Daily Market Analysis by Real-Forex
Tracking the EUR/USD pair
Date: 03.07.2012 Time: 18:36 Rate: 1.2622
Daily chart
Last Review
The price has stopped at the 1.2436 price level and created a large green candle in the weekend. Breaching the 1.2750 price level will indicate that an uptrend is building up while this level is the neckline of the “Double bottom” pattern which has a target around the 1.3090 price level. On the other hand, if the price will not break the 1.2750 price level and will move downwards under the 1.2436 price level will indicate that the price will descend at first stage to the last low on the 1.2290 price level.
Current review for today
The price has descend to check the Bollinger moving average which is suppose to use as a dynamic support, in case it will actually become a support- the price should breach the 1.2750 price level since this level is the neckline level of the “Double bottom” pattern and its target is around the 1.3090 price level. on the other hand, if the price will not break the 1.2750 price level and go back under the 1.2436 level, it is possible to assume that in first stage the price will check the last low on the 1.2290 price level.
You can see the chart below:
4 Hour chart
Date: 03.07.2012 Time: 18:07 Rate: 1.22621
Last Review
The price has stopped at the 1.2440 support level, jumped to the 1.2690 price level and stopped at this level while correcting the last move upwards by exactly 38.2%. Stoppage of the price at the current area and its breaking of the 1.2690 price level will probably continue the uptrend while its first target is the last peak on the 1.2750 price level. On the other hand, breaking of the 1.2580 price level will probably continue the correction with targets at the 1.2550 and the 1.2516 price levels.
Current review for today
It looks like the price has stopped at the 38.2% Fibonacci correction level of the last uptrend (blue broken line) and it is possible to assume that its first target from this point is the 1.2690, while breaking this level will lead the price towards the last peak on the 1.2750 price level. on the other hand, proven breaking of the 1.2580 price level will probably continue the correction towards the 1.2550 and the 1.2516 price levels.
You can see the chart below:
GBP/USD
Date: 03.07.2012 Time: 17:10 Rate: 1.5690
4 Hour chart
Last Review
The price went back to the 1.5540 support level and went back to check the trend line which connects the lows (points 2 and 4). Breaching of the 1.5716 price level will indicate that it is possible that the price will check again the last peak on the 1.5777 price level. On the other hand, breaking of the 1.5660 price level will indicate that the price is headed towards the closest support on the 1.5613 price level.
Current review for today
The price is clearly supported by the dynamic support in the shape of the Bollinger’s moving average which sharply goes upwards and brings power to the ascending move. Breaching the 1.5716 price level will probably lead the price to check again the last peak on the 1.5777 price level. on the other hand, breaking the 1.5660 price level will probably lead the price towards the closest support level at first stage.
You can see the chart below:
AUD/USD
Date: 03.07.2012 Time: 17:22 Rate: 1.0282
4 Hour chart
Last Review
The price did break the 1.0075 price level and reached the target of the last review on the 1.224 price level and even passed it. At this point the price is checking whether the resistance level can be used as a support, while breaching of the 1.0278 price level will continue the current uptrend. On the other hand, breaking of the 1.0224 price level will indicate that it is possible that we will see a correcting move towards the 1.0171 price level at first stage, this is a 38.2% Fibonacci correction level of the move upwards )blue broken line).
Current review for today
The price breached the 1.0278 price level and currently going back to check whether this level can switch its role from a resistance to a support. In case it will, the first target will be the 1.0326 price level. On the other hand, breaking of the 1.0224 price level will probably lead the price to a correction towards the 1.0170 price level at first stage, this is a 38.2% Fibonacci correction level of the last move upwards (blue broken line)
You can see the chart below:
Important announcements for today:
09.30 (GMT+1) GBP – Services PMI
Daily Market Analysis by Real-Forex
