerned about the Stochastic and RSI (14) being in the overbought zones since chances for further highs are reduced coupled by upper Bollinger band placing a lid around 0.9314. We therefore consider in the intraday prices are more likely to extend into sideways between 0.9288/0.9236 range.

    Forex Technical Analysis by IFC Markets-e4e66190617e6dffada23b9ed5ad67b2b7a6070a-png

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    Forex Technical Analysis EUR/USD 2013-09-09

    The currency pair drew support line at 1.3104 and bounced up to falling trend line cap at 1.3186. Negative structure prevails following a reversal pattern formation earlier with SMAs also remaining above prices.

    MACD is below zero confirming down trend and at the same time OsMA is approaching previous peaks area coupled with Stochastic entering its overbought zone suggesting that recent retracement is coming to an end. Thus, combining down trend line with overbought oscillators we consider chances are favoring resumption of the downside, falling initially to 1.3135 and then to 1.3104.

    Forex Technical Analysis by IFC Markets-be0421d92ed0890b637a91b4ae56229d53efe7b7-png

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