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Weekly Forex Technicals |
Written by DailyFX |
May 09 08 02:30 GMT |
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The consensus is still out on whether the EURUSD is seeing the beginnings of a major reversal, but the Speculative Sentiment Index has now entered its third week with a net positive reading. On the other hand, while we hadn't even seen a net positive reading since the final quarter of 2006 until recently, the positioning report is still very mild. With a ratio of 1.10, only 52% of the retail traders polled are long. This compares to a 1.31 reading last week when 57% of traders were betting on a rise in the euro. Looking back to 2005, during the last significant EURUSD downswing, the sentiment gauge was frequently above 2.00. Looking at the indicator's statistics, retail traders have been more apt to follow the recent pull back in EURUSD. Long positions dropped 10% since yesterday though they were only 5.1% weaker than last Thursday. At the same time, short positions grew 11.3% from Wednesday and are 8.9% stronger on the week. Open interest has been relatively steady, falling 1.1% over the week and holding 2.6% above its monthly average. The SSI points to further EURUSD downside; but until a trend is established, the reading will likely remain weak. |
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Weekly Forex Technicals |
Written by DailyFX |
May 08 08 07:55 GMT |
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The Pound has been gradually declining against the US dollar along a well-defined downward-sloping channel since mid-March. The latest price action sees the pair at the bottom of this channel, with the coming days sure to bring volatility as the Bank of England readies an interest rate announcement. The decision will be closely watched as policy makers are torn between offering monetary stimulus to contain fallout from the floundering UK housing market and battling commodities-fueled inflationary pressure. Shorts face near-certain volatility coupled with positioning at a major technical support level. This could well bring an up-swing to the channel top before further downside resumes. |
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Weekly Forex Technicals |
Written by DailyFX |
May 07 08 18:10 GMT |
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We have focused on the EURJPY in recent special reports because the reward to risk on this trade is extremely favorable. A large C wave is underway from 164.97. A first wave down is complete at 160.59 and the short term pattern strongly suggests that wave ii is complete at 163.09. If our assessment of the short term picture is correct, then the EURJPY should drop quickly from near current levels. |
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Weekly Forex Technicals |
Written by Lloyds TSB |
May 07 08 12:15 GMT |
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The cat is out of the bag as far as the bullish dollar and sterling strategy is concerned against the yen, swiss franc and euro. With the markets in consolidation mode and unwilling to chase the dollar higher short term, a retracement/consolidation phase could be in order. It is even tempting to completely reverse the dollar bull strategy at this juncture purely on the rebound in commodities, but although gold has rebounded from the key $850 level, it remains off the recent resistance high of $950 and can comfortably bounce towards $900 and still be in a corrective phase. The pressure for US bond yields continues to the upside, although this is not the revelation it was a few weeks ago and similarly the direction for equities continues on an upward bearing, both positive underpinnings for the dollar. |
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Weekly Forex Technicals |
Written by DailyFX |
May 07 08 03:04 GMT |
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A breakdown in a major bullish trend suggested the Swiss Franc / Japanese Yen pairing was due for a period of consolidation. This has started to occur, and the mild calendar for the rest of the week offers a good argument for more of the same. |
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Weekly Forex Technicals |
Written by DailyFX |
May 06 08 07:34 GMT |
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Last week, we expected EURUSD to retrace to near 1.58 before continuing lower towards 1.5340. The bullish pull-up did not materialize as the pair collapsed to stabilize above 1.5415, the 38.2% Fibonacci retracement of the 02/07-04/22 rally. This appears to be a near-term bottom, with a relief rally taking the pair to test the 23.6% Fib at 1.5645. Our bias has been established as bearish following the upward-sloping trend break after the pair tested 1.60. We will look to short EURUSD below 1.5645 aiming to participate in a continuation of the downtrend to the 50% Fib at 1.5229. |
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Weekly Forex Technicals |
Written by DailyFX |
May 05 08 19:55 GMT |
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GBP positioning is similar to Euro positioning. The 52 and 13 week indexes are both at 0. Both indexes indicate a bearish extreme but extremes can last for weeks (in fact, GBP positioning has indicated a bearish extreme off and on since mid December). Still, risk has shifted to the upside. |
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Weekly Forex Technicals |
Written by WFXAdvisor |
May 05 08 13:53 GMT |
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Rising wedge break last week confirm the consolidation we've awaited. Expected trading range for coming days extends from 1.5310 to 1.5560. To the upside, immediate resistance at 1.55 has to be outperformed in order to test 23.6% fib. retracement of rise from 1.4450 to 1.59 at 1.5560 (1st objective). Above here, broken trendline at 1.5640 (2nd objective) is now resistance and only a daily close above this level will argue in favor of uptrend continuation. To the downside, while price is below 1.5560,bias remain neutral to negative. 1.5350 (1st objective) is the main support to come. A break below means MT top is in place, and further downside move towards 1.5175 (2nd objective) may be seen during next days/weeks. |
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Weekly Forex Technicals |
Written by DailyFX |
May 05 08 13:41 GMT |
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We are treating the drop from 2.0396 as a leading diagonal (wave 1 of C within the A-B-C decline from 2.1160). Under this interpretation, the GBPUSD rally from 1.9599 is wave 2 within the 5 wave drop (wave C) from 2.0396. However, the decline from 2.0025 is choppy and may be a correction. Until proven wrong (which requires a rally through 1.9909), we are sticking with the bearish bias. A resistance line from mid-March has held and keeps bears in control. |
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Weekly Forex Technicals |
Written by Finotec Group |
May 05 08 10:18 GMT |
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The Euro may start its uptrend again as we can see strong demand in the market, based on technical indicators like RSI, which is giving us a clear bullish signal, MACD breaks the equilibrium level and is pointing upwards, Bollinger gives us a bullish signal by closing the candle above the middle band. |
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Weekly Forex Technicals |
Written by Danske Bank |
May 05 08 08:41 GMT |
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Overall speculative positions were increased in the week from 22 April to 29 April, as net short USD positions fell by USD 10.7bn to USD 6.2bn, mainly driven by reduced EUR and GBP positions. IMM data on speculative futures market positioning show a noteworthy turnaround of sentiment in EUR with net positioning turning short for the first time since December 2005. The net long EUR position of USD 3.8bn from 22 April was turned into a net short position USD 4.1bn - a reduction of USD 7.9bn. This clearly indicates a shift in market perception, with speculative investors now betting on a EUR weakening vs USD. |
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Weekly Forex Technicals |
Written by DailyFX |
May 05 08 07:51 GMT |
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Last week our analysis yielded a net profit of 266 pips. Our Yen trade hit its profit target for a gain of 229 pips, while the Canadian dollar accelerated in our favor to the tune of 108 pips. Our short New Zealand dollar trade managed a modest 39 pips. A loss of 110 pips on our Pound position detracted from overall performance, but not detrimentally so. The start of this week sees a great deal of uncertainty among the majors following last week's impressive offensive by US dollar bulls. Still, we see lucrative new opportunities in the Pound and the Canadian dollar with the other majors on the cusp of resolving their sentiments towards the greenback. |
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Weekly Forex Technicals |
Written by FXTechstrategy |
May 04 08 15:05 GMT |
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EUR put in a second consecutive week of downside losses on Friday pushing it to as low as 1.5361, its lowest price since Mar 25'08.A follow-through to the downside should likely see the pair attacking and possibly cutting through its Mar 24'08 low residing at 1.5342.Below there will accelerate losses towards the 1.5227 area, its .50 Ret (1.4440-1.6018 high).The weekly studies remain negative suggesting further downside pressure. |
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Weekly Forex Technicals |
Written by DailyFX |
May 02 08 17:43 GMT |
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When focusing on the bigger picture, there is little evidence to suggest that the USDJPY is headed higher. There is nothing to suggest that the rally from 95.72 is not a 4th wave. A 50% Fibo at 105.18 coincides with the lower region of a congestion zone; which should act as resistance (right now). We are bearish as long as price is below 107.20. An unexpected breach of that level would cause to re-evaluate. |
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Weekly Forex Technicals |
Written by DailyFX |
May 01 08 07:33 GMT |
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The Swiss Franc has historically served as a standby safe haven asset in times of financial and political uncertainty. It is understandable then that as the subprime fiasco and the credit crunch gripped the markets, the USDCHF pairing collapsed downward. Attractive Swiss fundamentals favored the trade as the mountain nation seemed insulated from US turmoil by its relatively modest trade links with the beleaguered superpower. However, it became clear into the first quarter of this year that not all was as rosy as it seemed. |
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Weekly Forex Technicals |
Written by DailyFX |
May 01 08 02:27 GMT |
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AUDNZD has been rallying along a virtually vertical trajectory in April. Last week, we had been looking for consolidation to yield a range trade but our entry order was not filled when AUDNZD failed to pull back and rallied higher. The pair now finds itself just below 1.2070, a major top that capped last year's 1200-pip rally and saw the pair retrace as low as 1.1150. A level of such significance warrants a pause for consolidation. The downside is capped by a 161.8% Fibonacci extension of the 03/07-03/20 decline and is further reinforced by an upward sloping trend line established on 03/25. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 30 08 20:17 GMT |
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This is an updated daily chart. The resistance line that dates to October AND the other side of what was once a support line (which dates back to 2000) was evidence to us last Wednesday that a wave 2 top was either in place or very close to in place. As it turned out, the high was last Wednesday. Remember, the count tells us that a 3rd of C is expected. In other words, the EURJPY should fall hard. The ultimate target is not until below 149.25, but probably closer to 140. |
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Weekly Forex Technicals |
Written by Lloyds TSB |
Apr 29 08 16:26 GMT |
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The bullish dollar and sterling scenarios discussed over the past few weeks continue as the inversion of market trends cascade the financial markets. As the broader market latches on to the prospects for a sterling and dollar to recovery, a cautious approach has to be maintained in the very near term. However, the orignal signals that implied a recovery was imminent remain broadly in place. The final piece of the jigsaw discussed in last week's document was the potential for a fall in precious metals and gold has duly breached the $900 barrier with cracks appearing in a wider range of commodities. Clearly this has implicatons for the CAD,NZD, NOK and AUD going forward. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 29 08 08:41 GMT |
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As we expected, a light US calendar saw technical levels be the guiding principle behind EURUSD price action last week. Our target of 1.60 was hit mid-week, followed soon after by a sharp breakdown past trend line support. As we had speculated here on numerous occasions, the run to 1.60 owed more to momentum than underlying fundamental outlook. Having touched the psychological level being aimed at, Euro bulls gave up. The decline looks to be supported at 1.5560, the 23.6% Fibonacci retracement of the 02/08-03/17 rally. We see a retracement to just below 1.58 in the near term as current losses are consolidated, followed by a decline to the 38.2% retracement at 1.5343. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 28 08 22:28 GMT |
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GBP: Last week, both the 52 and 13 week indexes were at 0; indicating a bearish extreme. This week, the readings shot up to 22 and 58 and the composite COT increased from -43,323 to 2,918. Positioning increasing from a bearish extreme is GBP bullish. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 28 08 15:39 GMT |
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Last week, we wrote that “the revised count is more bearish than before since expectations now are for a larger degree 4th wave correction. 4th waves usually end in the territory of the 4th wave of one less degree; which does not begin until 1.4967. Under this forecast, a multi-week (maybe multi-month) top will form soon (there is a chance that a top is in place at 1.5983).” The EURUSD did make one more high (slightly) at 1.6018 but the large 4th wave correction that we expected is underway. The Fibonacci support zone does not begin until 1.4667. |
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Weekly Forex Technicals |
Written by Global Forex Trading |
Apr 28 08 14:21 GMT |
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The overbought euro/dollar made a collapsing decline last week after climbing briefly above 1.6000 to annihilate some knockout options. It gave back about a quarter of the gains made since January by the end of the week. But, have we seen the real peak? The weekly chart clearly displays a bearish engulfing pattern following a record high, but several weeks earlier we had been “treated” to an equally appetizing dark cloud cover and euro/dollar then surged to new record highs. My model remains short. Don't leave your guard down, this pair may still bounce. My model is short, but its initial bias is up. |
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Weekly Forex Technicals |
Written by Mizuho Corporate Bank |
Apr 28 08 11:11 GMT |
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From a record high at 1.6020 the Euro has given up two thirds of the gains since late March. It may have come as a surprise to the overly aggressive but is in fact just what is needed here. Last week's drop marks the start of a period of correction and consolidation. Looking forward, while we expect further gains for the Euro long term, we shall allow for a lot more two-way price action with a series of swings either side of 1.6000 for several months. At-the-money implied volatility should hold below 12.00% as we move into a period of smaller, neater price swings. With less pressure on the US dollar, thereby avoiding scary headlines, commodity prices are also likely to be more subdued. |
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Weekly Forex Technicals |
Written by Danske Bank |
Apr 28 08 08:44 GMT |
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Overall speculative positions were increased in the week from 15 April to 22 April, as net short USD positions rose by USD 3.1bn to USD 16.9bn, driven mainly by increased positions in GBP, AUD and CAD. Speculative investors once again turned net long in GBP, which has regained some of its losses against EUR and USD in recent weeks. Net long GBP positions stand at USD 0.6bn. Net long EUR positions were reduced slightly by USD 0.2bn to USD 3.8bn. |
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Weekly Forex Technicals |
Written by FXTechstrategy |
Apr 28 08 05:26 GMT |
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Following a brief break and hold above the 1.5896/1.5913 area, its Mar 31'08/April 10'08 highs on Tuesday and its subsequent failure at that area, EUR sold off hard for a thirdday in a row on Friday closing at 1.5626.This move now leaves the pair below its triangle pattern(daily chart) and with price action still pointing lower, risk remains for a push towards the 1.5510 level, marking its Mar 24'08 and then its .382 Fib Ret/April 03'08 at 1.5390/42.The daily and weekly RSI are positive suggesting further weakness. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 28 08 04:58 GMT |
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Last week our analysis yielded a net profit of 351 pips. Our long-term Canadian dollar range trade bounced back to stop us out at break even, but our Yen position rose in our favor for 151 pips. Most notably, we picked the top on Euro as the pair hit our target at 1.60 for 200 pips in profit, only to collapse immediately after. Our stop-loss on the New Zealand Dollar was hit for a loss of 77 pips, a set-back easily countered by our other trades. Looking at the week ahead, we see notable changes in EURUSD, USDCAD and NZDUSD while GBPUSD looks to have found a bias. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 25 08 16:20 GMT |
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An AUDUSD multi-year top may be in place. The rally from the 2001 low is an A-B-C advance (countertrend) and wave C (from .6771) from can be counted as an ending diagonal. One reason to favor the near term topping scenario is the short term pattern. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 25 08 05:55 GMT |
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The EURUSD has been rising steadily this year, with a souring in Euro Zone data insufficient to halt the pair as momentum was determined to reach the historic 1.60 level. With a weak test and a failure to close above 1.60, the Euro bulls' resolve faltered as the pair breached past the trend line that has dominated price action since early February. A trend change looks to be unfolding as markets settle from the euphoria of the rally and traders begin to re-evaluate underlying fundamentals. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 25 08 02:12 GMT |
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It has finally happened. The EURUSD Speculative Sentiment Index flipped to a net positive reading of 1.14. Encouraged by a sharp yet steady drop in the pair below a major rising trend, this momentous shift in positioning offers the first signs of a major reversal after more than two years of a solid bull trend. With nearly 53% percent of traders holding long positions, this reading is still somewhat weak, but no doubt reflects early profit taking on breakout trades and overrun limit and stop orders. Looking at the details, longs have jumped 18.6% since yesterday and are 15.7% higher than they were last Thursday. Short positions on the other hand have dropped 18.4% from Wednesday and are 24.5% weaker than last week. Overall open interest fell a modest 4.4% from last week as stops are triggered, but total positions are actually 2.5% above the monthly average. Though it is still a weak signal, the contrarian SSI points to further EURUSD downside ahead. |
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Weekly Forex Technicals |
Written by Lloyds TSB |
Apr 23 08 14:00 GMT |
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The broad lack of trends over the past week, exacerbated by the thin markets, have given every reason to keep to the sidelines and maintain a defensive approach to the markets. Whilst euro dollar has traded into all-time high territory and may well squeeze further, I detect a shift in sentiment that could well see a broad dollar rally in the coming weeks, although my long-term view remains resolutely bearish on the US currency. |
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Weekly Forex Technicals |
Written by ForexManage |
Apr 22 08 15:23 GMT |
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There is no real respite from the current financial crisis without some return of the risk appetite that was before its beginning. And, the most indicative sign for such a development would be some return of the Carry-trade mechanism that was so in vogue in the previous years. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 22 08 04:30 GMT |
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The majors have positioned to signal gains for the Australian and New Zealand dollars, as well as the US dollar's pairing against the Japanese Yen. USDJPY price action has tracked closely to the Dow stock index, while the AUD and the NZD bore the brunt of carry trade liquidation fueled by recent bouts of risk aversion. Interestingly, the same cannot be said of Franc, with the USDCHF trading sideways in a range. The Euro remains a momentum trade, seeming to need to hit 1.60 regardless of developing weakness in the Euro Zone. The Pound is left looking for direction following the announcement of a last-minute liquidity injection from the BOE, while the Canadian Dollar retains its independence and continues to move along established technical trends |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 21 08 18:09 GMT |
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GBP: The 52 and 13 week indexes are low, at 0 and 0. This, combined with the fact that the decline from 2.0396 is choppy, favors the idea that the GBP is forming some sort of a low. How significant this low ends up being remains to be seen of course. |
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Weekly Forex Technicals |
Written by WFXAdvisor |
Apr 21 08 15:20 GMT |
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EURUSD: Since 1.5670 main support rejected prices, upside consolidation continues and price is still trapped in a symetric triangle. Expected trading range for coming days extends from 1.5760 to 1.6090. To the upside, resistance formed by 161.8% FE and triangle high at 1.5945 is a strong resistance to watch. A break above this level will target 1.5980 top resistance zone first (1st objective), but only a daily close above this level will allow price to test the 1.61 handle (2nd objective). To the downside, a strong and large support zone extends from 1.5710 to 1.5790 (1st objective). A break and daily close below this level argue in favor of a deeper consolidation towards 1.5550 initially (2nd objective). |
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Weekly Forex Technicals |
Written by Global Forex Trading |
Apr 21 08 14:51 GMT |
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The overbought euro/dollar made a new, if marginal, record high, and my model remains short. Again, bee careful, as this overbought pair should encounter more choppy trading. Its initial bias remains down. Immediate support is still at 1.5740. Below 1.5625, euro/dollar has support at 1.5540. This is followed by 1.5340. Distant support comes at 1.5150. Initial resistance is at 1.5853. The next level is 1.5955. Above it, resistance remains at 1.5985. Distant resistance is seen at 1.6040. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 21 08 14:26 GMT |
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The EURUSD has either topped at 1.5983 or will make one more high before rolling over into a large 4th wave that will last a few months and probably bring the pair back into the 1.40s. The two scenarios are; 1.5983 completed a B wave (already topped), 1.5983 is wave iii within an ending diagonal. If a top is in place at 1.5983, then the EURUSD needs to remain below 1.5956. |
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Weekly Forex Technicals |
Written by Mizuho Corporate Bank |
Apr 21 08 14:17 GMT |
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Another new record high at 1.5985 as the Euro consolidates at these very expensive levels for a sixth week in a row. Although looking slightly unsteady it should be noted that it is not in the least bit overbought and that momentum is still (just) bullish. We feel that this bout of consolidation is constructive and at the moment there is nothing in the Technical picture to suggest any sort of topping activity. Looking forward, while we expect further gains for the Euro, we shall allow for a lot more two-way price action with a series of swings either side of 1.6000 for several months. Hard hit Sterling and the Swiss franc might outperform the single currency if this were to be the case. |
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Weekly Forex Technicals |
Written by Finotec Group |
Apr 21 08 09:16 GMT |
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The Sterling may continue the uptrend against the US dollar; according to technical charts the market is in a bullish direction with confirmation of many indicators like RSI, which is in an uptrend, MACD breaks the signal line upwards, Bollinger gives us a bullish signal by closing the candle above the middle band. |
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Weekly Forex Technicals |
Written by Danske Bank |
Apr 21 08 08:20 GMT |
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Overall speculative positions were scaled back slightly in the week from 8 April to 15 April, as net short USD positions were reduced by USD 2.0bn to USD 13.7bn. Net long EUR positions were reduced further, and fell by USD 1.8bn to USD 4.0bn. This is the lowest level since mid February. Net long JPY positions were increased by USD 0.6bn to USD 5.9bn, thereby erasing some of the previous reduction. Also net long CHF positions were built further and rose by USD 0.5bn to USD 0.7bn. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 21 08 02:33 GMT |
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Last week our analysis yielded a net 336 pips. Our long-term Canadian dollar range trade descended lower for 200 pips in profit, while our Yen position hit the profit target for 289 pips. Our stop-loss on the Pound was hit for a loss of 153 pips, detracting minimally from our overall performance and still making for a very fruitful week. Looking at the week ahead, EURUSD and NZDUSD both offer attractive entry points, with USDCAD still poised for more gains. |
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Weekly Forex Technicals |
Written by FXTechstrategy |
Apr 20 08 15:53 GMT |
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After a persistent attack saw EUR break and close above the 1.5896/1.5913 area on Wednesday, the pair failed to follow through on Thursday and weakened further on Friday to close the week within its triangle pattern (daily chart) at 1.5815.While this development may have temporarily triggered the pair's nearer term downside weakness, its medium and longer term uptrend remain intact suggesting a return above the 1.5896/1.5913 area on ending the said weakness. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 18 08 02:13 GMT |
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Hitting fresh record highs seems to be a weekly ritual for EURUSD; and retail speculative traders tirelessly try to fight the trend. Positioning in the Sentiment Speculative Index moved closer to parity over the past week as the pair made a move to a new all-time high just short of 1.6000, triggering stops and encouraging longs to take advantage of breakout momentum. The SSI ratio stands at -1.48 compared to the -1.78 reading from last week and -2.01 from yesterday. Looking at the report's breakdown, we can see the euro's advance has led to notable shift in positioning. Long positions jumped 15% from Wednesday yet are only 4% higher than last week. Shorts on the other hand are 15.4% weaker than yesterday and 15.8% weaker than last weak. Overall, open interest grew 4.9% on the week and is 11.1% above its monthly average. The consistently negative EURUSD SSI reading points to a sustained move above 1.60, but the general trend in the net reading suggests a flip and reversal from EURUSD could come down the line. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 17 08 08:10 GMT |
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The upward trajectory in the Australian Dollar has been guided by a trend line established in August of last year. The pair is driven higher by a widening yield differential between the two countries, with the RBA moving to contain inflation with record-high borrowing costs at 7.25% all the while the US Fed pushes on with rate cuts. The Australian economy has begun to slow under weight of hefty monetary tightening, but there are no signs that the RBA will pursue easing in the near term. This suggests the growth in yield spread between the two currencies is set to continue. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 16 08 20:26 GMT |
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A major multi-year low could be in place at .9055. The decline from the 2002 high at 1.6189 is in 7 waves and counts perfectly as a double zigzag, labeled W-X-Y. One reason that we propose the major low scenario is because the strength and form of the rally from .9055 is indicative of a major turn. The 13 day rate of change (not shown) from .9055 to 1.0248 was the highest that it had been in years. Momentum extremes such as this 'announce' major trend shifts when the move occurs from a significant high or low. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 16 08 09:30 GMT |
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Europe - With most European event risk out of the way for the week, the sole significant release left on the is tomorrow's Trade Balance figure. Traders will be looking for a sign that decoupling from the US is faltering as other European data have dipped lower. On balance, price level metrics printed at elevated levels this week, making an ECB cut at the next meeting a very remote prospect. |
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Weekly Forex Technicals |
Written by Lloyds TSB |
Apr 15 08 15:46 GMT |
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The FX markets have been a frustrating place over the past few weeks. With the broad markets in consolidation mode, the guessing game of trying to predict the next trend break-out has called for close scrutinty of the short term charts from bonds to commodities. Despite this, the conclusion still points to a range-bound market. |
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Weekly Forex Technicals |
Written by DailyFX |
Apr 15 08 06:57 GMT |
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The unified trajectory around dollar weakness that had dominated trading in recent weeks continues to deteriorate, with the majors pulling even further in opposite directions. Euro price action has tightened just below the 1.5900 level, wedged between a triple top and a supporting trend line. Pound and Yen both look weak against the dollar. Meanwhile, the Australian and New Zealand Dollars, the Franc and the Canadian Dollar both look to further gains. |
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Weekly Forex Technicals |
Written by WFXAdvisor |
Apr 14 08 18:28 GMT |
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Price spent most of last week in a thin upward channel. Still inside, limts of this channel has to be monitored in order to determine next move. To the upside, 1.5890 appears once again as an interesting resistance zone. A break above will target 123.6% FE at 1.0620 (1st objective). If broken to the upside, price may easily test the 1.61 handle (2nd objective). Once there, any break high | |
