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Special Focus | In-dept Analysis of Currency Pairs | FXTechstrategy
Written by Mohammed Isah   
Wednesday, 22 February 2012 08:57

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EURUSD: Hesitating With Upside Bias.

EURUSD: Although hesitating, EUR remains biased to the upside with eyes on the 1.3322 level traded on Feb 09’2012. A break of here will aim at the 1.3375 level, its Dec 12’12 high followed by its Dec 02’2011 high at 1.3547. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, the risk is for EUR to return below the 1.3026 level, Feb 06’2012 low followed by the 1.2975 level. A breach of there will set the stage for further declines towards the 1.2930 level, its Jan 25’2011 low. Below here will call for more declines towards its Jan 23’2012 low. All in all, the immediate risk remains higher with the risk of retargeting the 1.3322 Level.

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AUDUSD:  Takes Out Major Resistance, Resumes Long Term Uptrend
AUDUSD:  With the pair breaking through the 1.1009 level, its 2011 high on Tuesday and following through higher in early trading today, further upside gains are likely in the days ahead. This is coming on the back of a recovery tone set from the 1.0389 level, its Jun 27’2011 low. Further gains now targets the 1.1100, its psycho level with a cut through there allowing for more strength towards the 1.1200 level, its psycho level and possibly higher towards the 1.1300 level. Its daily and weekly RSI are bullish and pointing higher suggesting further gains. On the downside, the 1.1009 level and the 1.0800 level, its July 13’2011 high come in as supports. As long as these levels hold as supports its present bullish build up remains intact. However, the risk to our analysis will be a break and hold below the 1.0525 level, its July 12’2011 low followed by the 1.0389 level. Further down, support lies at its April 05’2011 low at 1.0287 and next its .618 Fib Ret.(0.9702-1.1009 rally) at 1.0200.Subscribe To Our Most Popular Plan - The Professional Suite

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