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Old 03-05-2013, 05:09 PM
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Arrow Forex Technical Analysis By Forex4you 05th March 2013

AUD/USD: At Channel Highs

The down-trend in the aussie has stopped at an important support level and formed a long pin-headed hammer candle. There has been a short-term rally which has touched the upper border of the down-sloping channel and rolled over today. There is a possibility we could see a sell-off now as the down-trend reasserts itself with an eventual target at the 1.0115 lows. Equally there is evidence of more upside, and a break out of the channel would target the 1.0320s.



EUR/USD: Rebounding

The EUR/USD pair has rebounded. If it breaks above the key 1.3100 level then it will probably reach the top of the channel at 1.3150 where the 100-day MA is also situated nearby. There are no strong signs of reversal and the current upside is probably just a pull-back. The down-trend should resume eventually and probably reach the target from the head and shoulders top at 1.2900.



GBP/USD: Pull-Back in Down-Trend

The GBP/USD is in a strong down-trend. Today it has recovered, however, and broken up through its trend-line, reaching support and resistance at 1.5225. It will probably go even higher to an eventual target at around 1.5275 but given there are no strong signs of reversal the down-trend will probably resume after the upside target has been fulfilled. The first downside target would be the 1.4985 lows followed by the monthly pivot at 1.4865.



Analysis By: Forex4you Analyst - Joaquin Monfort.

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