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Technical Archives |
Written by Kshitij Consultancy Services |
Dec 31 09 11:59 GMT |
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The Cable has risen during the day towards 1.62 mentioned in the morning. It is likely to move come down a little having risen from a level of 1.5833 over the last two days. We believe we might have to allow for 1.63 before the pair comes down. As mentioned in the morning that the surge has been accompanied with thin volumes and hence the bearish view is not completely negated. On the downside, the target would still be the 55-week MA which is at 1.5639 today. Once there the chances of a double top on the weekly will have to be assessed. For today, the Projected Max High and Low for the day is at 1.6231 and 1.5970 respectively. |
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Technical Archives |
Written by FXTechstrategy |
Dec 31 09 11:10 GMT |
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The pair was seen heading higher in early trading today following a flat close on Wednesday but the immediate challenge is for it to break and hold above its Aug 05’09 high at 1.4446. Doing so will resume its corrective recovery initiated from the 1.4216 level towards the 1.4479 level, Dec 02’09 with a break setting the stage for a move higher towards the 1.4625 level, its Nov 03’09 low and then the 1.4799 level, its Nov 20’09 high. We envisage the 1.4479 or even the 1.4625 level to reverse roles and provide resistance. |
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Technical Archives |
Written by FXTechstrategy |
Dec 31 09 11:09 GMT |
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Having rejected lower level prices on Wednesday to close higher at 1.6071, GBP was seen following through to the upside today suggesting further upmove towards its Dec 09’09 low at 1.6165. If a break and close above there materializes, further recovery strength should follow towards the 1.6248 level, its Dec 18’09 high ahead of the 1.6409 level, its Dec 16’09 high. We envisage the 1.6248 level should cap recovery if seen. Its daily stochastics is bullish and pointing higher suggesting further strength. |
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Technical Archives |
Written by ecPulse.com |
Dec 31 09 07:08 GMT |
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The EUR/JPY pair is still trapped between 132.00 and the key resistance level of 132.50, but the negative crossover on Stochastic shows that the bigger daily picture is still bearish as we believe that the pair is gathering the momentum it needs to move downwards, based on our suggested CD leg for the AB=CD pattern, which might continue to move the downside over intraday and short term basis. |
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Technical Archives |
Written by ecPulse.com |
Dec 31 09 07:07 GMT |
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The pair is trading perfectly within the suggested scenario yesterday and is currently retesting the pivotal breached resistance at 1.0510 which turned into support. We might witness some volatility around the new support level in an attempt to gain upside momentum to support the bullish expectations for further upside moves over intraday basis which targets initially 1.0650; the upside move requires the stability of 1.0445. |
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Technical Archives |
Written by India Forex |
Dec 31 09 05:08 GMT |
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GbpUsd is currently trading at 1.6060 levels. Yesterday it made a bottom of 1.5830 level and closed at 1.6050 levels. Upside correction is expected near 1.6150 - 1.6200 levels (200 days Daily EMA and 38.2% retracement) where shorts can be initiated for the target of 150 -200 pips keeping stoploss above 1.6250 level. Immediate support comes around 1.5980 levels . Short term bias still remains bearish till 1.5700 levels until 1.6220 level is held.(GBPUSD 1.6060) Bearish. |
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Technical Archives |
Written by Finotec Group |
Dec 31 09 04:12 GMT |
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EUR/USD-market strategy can be a buy from the level 1.4353$. Technical oscillators supporting the bullish trend for the currency pair. To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines in a bullish direction and crossing below the zero line. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in a bullish direction. Also, MA oscillators indicate a bullish cross on the short MA line. |
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Technical Archives |
Written by FX Instructor |
Dec 31 09 03:55 GMT |
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The GBPUSD had a significant bullish momentum yesterday. Price attempted to push lower, bottomed at 1.5832 but surprisingly whipsawed to the upside, topped at 1.6092 and closed at 1.6076. On h4 chart below we can see that price is now testing the upper line of the bearish channel which is a serious threat to the bearish outlook. However, as long as the bearish channel valid, the bearish scenario should remains intact and actually the upper line of the bearish channel area is a good place for a short position with a tight stop loss above the bearish channel. A good technical set up and risk-reward ratio. A violation to the bearish channel should be seen as bearish failure and could trigger further bullish scenario towards 1.6250 area. Immediate support at 1.6020 area. Break below that area should trigger further bearish momentum towards 1.5920 area and keep the bearish scenario intact. |
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Technical Archives |
Written by HY Markets |
Dec 31 09 03:50 GMT |
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EUR/USD closed lower on Wednesday as it consolidated some of the rebound off last week's low. A short covering rally tempered early session losses and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If its renews this month's decline, the 38% retracement level of the 2008-2009-rally crossing is the next downside target. |
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Technical Archives |
Written by Kshitij Consultancy Services |
Dec 31 09 03:32 GMT |
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Last day of the year and the decade. Diwali, Id and X'mas have been much more enjoyable this year than they were in terrible 2008. Disaster has been averted, so to say, and in fact 2009 has been a stellar year for a few smart risk-takers. At the same time, there is a realisation that the next year and decade will bring a different world. |
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Technical Archives |
Written by TheLFB-Forex.com |
Dec 30 09 17:25 GMT |
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2009 was a golden year with bullion making a $340 upwards move (+35%) from January 3rd to the December 1226 highs. In the same time the Usd was the one of weakest currencies in global trade. However, since the 3th of December, and since the last U.S. Non-farm Payroll release, gold has already declined by more than $150 (-12%) in just three weeks, as shown on the chart below. |
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Technical Archives |
Written by FastBrokers |
Dec 30 09 15:11 GMT |
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The Dollar is continuing its strong performance against the Yen as investors speculate that Japan Airlines will need to file for bankruptcy. This piece of negative corporate news is fueling the Yen’s weakness as investors expect more tough times ahead for Japan’s economy. Furthermore, the Yen has already been placed at a disadvantage by the BoJ’s recent promise to fight deflation, indicating a loose monetary policy for the foreseeable future. |
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Technical Archives |
Written by FastBrokers |
Dec 30 09 15:10 GMT |
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The Cable was unable to hold onto its psychological 1.60 yesterday and proceeded to set new December lows as the Dollar strengthened across the board. We notice the USD/JPY trading higher and the EUR/USD moving south, indicating the Dollar’s positive momentum is back in play. Investors are likely indicating a preference for the Dollar since the Greenback’s uptrend has been positive throughout most of December, and with the data wire relative quiet for the holiday season investors seem to be reverting back to the Dollar’s more dominant momentum. Meanwhile, investors are waiting for America’s upcoming Chicago PMI release. |
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Technical Archives |
Written by FastBrokers |
Dec 30 09 15:09 GMT |
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The EUR/USD is trading lower today on light holiday volume as the Dollar strengthens across the board. Due to the relative lack of economic data and activity during a holiday-shortened week, it seems the Dollar is reverting to the positive momentum it has displayed throughout most of the month of December. However, the EU did release its M3 Money Supply number, which turned negative for the first time since the inception of the global recession. Hence, the ECB may be discouraged from tightening liquidity too soon since QE measures aren’t having their desired impact on the money supply. |
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Technical Archives |
Written by FXTechstrategy |
Dec 30 09 12:53 GMT |
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Even though the pair retains its broader declines activated from the 0.9404 level, it has now triggered corrective upside gains and presently looks to decisively break and hold above the 0.8943 level, its Nov 27’09 low. The pair was seen turning off that level on Tuesday though closing higher. This level must be invalidated to continue its recovery started at the 0.8733 level towards the 0.9175 level, its Dec 14’09 where a break will expose the 0.9321 level, its Dec 03’09 high and then its YTD high at 0.9404. |
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Technical Archives |
Written by TheLFB-Forex.com |
Dec 30 09 12:50 GMT |
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The pair traded almost perfectly into the 76.4% Fibonacci retracement zone (1.0360) where prices sharply reversed at 1.0365. From that low the market reacted very strongly with a move to the upside which suggests that a bullish reversal could be the case here. |
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Technical Archives |
Written by Kshitij Consultancy Services |
Dec 30 09 12:38 GMT |
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Cable has broken below the Support at 1.5881 metioned earlier and is keeping up the bearish sentiment intact. We may expect a further dip towards 1.5750-30 in the coming sessions if it continues to trade lower. The 55-Week MA (currently at 1.5633) is the next significant Support level seen on the downside which might be tested in the coming days. Any sharp upmove is not looking likely as the pair is very strong in its current downmove and we expect the Support-turned-Resistance at the 200-DMA (1.6058) to hold if any sharp rise breaking above the immediate Resistance at 1.5930 is seen. |
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Technical Archives |
Written by iFOREX.bg |
Dec 30 09 09:45 GMT |
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Dollar/Yen made another wobbly movement on Tuesday, forming divergence on the 3 hour chart. The currency couple continued climbing from 91.53 to 92.07, closing the day at 91.98. Quotes consolidated inside an ascending triangle on the daily chart, indicating that bullish pressure is pushing the Dollar up against the Yen, which may be accelerated further if price break above the 92.26 support and next target. In downward direction important support level is yesterday's bottom at 91.53. The longer prices remain above it, our preferable scenario will be ascending. The CCI indicator is neutral and leaning downwards, suggesting insignificant downward pressure. |
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Technical Archives |
Written by DeltaStock Inc. |
Dec 30 09 09:14 GMT |
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EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169. The recent reversal at 1.4459 marked the final of the last rise from 1.4216, so current bias is neutral in the 1.4216-4499 range. Initial support comes at 1.4276 and resistance is 1.4365. |
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Technical Archives |
Written by FXTechstrategy |
Dec 30 09 09:09 GMT |
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Our earlier higher corrective call was annulled at the end of Tuesday session as GBP failed at 1.6067 and tumbled sharply lower to close at 1.5901. With three days of tight consolidation range broken to the downside, risk has shifted back towards the 1.5706 level, its Oct 13’09 low where a breach will see a 100% price retracement (from 1.5706- 1.6875 levels) and open the door for additional downside towards the 1.5500 level, its psycho level and next its .50 Ret (1.3501-1.7041 rally) at 1.5273. |
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Technical Archives |
Written by iFOREX.bg |
Dec 30 09 08:21 GMT |
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Pound/Dollar showed a strong increasing momentum on Tuesday, reaching a peak at 1.6068, from where the Sterling collapsed down to the 1.5878 bottom, closing the day at 1.5902. On the 3 hour chart the Cable is still in a consolidation phase, indicating trading within triangular formation. Essentially movements are still indecisive, and the longer quotes remain below 1.6000, our preferably scenario would be downwards. Break above the nearest resistance and yesterday's top at 1.6068 may trigger further bullish impulse with possible test of the upper limit of the bearish channel at 1.6164, and can bring serious threat to the bearish perspectives. The nearest and strong support is 1.5878, and break bellow it might trigger stronger downward impetus with objectives towards 1.5785. The CCI indicator is neutral and leaning upwards on the 1 hour chart, so be careful for insignificant ascending pressure. |
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Technical Archives |
Written by Varengold Bank |
Dec 30 09 08:19 GMT |
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Except one time the GBP has been trading in a bearish trend-channel since November. After the currency pair fell below its first pivot support point last week the bulls tried to recover but failed yesterday at the pivot point and weakened subsequent to the first pivot support point of this week. The DMI may indicate decreasing bearish force, but if the pivot support will also break the GBP could fall to the lower trend-channel line. |
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Technical Archives |
Written by ecPulse.com |
Dec 30 09 07:24 GMT |
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The pair is still trading within the ascending channel, where its major support is at 0.8995 preceded by 20 MA at 0.9000. The stochastic provides the possibility for a downside correction, yet MACD is pointing to the upside and for that we expect the pair to head to the upside today over intraday basis. |
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Technical Archives |
Written by ecPulse.com |
Dec 30 09 07:23 GMT |
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The negative effect from momentum indicators caused the euro versus the dollar to move to the downside within the rising wedge pattern, shown in the image above, after the 23.6% Fibonacci correction held as strong resistance in front of attempts to ascend. The rising wedge pattern – which is naturally bearish – makes us expect a bearish direction for today heading towards 1.4215 as a first target. It is vital that 1.4470 remains intact for these expectations to prevail. |
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Technical Archives |
Written by HY Markets |
Dec 30 09 05:50 GMT |
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EUR/USD closed higher due to short covering on Monday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If its renews this month's decline, the 38% retracement level of the 2008- 2009-rally crossing is the next downside target. |
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Technical Archives |
Written by India Forex |
Dec 30 09 05:30 GMT |
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EurUsd is currently trading at 1.4310 levels. Upside correction is expected till 1.4365 levels from where shorts can be initiated. Immediate support comes in at 1.4250 levels. Bias still remains bearish and shorts close to 1.4365-1.4400 levels can be taken for target of 120 pips and lower. Break below 1.4250 levels should keep the bearish scenario intact testing 1.4120 - 1.4150 levels. (EURUSD - 1.4322) Bearish. |
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Technical Archives |
Written by iFOREX.bg |
Dec 30 09 05:13 GMT |
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On Tuesday Euro/Dollar continued its upward movement. The currency couple made a top at 1.4457, where the bullish pressure was limited, and started dropping down to 1.4339, closing the day at 1.4352. On the 3 hour chart the quotes are testing the upper line of the triangle. Dent out of the triangle may give potential signal for further increasing scenario in the medium term. However, the longer the Euro is traded within the triangle against the Dollar, the longer the signals will remain neutral. The CCI indicator is in the overbought zone and has crossed down the 100 line on the 1 hour chart, assuming potential exhaustion of the bulls and giving downward pressure with possible test of the short term support level and this morning's bottom 1.4306. Break below this level may lead to decreasing momentum back towards 1.4215. Immediate resistance is yesterday's top 1.4457. |
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Technical Archives |
Written by FX Instructor |
Dec 30 09 04:05 GMT |
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The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.5867 and closed at 1.5900. The fact that price is now moving consistently below 1.5920 support area should trigger further weakness for the Sterling targeting 1.5800 - 1.5750 area. Immediate resistance at 1.5920 (former support). Break above that area should lead us into no trading zone in nearest term but overall the sentiment should remains bearish for this pair and I am in short mode. Long position is not recommended at this phase. |
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Technical Archives |
Written by Kshitij Consultancy Services |
Dec 30 09 03:57 GMT |
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The Euro (1.4313) has fallen from yesterday's high of 1.4458. The significant Support at the 200-DMA (1.4220) might be tested today, if it continues to trade lower. Dollar-Yen (92.13) has broken above the Resistance at 91.90. With Support at 91.70 we may expect it to rise towards 92.50. The Euro-Yen (131.92) Cross has come off from yesterday's high of 132.60. Immediate Support is seen at 131.70. |
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Technical Archives |
Written by TheLFB-Forex.com |
Dec 29 09 17:24 GMT |
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Recent trade saw the market bounce powerfully from the 84.80 area where wave C) low of a larger short (Y), of a complex black wave 5 pattern, was completed. Traders should focus on long Usd-Jpy positions in the medium term since the long term bear market has been reversed. Currently, the market is threatening the trend line resistance shown above, which may send the pair lower from 92.00. |
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Technical Archives |
Written by FastBrokers |
Dec 29 09 14:56 GMT |
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The USD/JPY is consolidating with an upward bias despite pops in both the EUR/USD and GBP/USD. Hence, the USD/JPY seems to be trading on its own fundamentals rather than its correlation with the Dollar. That being said, the USD/JPY is likely deriving its strength from last week’s statement from the BoJ implying that the central bank plans on maintaining its loose monetary policy for the foreseeable future, or at least until there is a considerable recovery in prices. |
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Technical Archives |
Written by FastBrokers |
Dec 29 09 14:55 GMT |
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The Cable is trading back below its psychological 1.60 level today despite pops in both the EUR/USD and AUD/USD. It’s difficult to determine exactly what’s driving the Pound lower today, as exhibited by a strong upward movement in the EUR/GBP. There’s limited news and data flows around Western economies as the markets enter another holiday shortened week. Furthermore, there’s limited data from the UK until Thursday’s Nationwide HPI release. |
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Technical Archives |
Written by FastBrokers |
Dec 29 09 14:54 GMT |
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The EUR/USD is climbing on tepid volume despite light EU econ data as we enter another holiday-shortened week. Regardless, the EUR/USD is recording solid gains today and we notice a sizable pop in the AUD/USD as well. However, the Cable is declining, resulting in a strong upward movement in the EUR/GBP. It’s unclear exactly what is giving the Euro its relative strength over the Pound, yet topside participation in the AUD/USD indicates investors may be reacting to a negative development in the UK. That being said, investors will receive some key HPI and CB Consumer Confidence data from the U.S. Should U.S. data continue last week’s weak performance, then the EUR/USD may log further gains as the Dollar’s rally unwinds. Meanwhile, the EU will release Germany’s Prelim CPI today followed by tomorrow’s M3 Money Supply. However, reaction to these data points may be limited as investors enjoy the holidays. |
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Technical Archives |
Written by FXTechstrategy |
Dec 29 09 12:36 GMT |
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Although hesitation is now seen following the pair’s recovery strength through 90.77 level, as long as that level holds as support, outlook for further upside gains remains valid. Upside target comes in at the 92.31 level, its Oct 27’09 high initially with a turn above there aiming at the 93.85 level where its channel top is located. On the downside, support starts at its Dec 04’09 high at 90.77 where a reversal of roles may occur. |
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Technical Archives |
Written by Kshitij Consultancy Services |
Dec 29 09 11:13 GMT |
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Cable did spike above the 200-DMA and has been trading lower since then. The Resistance region of 1.6051-81 which contains the 200-DMA, 13-DMA and the Trendline formed by joining the highs of 3-Dec (1.6721) and 16-Dec (1.6409) is likely to provide stiff Resistance going forward for the rest of the week. On the downside, there's important Support in the region 1.5907-1.5881. The pair is likely to oscillate between the Support and Resistance zones mentioned above. For today, the Projected Max High and Low for the day is at 1.6172 and 1.5889 respectively. |
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Technical Archives |
Written by iFOREX.bg |
Dec 29 09 10:06 GMT |
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The formed hammer gave us a valid warning of upward continuation scenario. The currency couple had an increasing momentum on Monday to the 91.76 top and closed the day at 91.63. Signals are expected to remain upward with next targets towards 92.52, followed by 93.45. The RSI indicator, however, is the overbought zone and downwards on the 1 hour chart, therefore be careful for possible downward pressure with testing of the short term support 91.44. Break under this level may cause further bearish impetus towards next downward objective 90.20. Immediate resistance is today's top at 91.78. The CCI indicator is neutral and leaning downwards, suggesting insignificant downward pressure. |
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Technical Archives |
Written by Varengold Bank |
Dec 29 09 09:31 GMT |
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The USD extended its gains versus the JPY for the second day and traded near a two-month high at 91.78 on speculation that the Federal Reserve may reduce emergency stimulus measures as the U.S. economy recovers. Economists expect a U.S. report for today which may show that the consumer confidence rose this month. The U.S. retail sales climbed an estimated 3.6 percent this holiday season. Therefore the USD also strengthened against the EUR and traded during the Asia session around 1.4350. The JPY declined for the second day against most of its 16 major counterparts on concern the Bank of Japan will be the last major central bank which begins raising interest rates. “The BoJ may have to add more monetary ease or introduce more aggressive measures to arrest deflation”, a FX-Broker said in Tokyo. |
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Technical Archives |
Written by FXTechstrategy |
Dec 29 09 08:31 GMT |
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Though broadly biased to the downside following its weakness triggered off the 1.45143/39 level, its current corrective upside started off the 1.4216 level, its Dec 22’09 low looks to target higher prices. In such a case, its Aug 05’09 high at 1.4446 and the 1.4479 level, Dec 02’09 low will come in as next upside targets where we might see a cap thereby turning the pair lower again. If however those levels snap, further upside gains could develop towards the 1.4625 level, its Nov 03’09 low with a turn above there paving the way for more strength towards the 1.4799 level, its Nov 20’09 high or even higher. |
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Technical Archives |
Written by iFOREX.bg |
Dec 29 09 08:29 GMT |
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After a week of declining movements Pound/Dollar yesterday showed an increasing momentum and started climbing from the 1.5932 bottom, closing the day at 1.5999. On the 4 hour chart after the breaking out the top triangle formation, the Cable reached today a top at 1.6068. Signals are expected to remain rising for the time being, and if the nearest resistance at 1.6068 is penetrated, quotes may head further up with objectives towards 1.6164. Short term support is yesterday's bottom at 1.5932. Break below this level may cause further bearish movement towards 1.5825 and 1.5733. The CCI indicator has crossed up the 100 line the 1 hour chart, indicating significant ascending pressure. |
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Technical Archives |
Written by ecPulse.com |
Dec 29 09 07:32 GMT |
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The royal pair mildly moved downwards, respecting our yesterday's expected scenario, where we explained that the momentum indicators were in a definite need for relief. Presently, the positive crossover appearing on the provided four-hour chart, along with the solid support the pair found around the lower line of the bullish channel, is to push it to the upside on the intraday basis towards the technical objectives-seen on the chart- for our previous explained ideal bullish harmonic [BAT] pattern. |
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Technical Archives |
Written by ecPulse.com |
Dec 29 09 07:31 GMT |
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The euro versus dollar is still dominated by calm trades that maintain the suggested scenario in yesterday's report intact until now. (Click here for yesterday's reports). From here, we expect a bullish intraday direction building a base on 1.4355 in an attempt to achieve the bullish technical pattern previously shown, where initial technical targets reside around 1.4500. It is vital that 1.4295 remain intact to achieve the expected bullish trend. |
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Technical Archives |
Written by India Forex |
Dec 29 09 06:31 GMT |
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GBPUSD is currently trading at 1.6000 levels. Upside correction is expected till 1.6140 levels where shorts can be initiated for the target of 150 -200 pips keeping stoploss above 1.6220 level.Short term bias still remains bearish till 1.5750 levels untill 1.6200 level is held.(GBPUSD 1.6006) Bearish. |
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Technical Archives |
Written by HY Markets |
Dec 29 09 06:14 GMT |
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EUR/USD closed higher due to short covering on Monday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If its renews this month's decline, the 38% retracement level of the 2008- 2009-rally crossing is the next downside target. |
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Technical Archives |
Written by DeltaStock Inc. |
Dec 29 09 05:43 GMT |
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EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169. A bottom has been set at 1.4216 low, few pips above the 200-day SMA projection. Intraday expect a positive bias towards 1.4499 resistance with an initial support around 1.4350. |
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Technical Archives |
Written by iFOREX.bg |
Dec 29 09 05:38 GMT |
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Euro/Dollar failed to break the key resistance 1.4412 yesterday, and dropped back down to 1.4352. Traders may collect their earnings tomorrow by closing their positions before the long New Year weekend, therefore we might see further decline in the Euro on 30 and 31 December, despite the returning of the risk appetite to the market. Further drop to 1.4235 is possible. Break at this psychological level may trigger further bearish momentum towards 1.4115. Immediate resistance is the downward trend line that is passing at 1.4412. If this level is broken up, we can expect ascending continuation. Strengthening above 1.4412 will signal for the growth of the currency couple. The CCI indicator is positive on the 1 hour chart, suggesting upward pressure. |
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Technical Archives |
Written by FX Instructor |
Dec 29 09 03:36 GMT |
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The EURUSD didn't make significant movement yesterday, moved in only small range of 60 pips. On h4 chart below we can see that after the bearish scenario was interrupted by violation to the bearish channel, price seems to consolidating in a range area with 1.4420 area as a key resistance level and 1.4250 as key support level at this phase. The bias remains neutral and we need a valid break from the range area to see clearer direction. Break above 1.4420 should trigger further bullish momentum towards 1.4585 while break below 1.4250 should trigger further bearish momentum testing 1.4170 - 1.4127. We will have US consumer confidence data today which expected to be the market mover which can take us out from this ranging market and give clearer direction. A better than expected number should be good for the Dollar while a worse than expected number should weaken the Dollar. |
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Technical Archives |
Written by Kshitij Consultancy Services |
Dec 29 09 03:19 GMT |
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The Euro (1.4356) has risen up from last week's low near 1.4217 and may now be ranged between 1.42-45 for this week and the next. The Aussie (0.8865) has come up from last week's low near 0.8733 and is now trading right at the 21-week Moving Average. Dollar-Yen (91.75) is looking quite bullish with decent chances of moving up towards 92. The Pound (1.5998) has not recovered as much as the Euro or the Aussie, but could surprise on the upside this week. Dollar-Swiss (1.0365) has come down quite sharply from last week's highs near 1.05, but has good Support at 1.03 this week. |
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Technical Archives |
Written by FXTechstrategy |
Dec 28 09 13:28 GMT |
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Although the pair retains its broader declines activated from the 0.9404 level, it now faces corrective upside risk towards the 0.8904 level, its Nov 01’09 lows. This is coming on the back of a halt in price at the 0.8733 level the past week following its higher weekly close and a hammer formation. Further recovery beyond the 0.8904 level will clear the way for a run at the 0.8943 level where a cap is expected to turn the pair lower again. |
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Technical Archives |
Written by iFOREX.bg |
Dec 28 09 10:33 GMT |
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In December Dollar/Yen consolidated after the sharp drop the earlier month, and the risk of another downward wave remains high. Last week the currency couple consolidated, realizing the practical implementation of the technical targets of making double tops. On the weekly chart USD/JPY closed the week virtually unchanged, forming convergence, and ran out of steam, unable to close above 91.85. This carries a risk of a new wave of sales of the currency pair. On the daily chart a divergence is formed, which may signal for turning into downward direction. Strengthening under the 91.14 support will signal for potential reduction. Going back above 91.85 could provoke growth. The CCI indicator is neutral and leaning downwards, suggesting insignificant downward pressure. |
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