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    GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 28, 2012

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    Overview:

    Recently, EUR/NZD is moving downwards. The price tested the level of 1.6355 in an average volume. In the daily time frame, we can observe a bearish bar in a volume above the average. The short-term trend is downward but the mid-term trend is still upward. The price has broke our strong trading range between the level of 1.6615 (resistance) and 1.6420 (support). Anyway, the breakout isn't strong since the price action is weak. Selling still looks risky due to a weak breakout.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6560

    R2: 1.6610

    R3: 1.6690

    Support levels:

    S1: 1.6410

    S2: 1.6365

    S3: 1.6290

    Trading recommendations: Selling EUR/NZD looks risky. We can observe a weak breakout of our trading range.


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