Forex Technical Trading Update

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Convergence of Indicators

Often times, when you can identify a level, where multiple indicators point to a certain outcome there can be a higher probability of that outcome, which is the case of the GBPUSD today.

This morning we can see at 1.6235/40 that there are 4 different indicators pointing to a price barrier, or what I like to refer to as a wall. First the trend line from the

Forex Technical Analysis

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Potential long term technical setup has begun to take shape on the USDCAD. It is no secret that the trend for the USDCAD has been down for quite a while. Recently it has tested support into the mid .9600’s and has rebounded back into the .9800’s. This rebound has been challenging the daily trend line and gives us the first clue that the trend just might be changing.

 

 Along with the challenge of the trend line comes the break of former support in the .9850 area. As you can see from the chart example, the break of the

Forex Technical Trading Update March 14 2011

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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.

EUR/USD – Current 1.4000

Overview – Daily trend has been pressing higher since the beginning of 2011. However, previous congestion viewed on the weekly chart between 1.3950 and 1.4100 in 2008, 2009 and 2010 is providing a range of resistance that could eventually indicate a reversal zone. As long as this pair holds under 1.4100 I will be watching for technical indications of reversal.

Resistance – 1.4085 / 1.4150 / 1.4225 / 1.4290

Support – 1.3900 / 1.3860 / 1.3825 / 1.3760

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GBP/USD – Current 1.6175

Overview – Weekly resistance viewed in the mid to upper