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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.

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