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Old 03-01-2013, 04:41 PM
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Arrow Forex Technical Analysis By Forex4you 01st March 2013

AUD/USD: Bearish Continuation

The aussie has continued its peak and trough progression down after the break of the major trend-line last week. It has fallen to support at the old 1.0182 lows. It will probably continue even lower to the 1.0111 level where the monthly pivot is situated. There is also the possibility of a rebound from the current lows, perhaps, to the level of the upper channel line at 1.0265, with the chance of a sideways consolidation unfolding thereafter.



GBP/USD: Breaking Lower

GBP/USD looks like it is breaking to the downside and could continue lower with the next target at 1.4875 at the monthly pivot. Recently the pair broke out of a multi-annual triangle providing a very bearish signal and likelihood of substantially lower prices. Any upside would probably be capped by tough resistance lying at 1.5083.



EUR/USD: Hitting Range Lows

Eurodollar is consolidating in a range. Yesterday it reached 1.3160 before falling back down and it will probably fall further, given today's bearish start, with the 1.3018 lows now in focus. A decisive move below those would act as confirmation of a resumption of the down-trend down to 1.2900, the target from the head and shoulders pattern at the highs. Alternatively there is the possibility of a move higher back up to the range highs at 1.3160 and continued sideways activity.



Analysis By: Forex4you Analyst - Joaquin Monfort.

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