Forex Daily review brought to you by REAL FOREX | www.Real-forex.com
Tracking the EUR/USD pair
Date: 25.07.2012 Time: 16:21 Rate: 1.2120
Daily chart
Last Review
As it was written in yesterday’s review, breaking of the 1.2067 price level will probably continue the downtrend towards the 1.1877 price level, this is a level which was given in the weekly chart review and is used as the “Head and shoulders” pattern target. On the other hand, breaching of the 1.2122 price level and its establishment above it will probably lead the price to a ranging period between this level and the 1.2290 price level.
Current review for today
On the one hand, the price did not break the 1.2067 price level, on the other hand- it is unable to breach the 1.2122 price level and base above it. Breaking of the 1.2067 price level will probably continue the downtrend towards the 1.1877 price level, this is a level which was given in the weekly chart review and is used as the “Head and shoulders” pattern target. On the other hand, breaching of the 1.2122 price level and its establishment above it will probably lead the price to a ranging period between this level and the 1.2290 price level.
You can see the chart below:
4 Hour chart
Date: 25.07.2012 Time: 16:27 Rate: 1.2118
Last Review
The price is still holding at the last low at the 1.2067 price level while its breaking will probably continue the downtrend towards the daily chart review around the 1.1900 price level. On the other hand, breaching of the 1.2167 price level will probably lead the price to the next resistance on the 1.2250 price level.
Current review for today
The price has checked the ability of the 1.2167 price level to be a resistance level for two times and now it is back at the middle of the range between this level and the 1.2067 price level which is currently used as a support level. Breaking of the 1.2067 price level will probably indicate the continuation of the downtrend towards the daily chart target around the 1.1900 price level. On the other hand, breaching of the 1.2167 price level will probably lead the price to check the next resistance on the 1.2250 price level.
You can see the chart below:
GBP/USD
Date: 25.07.2012 Time: 16:32 Rate: 1.5471
4 Hour chart
Last Review
The price is still checking the 1.5517 price level while it moves from both sides and it is used as a balance point. Breaking of the 1.5485 price level will sign the continuation of the downtrend towards the 1.5400 price level. On the other hand, stoppage of the price at the current area will probably lead to a technical correction in size of between a third and two thirds of the downtrend which started from the 1.5740 price level.
Current review for today
The price has broken the 1.5486 support level and currently stopped at the 1.5460 support level. Breaking of this level will probably lead the price towards the last low on the 1.5400 price level. On the other hand, stoppage of the price at the current area will indicate that it is possible to see a correction in size of between a third and two thirds of the downtrend started on the 1.5740 price level.
You can see the chart below:
AUD/USD
Date: 25.07.2012 Time: 17:02 Rate: 1.0276
4 Hour chart
Last Review
The price has corrected the last downtrend (red broken line) and from this point it is possible that we will see a breaking of the 1.0251 price level which will probably lead the price at first stage to the 1.0232 price level which is a 61.8% Fibonacci correction level of the uptrend marked in blue broken line, breaking this level will probably lead the price to the closest support on the 1.0202 price level. On the other hand, only breaching of the 1.0326 resistance level in a proven way might lead the price to check the last peak on the 1.0444 price level.
Current review for today
The price has continued its way downwards to the 1.0202 price level as it was written on yesterday’s review, while its stoppage at this area led the price to an ascending move and 50% technical correction of the last descending move (red broken line). Another breaking of the 1.0202 price level will indicate that it is possible to see the price reaching the last low on the 1.0100 price level again. On the other hand, breaching of the 1.0326 resistance level in a proven way will indicate that the price will probably check the last peak on the 1.0444 price level again.
You can see the chart below:
Important announcements for today:
10.30 (GMT+1) EUR – ECB President Draghi Speaks
13.30 (GMT+1) USD – Core Durable Goods Orders (Monthly)
13.30 (GMT+1) USD – Unemployment Claims
15.00 (GMT+1) USD – Pending Home sales
