Forex Daily review- 31.07.2012

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Tracking the EUR/USD pair
Date: 30.07.2012 Time: 16:16 Rate: 1.2242
Daily chart
Last Review
On the one hand, the price did not break the 1.2067 price level, on the other hand- it is unable to breach the 1.2122 price level and base above it. Breaking of the 1.2067 price level will probably continue the downtrend towards the 1.1877 price level, this is a level which was given in the weekly chart review and is used as the “Head and shoulders” pattern target. On the other hand, breaching of the 1.2122 price level and its establishment above it will probably lead the price to a ranging period between this level and the 1.2290 price level.
Current review for today
The price did reach the “One in, one out” pattern target (red broken lines), while at the same time a “Wolfe waves” pattern was created (brown background) and during the last 3 trading days (3 last candles) the price has reached the pattern target on the crossing of the price with the line connecting between points 1 and 4. In addition, the price has corrected the last downtrend which started at the 1.2692 price level by 50%. Breaking of the 1.2050 price level will indicate that the price will continue its way downwards to the 1.1877. On the other hand, continuation of the uptrend should lead the price to the upper Bollinger band.
You can see the chart below:
4 Hour chart
Date: 30.07.2012 Time: 16:35  Rate: 1.2241
Last Review
The price has checked the ability of the 1.2167 price level to be a resistance level for two times and now it is back at the middle of the range between this level and the 1.2067 price level which is currently used as a support level. Breaking of the 1.2067 price level will probably indicate the continuation of the downtrend towards the daily chart target around the 1.1900 price level. On the other hand, breaching of the 1.2167 price level will probably lead the price to check the next resistance on the 1.2250 price level.
Current review for today
The price has corrected 50% of the downtrend (red broken line) to the 1.2367 price level, it stopped on this level and at the moment the price is correcting the last move upwards. Closure of the current candle under the 1.2257 price level, which is a 38.2% Fibonacci correction of the mentioned move upwards, will indicate that the price will continue towards the 50% correction level on the 1.2216 price, while breaking it will probably lead the price towards the 1.2175 price level, 61.8% correction. On the other hand, breaching of the 1.2367 price level will continue the uptrend, while its first target will be the 1.2444 price level, this is a 61.8% Fibonacci correction level of the downtrend marked in red broken line.
You can see the chart below:
GBP/USD
Date: 30.07.2012 Time: 16:47  Rate: 1.5695
4 Hour chart
Last Review
The price has broken the 1.5485 support level and currently stopped at the 1.5460 support level. Breaking of this level will probably lead the price towards the last low on the 1.5400 price level. On the other hand, stoppage of the price at the current area will indicate that it is possible to see a correction in size of between a third and two thirds of the downtrend started on the 1.5740 price level.
Current review for today
It is possible to see that the price is ranging for a long period between the 1.5400 and the 1.5777 price levels. The price has reached the upper ranging level and it is possible to see a correction of the last move upwards in size of between a third and two thirds, meaning between the 1.5650 and the 1.5577 price levels. On the other hand, breaching the 1.5777 price level will lead the price to a continuation of the uptrend.
You can see the chart below:
AUD/USD
Date: 30.07.2012 Time: 16:55 Rate: 1.0489
4 Hour chart
Last Review
The price has continued its way downwards to the 1.0202 price level as it was written on yesterday’s review, while its stoppage at this area led the price to an ascending move and 50% technical correction of the last descending move (red broken line). Another breaking of the 1.0202 price level will indicate that it is possible to see the price reaching the last low on the 1.0100 price level again. On the other hand, breaching of the 1.0326 resistance level in a proven way will indicate that the price will probably check the last peak on the 1.0444 price level again.
Current review for today
The price has breached the last peak on the 1.04414 price level and we can clearly see how it is moving in the ascending price channel. The price has stopped two times on the upper lip of the tunnel, it is possible to assume that the current area is used as a resistance, only proven breaking of the upper lip will continue the uptrend. Stoppage of the price at the current area will probably lead the price to a correction of the uptrend which started at the 1.0200 price level in size of between a third and two thirds by Fibonacci.
You can see the chart below:
Important announcements for today:
13.30 (GMT+1) CAD – GDP (Monthly)
15.00 (GMT+1) USD – CB Consumer Confidence