US Dollar Classic Technical Report 07.19.2012

19 July 2012 12:42 GMT Prices took out support at the bottom of what appears to be a Flag formation set from the June 20 low, hinting at downward continuation from here. Sellers are now testing through interim support at 10070, with a break of that exposing the 10010-32 area marked by the early April top and the 61.8% retracement. If fully realized, the Flag setup implies a measured target at 9935. The formation’s lower boundary, now at 10089, has been recast as near-term resistance.
Dow Jones FXCM US Dollar Index - Daily Chart - Created Using FXCM Marketscope 2.0

USDCAD classic technical report 07.19.2012

Prices are approaching support on a falling trend line that has the other side since the beginning of June a barrier reinforced relating to 1.0047-50, characterised by a former resistance and the 61.8% Fibonacci retracement denied. A lower break exposes the 0.9953 76 region first. Short-term resistance lines in the 1.0115-23 with a break of the targeting trend right resistance now at 1.0197.


Chart - with FXCM MarketScope 2.0 created 8 hr