| Technical Analysis - 09 11 2010 |
 EUR/USDThe price of this pair appears to have recently entered the over-bought region on the weekly RSI, suggesting impending sell pressure. A recent bearish cross on the weekly Stochastic (slow) and daily MACD both support this notion. Going short may turn out to be a wise choice on this pair today. GBP/USD A fresh bearish cross on the daily Stochastic (slow) seems to suggest that a downward corrective move is imminent. An impending bearish cross on the daily MACD adds weight to this assessment. Going short with tight stops appears preferable. USD/JPY There appear to be a series of bullish crosses on the daily MACD, highlighting an increase in buy pressure on this pair. A fresh bullish cross on the weekly Stochastic (slow) supports this notion. Today's preferred strategy may see this pair turning a corner with a recommendation for going long. USD/CHF This pair appears to be testing a significant support level at 0.9650. With the price in the over-sold region of the weekly RSI, and a fresh bullish cross on the daily Stochastic (slow), indicators appear to suggest that a breach of this support line will likely not occur today. Going long on the bounce may be a smart tactic today. Gold Gold prices shot up to record highs recently, peaking over $1,410 an ounce. However, this unnaturally sharp spike has pushed most technical indicators into a corrective posture. The price is over-bought on the daily and weekly RSI, while there appear to be fresh bearish crosses on the daily and weekly Stochastic (slow) and MACD. Forex traders have a chance to capture this downward correction at its peak, granting the unique opportunity to make healthy profits with short intraday trades. |
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