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Old 02-27-2013, 05:00 PM
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Arrow Forex Technical Analysis By Forex4you 27th February 2013

AUD/USD: Bearish Break

The aussie has decisively broken down through a major trend-line and will probably continue falling as it moves down towards an eventual target at 0.9850 at the lower boundary of the large multi-month triangle. The monthly pivot sitting at 1.0115 may also provide a closer interim target where prices may pause to consolidate. Any bullish rebounds will probably hit resistance from previous lows at 1.0225 before resuming their down-trend.

EUR/USD: Pause in Down-Trend

The EUR/USD’s decline has stalled at support at the 1.3000 level where it is currently consolidating. It will probably resume its descent given the short-term trend is down and continue lower to perhaps 1.2900 which is the profit target from the head and shoulders top, or even lower to the next target down at 1.2795. Alternatively, a bullish bounce would have to break above 1.3120 to gain traction, with an upside target at 1.3195 thereafter.

GBP/USD: Consolidating in Down-Trend

After falling to new lows GBP/USD is now trading in a sideways consolidation. It will probably eventually break to the downside and continue lower with the next target at 1.4915 and then at the monthly pivot at 1.4855. 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 1.5265.

Analysis By: Forex4you Analyst - Joaquin Monfort.

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