GBP/USD Technical Analysis 5 November 2010

GBP/USD Open 1.6269 High 1.6300 Low 1.6088 Close 1.6270
On Thursday Pound/Dollar increased significantly with over 210 pips, in line with the positive Interbank sentiment at nearly +8%. The Cable appreciated from 1.6088 to 1.6300 yesterday, closing the day at 1.6270. Today the British Pound is slightly adjusting. On the 1 hour chart new upward channel is formed, while on the 3 hour chart the upward channel has resumed. First resistance is yesterday's peak at 1.6300. Break above it should extend the bullish movement further towards the psychological 1.6427. The nearest support is yesterday's bottom at 1.6088. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5960. Today are the UK Halifax house price index and PPI Output, at 8 and 9:30 GMT. Quotes are moving bellow the 20 and just above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term slim bullish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6300 1.6427 1.6560
Technical support levels: 1.6088 1.5960 1.5837
Trading range: 1.6230 - 1.6155
Trend: Downward
Sell at 1.6217 SL 1.6247 TP 1.6167
Already made +23 pips profit on GBP/USD today from the following sent to clients only signal:
7:25 GMT Sell GBP/USD at 1.6206 SL 1.6232 TP 1.6146, exit sent at 7:56 GMT.
Today so far +117, yesterday +198, as shown in details at our web site.

EUR/USD: technical update

After the explosive rally up to the highs at 1.4282 the exchange rate has pulled back to support just below the S1 monthly pivot at 1.4180. At the moment it is moving sideways in a consolidation pattern which could break either way. A downside breakout would target 1.4090 and an upside breakout which could carry the pair higher, perhaps as far as the breakout target in the region of 1.4450, or even 1.46 where price will meet an important trend-line connecting the ’08 and ’09 highs.

USD/JPY Technical Analysis 5 November 2010

USD/JPY 80.67 - 5 November 2010
USD/JPY Open 80.77 High 81.22 Low 80.56 Close 80.70
On Thursday Dollar/Yen decreased insignificantly with 66 pips, in line with the negative Interbank sentiment at around -49%. The currency couple depreciated from 81.22 to 80.56 yesterday, closing the day at 80.70. This morning the pair is trading quietly and without clear direction for now. On the 1 hour chart the wide small angle downward channel has resumed, while on the 3 hour the downward channel is trying to renew. Break above yesterday's top and nearest resistance 81.22 would embolden further recovery of the Dollar. Immediate support is yesterday's bottom at 80.56, and consistent break bellow it could strengthen the Yen further down towards next target 79.59. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, MACD is neutral and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 81.22 82.00 82.82
Technical support levels: 80.56 79.59 78.70