FX Technical Analysis
EURUSD
Comment: Still trying to base around the 1.3245 retracement area as we wait for tomorrow's ECB interest rate decision.
Strategy: Attempt longs at 1.3295; stop below 1.3140. Add to longs above 1.3424 for 1.3600.
Direction of Trade: →
Chart Levels:
| Support |
Resistance |
| 1.3171 " |
1.3374 |
| 1.314 |
1.3415 |
| 1.308 |
1.3488 |
| 1.3 |
1.353 |
| 1.2933 |
1.366 |
GBPUSD
Comment: Still stuck inside the 'wedge' formation that has dominated since October. The closer we get to the apex, the less reliable the formation and any break out.
Strategy: If you really have to: attempt small longs at 1.4600; stop below 1.4460. First target 1.4880, then 1..5200.
Direction of Trade: →
Chart Levels:
| Support |
Resistance |
| 1.4500 " |
1.4623 |
| 1.447 |
1.474 |
| 1.44 |
1.4827 |
| 1.4375 |
1.4888 |
| 1.4350* |
1.5035 |
USDJPY
Comment: Holding around 89.00 and will probably hold above here again today. However, because momentum is nil rallies are likely to be small.
Strategy: Possibly attempt small shorts at 89.65 but only if prepared to add to 91.00; stop above 91.70. First target 89.20, eventually 88.00
Direction of Trade: →↘
Chart Levels:
| Support |
Resistance |
| 89.20 " |
89.88 |
| 88.8 |
90 |
| 88.63/88.41 |
90.3 |
| 88.10* |
90.88 |
| 87.13** |
91.66* |
EURJPY
Comment: Re-testing trendline support and looking set to try and hold above here today. More important is whether prices will hold above October's low, here and in all other Yen crosses.
Strategy: Possibly attempt tiny longs at 119.25, adding to 118.00; stop below 117.00. Target 121.40, maybe 123.40
Direction of Trade: ↘
Chart Levels:
| Support |
Resistance |
| 117.73 " |
119.58 |
| 117.13 |
120 |
| 116.45 |
121 |
| 115.87 |
121.46* |
| 113.62** |
123 |
Mizuho Corporate Bank
Disclaimer
The information contained in this paper is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This paper has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.
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