Integrity FX Technical Outlook 9/29/09
By Luke Coleman, Executive Director of Strategy & Analysis | Tuesday, September 29th, 2009 23:19 UTC
EURUSD
EURUSD is about to break the top of the descending wedge on the hourly chart around 1.4580. After the break, look for EURUSD to move up to the first resistance point of 1.4625. After a break of this level, watch for a move up to 1.4695, and then a break of this level after some consolidation. Look for a move up to weak resistance at 1.4745, and then a move up to 1.4815 for a completion of the trend.
AUDNZD
AUDNZD is near the breakpoint of the ascending wedge on the one hour chart. Look for AUDNZD to break around 1.2190, and then move to the first support at 1.2155. After some light consolidation, look for a move down to the second support at 1.2130. Look for a break of this level and then a move down to 1.2095. After some more consolidation,watch for a break and expect the trend to finish around 1.2055
USDCHF
The ascending channel on the hourly USDCHF chart is nearing completion. Expect the break to occur against the trend around 1.0365. After the break, look for USDCHF to move down to the first support zone at 1.0320. Look for a break to move down to the next support at 1.0275. Watch out for some consolidation at this point, and then look for a move down to 1.0250. After a break of this support, look for the trend to fiish around the support level at 1.0220.
September 29th, 2009
