EURUSD
Comment: Consolidating slightly unsteadily above the top of the 'cloud' and the nine-day moving average, though lagging Pacific rim currencies. Similar patterns can be seen in a series of major currencies suggesting generalised US dollar weakness this month, probably a lot longer than that. Eventually the Euro should be dragged higher by the others.Strategy: Buy at 1.3300, adding to 1.3245; stop below 1.3090. Add to longs on a sustained break above 1.3450 for 1.3575/1.3600 and more further out
Direction of Trade: →↗Chart Levels:
Support Resistance
1.3277 " 1.3336
1.32 1.3385
1.3165 1.3439
1.3100/1.3090* 1.352
1.3 1.3582*
GBPUSD
Comment: Consolidating at the very top of this year's trading band and because we have held in such a tiny range for the last two days a break higher is imminent. Expect another squeeze higher this week and maybe all month, increasing as more currencies start seriously pulling in the same direction. Funny how silent all the voices trashing UK plc have become, and consensus opinion now is that Sterling is undervalued.Strategy: Buy at 1.5145; stop below 1.4800. Add to longs on a sustained break above 1.5175 for 1.5375 short term and then 1.5725/1.5800.
Direction of Trade: →↗Chart Levels:
Support Resistance
1.5100 " 1.5165*
1.499 1.52
1.4835 1.5285
1.47 1.5375*
1.4500* 1.5535
USDJPY
Comment: Because major currencies are not gaining against the US dollar, but smaller ones are, this has not lit up on many investors' radar. We continue to favour generalised US dollar weakness this year, something which may help to cap USD/JPY below 99.50. Today we favour a drop to the 9-day moving average at 97.60 and probably the top of the Ichimoku 'cloud' this weekend.Strategy: Attempt shorts at 98.55, adding to 99.00; stop above 99.85. Short term target 97.65, maybe 97.15
Direction of Trade: →Chart Levels:
Support Resistance
98.30 " 98.85
97.94 99.08
97.6 99.57/99.77**
97.15/96.90* 100
96 100.74
Daily Forex Technicals | Written by India Forex
Rupee:Rupee is holding strong as per our expectation. Breaking of 49.20 can allow it to test 48.80 in the near term. Exporters are adivised to sell dollars at every rise. The election results are awaited on 16th May which can decide the next direction for local unit. (USD/INR : 49.40). Bullish
Euro: Euro surged to 1.3374 from 1.3245 lows yesterday as expected. It is holding and trading above the important cluster support coming around 1.3190 - 1.3227 with the daily charts indicating strong selling pressure. ECB meeting is scheduled today and 25bps cut is expected. Cautious shorts after the data around 1.34 for 80-90 pips could be considered. (Eur/Usd:1.3295). Bullish ONLY above 1.3190.
Pound: Cable witnessed a sideways trading of 160 pips below the previous high of 1.5161. Strong support from 21 4-hourly EMA comes in at 1.5025, holding above which can bring a pull back to 1.5150 and then to 1.5350 levels. Look for buying cable around those levels for 100 pips. Alternatively, sell around 1.53 levels for 100-150 pips as the charts are reaching the overbought region. (Gbp/Usd: 1.5127). Bullish
Yen: The Usd/Jpy pair shed 110 pips from the day's high of 99.07 yesterday. The daily charts are showing a strong selling with support at 97.60 where going long on the pair could be considered for 80-100 pips. Alternatively, look for selling opportunities above 99.00 for 100 pips . Bearish (Usd/Jpy: 98.55).
Australian Dollar: Aussie surged 170 pips yesterday and continues to trade higher in the morning trade today at 0.7535. All the major charts are getting overbought with strong support coming at 0.7275 (38.2% Retracement of the rise & 200 Daily EMA). Selling around 0.7550 for 70-80 pips could be considered. (Aud/Usd: 0.7528).
Gold: Gold moved $17 sideways yesterday. The view for gold still remains bullish as far as $895 support is strong. Above $915, Gold may surge to $926. Near term bias for Gold - Range-bound . (Gold: $911.60)
Dollar index: The Dollar Index chart is poised in the over-sold region and is indicating a range-bound session for the US currency. Support of 84 is holding strong momemtarily. (84.14). RANGE-BOUND to Bearish.
Daily Forex Technicals | Written by ecPulse.com
EURO
The Euro versus Dollar pair continued to trade around the pivotal resistance at 1.3320 as the key resistance for the upside channel at 1.3465 remains intact. The short term trend is still the upside as trading maintains levels above the 1.3100 support level where targets are at 1.3585 and 1.3700.The trading range for today is among the key support at 1.2800 and the key resistance at 1.3585. The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120
Support: 1.3245, 1.3190, 1.3175, 1.3100, 1.3010
Resistance: 1.3320, 1.3365, 1.3430, 1.3465, 1.3525
Recommendation: Accordig to our analysis, buy the pair above 1.3320 with targets at 1.3465 and stop loss with four hour closing below 1.3235
GBP
After breaching the key resistance yesterday at 1.5085, the cable traded around this level with gradual inclines among a minor ascending channel with short term targets near 1.5900. The 1.5045 level must remain intact for the incline to continue on the intraday basis yet note that the BoE rate decision to be released at 11:00 GMT may result in fluctuations in the markets. On the short term, the 1.4765 level must remain intact.The trading range for today is among the key support 1.4240 and the key resistance at 1.5400. The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440
Support: 1.5045, 1.5010, 1.4950, 1.4915, 1.4845
Resistance: 1.5165, 1.5190, 1.5270, 1.5295, 1.5350
Recommendation: According to our analysis, buy the pair above 1.5165 with targets at 1.5295 and stop loss with four hour closing below 1.5045
JPY
The 38.2% correct was able to halt further declines for the USD/JPY pair as trading remains within narrow ranges as seen in the above image yet we still expect further inclines towards 99.55 followed by 103.00 on the short term a far as trading remains above 96.00.The trading range for today is among the key support at 96.00 and the key resistance at 103.00. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 98.05, 97.15, 96.35, 95.90, 95.45
Resistance: 98.65, 99.55, 100.25, 100.70, 101.00
Recommendation: According to our analysis, buy the pair above 98.05 with targets at 99.55 and stop loss with four hour closing below 97.15
CHF
The Dollar versus Swissy continues to trade near critical resistance levels around 1.1390 – 1.1355 where we see on the above chart that we may witness a vigorous move after breaching either level of the triangle. On the other hand we still expect further declines targeting 1.1270 and 1.1165 respectively before extending towards 1.0980. This decline remains as far as 1.1520 is intact.The trading range for today is among the key support at 1.0980 and the key resistance at 1.1800. The general trend is to the upside as far as 1.0570 remains intact with target at 1.2245
Support: 1.1300, 1.1270, 1.1240, 1.1165, 1.1100
Resistance: 1.1390, 1.1420, 1.1520, 1.1585, 1.1645
Recommendation: According to our analysis, sell the pair below 1.1355 with targets at 1.1270 and 1.1156 and stop loss with four hour closing above 1.1520
No comments:
Post a Comment