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Old 03-07-2013, 05:20 PM
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Arrow Forex Technical Analysis By Forex4you 07th March 2013

AUD/USD: Bounce Underway

The aussie has broken out of its down-sloping channel and it will probably rise to the target at 1.0350. It is also possible a head and shoulders bottom has formed with a neckline at 1.0310 which is breached would also be bullish. The short-term down-trend, however, is still dominant and indicates the possibility of a fall back down to the 1.0115 lows. A decisive break of these would indicate a probable extension lower to, first parity, then the lower border of the multi-year triangle at 0.9880.

EUR/USD: Near Support Zone

The EUR/USD pair is recovering this morning after a big sell-off yesterday which brought it back down to the 1.2960 lows. It will probably now rise up to resistance from the top of the range at 1.3070. The downside target from the H&S pattern has almost been met and this enhances the possibility of a rebound, but there are no signs of a reversal of the short-term down-trend yet. There is a support zone in the 1.2920s could provide purchase for a rebound or consolidation. A break below the 1.2900 level would be required to signal another leg down to perhaps 1.2820.

GBP/USD: Channeling

The down-trend is still intact and will probably eventually continue lower. There may be a rebound first, however, since the pair has reached the lower line of its channel today and formed a double bottom reversal pattern. If the neckline is decisively broken at 1.5015 it could lead to an rally to the target at 1.5080 before rolling over. A break of the pattern’s lows at 1.4965, however, would be confirmation of an acceleration lower, perhaps to the 1.4750s – although an initial target could be at the monthly pivot at 1.4865.

Analysis By: Forex4you Analyst - Joaquin Monfort.

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