Forex Research

Daily Technical Analysis
Posted: 2/8/2010 6:01:28 PM



Currency Pair Long Term Momentum Medium Term Momentum Short Term Momentum Support Resistance Comments
EUR/USD 1.3650
1.3620
1.3580		 1.3720
1.3750
1.3780		 2122GMT sideways consolidation triangle while between 1.3650/ 1.3720, below suggests losses resuming, but 1.3580/90 is key support
GBP/USD 1.5590
1.5550
1.5500		 1.5660
1.5720
1.5760		 2130GMT multiple hourly lows at 1.5540/50 may signal a base is forming, above 1.5660/70 may see correction higher to 1.5720/30 initially
USD/JPY 89.10
88.80
88.50		 89.50
89.90
90.20		 2134GMT sideways range consolidation, holding above cloud base at 89.03, above 89.50 may see to Tenkan line/100 hour sma at 89.90/92
USD/CHF 1.0690
1.0640
1.0600		 1.0750
1.0800
1.0850		 2139GMT possible double top at 1.0790/00 and spinning top on daily candle suggest a top may be forming, below 1.0690/00 may see lower
AUD/USD 0.8600
0.8550
0.8500		 0.8660
0.8700
0.8750		 2245GMT hourly MACD suggests s/t top could be in here, pressure remains while below the 55hr sma near 0.8660, more weakness below 0.8600
USD/CAD 1.0715
1.0650
1.0600		 1.0780
1.0830
1.0870		 2249GMT last week highs by 1.0780 the immediate area of resistance here, above opens towards 1.0830 next, focus lower below 1.0715
EUR/JPY 121.70
121.20
120.70		 122.50
123.20
123.50		 2143GMT consolidation range, bias lower while below 122.50/60, above may see 123.20/25, below 121.50 may see re-test of 120.70/00 recent lows
NZD/USD 0.6800
0.6750
0.6700		 0.6870
0.6930
0.7000		 2252GMT coming up to critical short-term support near 0.6800, below opens potential to 0.6750 and 0.6700 next, focus higher above 0.6870
EUR/GBP 0.8745
0.8720
0.8680		 0.8770
0.8790
0.8810		 2148GMT potential spike high in place, testing hourly upchannel at 0.8745/50, below may see back to 0.8715/20 200-hour sma
AUD/JPY 77.00
76.15
75.50		 77.40
78.00
78.50		 2255GMT focus remains lower while below the 55 and 21hr sma near 77.40, through 77.00 should see weakness accelerate towards 76.15 next
GBP/JPY 139.00
138.50
138.00		 139.50
140.00
140.50		 2153GMT sideways consolidation while between 138.50/140.00, bias lower while below 140.50, below 138.50 may losses resume
CAD/JPY 82.60
82.00
81.50		 83.00
83.70
84.30		 2259GMT hourly trendline support rests by 82.60, below should open up weakness towards 82.00 initially, strength above 83.70

- Optimal phase to initiate position with arrow - Cycle mature, protect profits
- Cycle extreme, t/p, plan for new cycle - Hold Cycle in direction of arrow

Click here for more tips on using the Momentum Grid

- indicate that momentum is positive and moving higher, usually signs of higher prices ahead
- indicate negative and falling momentum, typically implying lower prices in the future
Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.