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Old 03-13-2013, 05:00 PM
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Arrow Forex Technical Analysis By Forex4you 13th March 2013

AUD/USD: Upside Potential

The up-trend has gathered strength after breaking out of the down-sloping channel. There is also the possibility that there may be a small inverted head and shoulders pattern at the lows which has broken its neckline and is moving higher. An eventual target for the up-move could be at around 1.0465 although the cluster of resistance at 1.0390 provides a closer target. Apart from this there is also the possibility of a resumption of the down-trend, however, for stronger confirmation we'd need a break below the 1.0200 swing lows which would then target the 1.0150 long-term support level.



GBP/USD: Downside Target Met

Although cable has been in a strong down-trend it has now met an initial target calculated from the breach of the lower border of the triangle at 1.4930, and It is possible we may see a rebound from here. Yesterday formed a hammer and today's activity is so far bullish, although we won't know whether its an up-day until later. Right now we are bumping up against the trend-line and if it breaks above 1.5000 it would confirm a move to 1.5100. Alternatively, given the strength of the down-trend it could resume and push lower, with a break of 1.4880 targeting 1.4560.



EUR/USD: Channel Breakout

We have now had a break out of the channel, although there has been limited follow-through. The bounce from Friday's lows continues to rise slowly and there is a possibility now since the channel breakout - of a continuation eventually up to the target at 1.3180. The price pattern stretching back over a week looks potentially like a reversal enhancing bullish outlook. A bundle of resistance at 1.3115 impedes but a decisive break above the 1.3071 highs would add bullish confirmation. For bears to get interested I'd be looking for a break below 1.2945, with 1.2815 indicated as a downside target.



Analysis By: Forex4you Analyst - Joaquin Monfort.

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether currency trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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