Daily Market Analysis by Real-Forex
EUR/USD
Date: 09.07.2012 Time: 19:18 Rate: 1.2311
Daily chart
The price in its breaking of the 1.2346 price level, has reached the last low at the 1.2290 price level and at this point we can see a stoppage of the price. Breaking the low of the last candle will probably lead the price towards the 1.2170 area (more about it in the 4 hour chart review). On the other hand, stoppage of the price at the current area will indicate that it is possible to see a technical correction in size of between a third and two thirds of the downtrends which started at the 1.2670 price level.
4 Hour chart
Date: 09.07.2012 Time: 19:31 Rate: 1.2310
Last Review
The price has corrected the mentioned move upwards (blue broken line) by two thirds (61.8%) by Fibonacci retracement. Breaking of this level will indicate that the price will reach at first stage the closest support at the 1.2440 price level, while its breaking will probably lead the price towards the last low at the 1.2290 price level. On the other hand, stoppage of the price at the current level and breaching the 1.2690 price level will indicate that the price is headed towards the last peak on the 1.2750 price level.
Current review for today
As it was written on the last review, the price did reach the 1.2290 support level and it looks like it stopped in this area. Breaking of the 1.2256 price level will probably lead the price to the line connecting points 1 and 4, which is the “Wolfe waves” pattern target, around the 1.2170 price level. On the other hand, continuation of the uptrend from this area will probably lead the price to a Fibonacci correction in size of between a third and two thirds of the downtrend marked in red broken line, meaning between the 1.2400 and the 1.2485 price levels.
You can see the chart below:
GBP/USD
Date: 09.07.2012 Time: 21:24 Rate: 1.5531
4 Hour chart
Last Review
The price has breached the 1.5650 support level and reached the 1.5576 price level, this is a 61.8% Fibonacci correction level of the last ascending move (blue broken line). Breaking of this level will probably lead the price towards the “Wolfe waves” pattern target on the crossing of the price with the line connecting between points 1 and 4, around the 1.5400 price level, while this will be used as a support level. On the other hand, stoppage of the price at the current area and breaching the 1.5716 price level will confirm that the current correction is over and its target will be the last peak on the 1.5777 price level.
Current review for today
The price has stopped on the 1.5460 price level after the downtrend which started at the 1.5716 price level. Breaking of the 1.5460 level will indicate that we will see the price continues towards the “Wolfe waves” pattern target, meaning the line connecting points 1 and 4. On the other hand, if the price will continue the small ascending move which started now, we will probably see a Fibonacci correction in size of between a third and two thirds of the downtrend marked in red broken line, and its first target is the 1.5560 price level.
You can see the chart below:
AUD/USD
Date: 09.07.2012 Time: 21:59 Rate: 1.0206
4 Hour chart
Last Review
The price has reached the 1.0326 target (minus 6 pips) and went back to the 1.0278 support level. its descend under this level and under the Bollinger’s moving average will indicate that it will perform a correction in size of between a third and two thirds of the last ascending move (blue broken line), meaning between the 1.0195 and the 1.0119 price levels. On the other hand, breaking of the 1.0326 price level will lead the price towards the next resistance on the 1.0474 price level.
Current review for today
The price has corrected exactly 50% of the uptrend marked in blue broken line. Breaching the 1.0326 price level will probably continue the uptrend towards the next resistance on the 1.0474 price level. On the other, stoppage of the price and its way back under the 1.0163 price level will lead it to the 1.0123 price level at first stage, this is a 61.8% Fibonacci correction level of the mentioned uptrend.
USD/CHF
Date: 10.07.2012 Time: 22:08 Rate: 0.9749
4 Hour chart
Last Review
The price has breached the 0.9564 price level and reached the 0.9594 resistance level. Breaking of this level will probably lead the price north towards the next resistance on the 0.9653 price level. On the other hand, stoppage in the current area and its descend under the 0.9513 price level will indicate that the price is headed towards the next support on the 0.9463 price level.
Current review for today
The price has reached the double bottom pattern target on the 0.9700price level (blue broken lines) and reached very closely to the “Wolfe waves” pattern target (crossing of the price with the line connecting points 1 and 4). It is possible to assume that in case the price will continue the downtrend, it will perform a correction in size of between a third and two thirds of the last uptrend which started at the 0.9513 price level. if the price will get back up, it is possible to assume that its first target will be the “Wolfe waves” pattern target.
You can see the chart below:
USD/JPY
Date: 04.07.2012 Time: 16:57 Rate: 79.80
4 Hour chart
Last Review
The price is trying to get support above the 79.80 price level, while breaching of the 80.15 price level will lead the price at first stage towards the last peak on the 80.60 price level. On the other hand, descend of the price under the 78.80 price level will indicate that the price will probably descend to check the last low on the 77.66 price level.
Current review for today
The price still does not have a target, it is ranging between the 80.15 and the 79.00 price levels. Breaching of the 80.60 price level will indicate that the price will continue its move north towards the 81.70 price level at first stage, this is a 61.8% Fibonacci correction level of the downtrend marked in red broken line. On the other hand, descend of the price under the 78.80 price level will indicate that the price will check the last low at the 77.66 price level.
You can see the chart below:
Daily Market Analysis by Real-Forex
Real-Forex offers institutional-level FX trading conditions, for private and corporate investors. We strive to provide our clients with superior technology and exemplary customer service through our live 24/5 online support and with one of the most advanced yet easy-to-use ECN platform on the market: the Real Stream FX platform.
