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Old 03-11-2013, 04:05 PM
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Arrow Forex Technical Analysis By Forex4you 11th March 2013

AUD/USD: Gap Down

This morning there was a gap down out of the range which could indicate the resumption of selling. The gap was filled but it could still herald further weakness and a break of the 1.0200 lows would probably signal a move down to 1.0130, and a break of 1.0120 would target parity. Some bullish signs muddy the water however, such as the long-tailed pin-headed hammer last monday and the breakout from the down-sloping channel although follow-through buying has been meagre and bears could be taking control again.

EUR/USD: 1.29′s Supporting

After the heavy sell-off yesterday, eurodollar has bounced off support at 1.2975 and recovered this morning, and it will probably continue a little higher until it reaches the top of the channel at 1.3055, particularly given the bullish convergence with MACD at the lows. Friday’s strong move down, however, could be sign of more weakness to come and a decisive break below 1.2945 could target 1.2815 and then 1.2690. Alternatively support in the 1.29′s could hold and the sideways consolidation may continue unfolding or possibly even rebound to the range highs at 1.3120. We have reached a pivotal level for the pair.

GBP/USD: Monthly Pivot Reached

Cable is falling even lower, although it has just reached the level of the monthly pivot at 1.4865 and there is a possibility it could halt and consolidate here – or even temporarily bounce higher. Eventually it will probably sell-off, however, as the down-trend remains strong with the next target is between 1.4500-50. If there is a rebound from the current levels we might see a temporary bounce to 1.4950 followed by 1.5000.

Analysis By: Forex4you Analyst - Joaquin Monfort.

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