Instafxng weekly analysis 13th - 17th August

FOREX WEEKLY TECHNICAL ANALYSIS

13th –17th

AUGUST 2012

Forex Weekly Technical Analysis

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REVIEW OF LAST WEEK MARKET ON THE MAJOR PAIRS


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The Eur/Usd and Usd/Jpy opened high and closed low While Usd/Chf and Gbp/Usd opened low and closed high last week.


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THIS WEEK


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EURUSD

The 1.3000 level line is a very important line in case we should experience massive rally during the week. In addition to being a round number, it also served as strong support. 1.2900 is also notable on the upside, followed by 1.2814.


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1.2750 capped the pair after the Greek elections and also had a similar role in the past. It is now of higher importance. 1.2670 was a double bottom during January and was the high line of the recovery before the Greek elections in June. It also capped the pair at the beginning of July 2012.


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1.2623 is the previous 2012 low and remains important despite recent battles over this line. Below, 1.2587 is a clear bottom on the weekly charts but is only a minor line now.

1.2520 had an important role in holding the pair during June, in more than one case, but it’s much weaker now.

1.2440 provided support for the pair at the same time. and worked as double bottom.

Weekly Signals: Sell @1.2575 and Buy @1.2154


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GBP/USD

We will begin with resistance at 1.6130, which is yet to be tested again after April. The next resistance is at 1.6060. Below, is the line of 1.5972, this is followed by resistance at 1.5930. The next resistance line is just above the 1.5890 line. This line was last breached in late May, as the pound went on a sharp slide. Close by, there is resistance at 1.5750


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Next is 1.5648 which has been alternating between support and resistance roles. Currently, it is providing the pair with weak support. Look for this line to be tested if the pound weakens.

This is followed by support at the round figure of 1.5600. Next, there is support at 1.5521, which held firm as the pair dropped at the start of last week.

Below, the pair is receiving support at 1.5415, which was last tested in mid-July. we will be expecting the next support level at 1.5229.

Weekly Signals: Sell @1.5787 and Buy @1.5500


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USDJPY

This week we will Sell 80.71 and buy @77.52


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USDCHF

Sell @0.9777 and buy @0.9618


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Thank you for your time

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Instafxng weekly analysis 13th - 17th August

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Transcript of Instafxng weekly analysis 13th - 17th August