Forex - Analyses Techniques

Morning Update

Posted on January 29, 2010 at 7:33 in Uncategorized by Ian Coleman

GBPUSD - We never managed to break the resistance at 1.6280 area and pushed lower quickly on the news yesterday. GBP is on the back foot now and EURGBP is pushing up. We need to see a break of 16000 and 16086 to open the door for the next big move lower

EURUSD - The move up yesterday was just a correction and we stayed inside the downward channel. A sub-wave suggests we may correct higher from here today but only a break of 1.4020 trend line would change the downward view

USDJPY - I think this could be the trade of the day. Pulling higher off support. Looks like a reverse Head and Shoulders formation. 9060 would be the first target… A break there and we open the door to 91.80 next….look to the weekly candle. This combined with the bounce off the daily trend line and this pair could be very bullish next week. (we will do a full report soon to explain)

EURJPY - This pair just keeps pushing lower in the channel. We may be forming an ending wedge now but need to see a clear break of 12615 to confirm

AUDUSD - Couldn’t break through the resistance at 9050 and pushed lower again. We have a downward channel now from the 21st of January. 8885 was the base of the channel so we may correct higher form here. 9020 is the top of the channel but only  a break of 9050 would signal the move higher

EURGBP - Hit the 8600 target..if you read the report yesterday you will know the views on this pair. We have a descending trend line at 8660 at the moment…..second Fav trade of the day (on a break)

USDCAD  - trying to hold the 1.0700 handle. If we make a clear break higher we open up for another large move up. A push down through 1.0656 and we should see yesterdays low again.

Good luck today…I will update when needed

by Ian Coleman - http://blogs.fxstreet.com/samuraitrader/