|GBP/USD Intraday Technical Analysis|
|EUR/NZD - Elliott Wave Analysis for July 18, 2012|
At the moment the spot rate is testing the intermediate resistance of its medium term bearish channel at 1.2320 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 1.2420.
Technical indicators provide sell-signals and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2320 with the 1st objective at 1.2380 and then at 1.2420. A break through 1.2300 will invalidate this scenario.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Albert Fitoussi
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