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Taking Profits on EURUSD and GBPUSD, Eyes on AUDUSD. Sterling, Euro, Yen and Aussie Technical Forecast for Today, Friday, 16 August 2013

Sterling – GBP/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 1.5404 | S2: 1.5457 | S1: 1.5548 | PP: 1.5601 | R1: 1.5692 | R2: 1.5745 | R3: 1.5836

gbpusddaily

Yesterday and as expected the Sterling was massively bullish crushed the 1.5500 level and went to test the 1.5700 level, our target. We are currently trading GBPUSD, and very close to our target. We advise you to take profits and move stop to entry. For the time being we think it is still bullish and breaking highs will just confirm what we are saying. As far as selling is concerned, we are definitely not interested for the time being.

Euro – EUR/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 1.3093 | S2: 1.3149 | S1: 1.3250 | PP: 1.3307 | R1: 1.3407 | R2: 1.3464 | R3: 1.3565

eurusddaily

Yesteray the Euro was massively bullish forming a wide range body candle with a big lower tail indicating that bulls are in full control. We are currently trading EURUSD and in profit area. We advise you to take profits and move stop to entry point. We are still bullish on Euro and think it might go higher. For the time being we can’t think “sell” after yesterday’s candle.

Japanese Yen – USD/JPY
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 97.1317 | S2: 97.1983 | S1: 97.2817 | PP: 97.3483 | R1: 97.4317 | R2: 97.4983 | R3: 97.5817

usdjpydaily

Yesterday the Japanese Yen tried to make new highs but found enough resistance to push it back down forming a bearish candle with a clear upper tail indicating that bears are in full control. Obviously USDJPY might go down a bit more before reversing once again. With that being said, for today we prefer to sit aside and monitor this pair closely as we don’t favor sell position on USDJPY due to Bank of Japan’s policy towards the Yen.

Aussie – AUD/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 0.8933 | S2: 0.8996 | S1: 0.9064 | PP: 0.9127 | R1: 0.9195 | R2: 0.9258 | R3: 0.9327

audusddaily

Yesterday the Aussie moved sideways almost all day ending the session with a narrow range red body and two significant tails showing that we had a big battle between the bulls and the bears. We did say yesterday that we have mixed signals on AUDUSD. However, for those who might want to get in today we think we have a short term buy signal above the high of yesterday and towards the 0.9300 level. With that being said, we advise you to tighten your stop loss level. On the other hand and as far as selling is concerned, breaking yesterday’s low is a sell signal towards the 0.8900 level.

About Ziad Melhem

Ziad Melhem
Ziad Melhem is the Admin of Forex.com.lb with more than 10 years of experience in the local and regional "financial wheel". With vast experience in equities, capital markets, foreign exchange, derivatives, technical analysis, and financial services, he is one of the pioneers in online trading when this financial product was first introduced to Lebanon around 2000-2001. Ziad is currently the CMO of Amana Capital Group (www.amanacapital.com).

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