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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
how ever a break of 131 will open doors for 136 next
just as a break of 12240 made room for 118 area
When rates flow wildly demand is always elastic
but one thing we can be certain of if that USDindex falls below 80 again
you can be certain that the Euro down trend has ended.
So far this weeks break out has been a significant one to start and up trend.....
Where Xaron by the way, haven't him in days, me and him need to do a victory cheer :D
in the previous quarter the trade blanace was positive.
Exports fell 1.6% imports rose a hefty 4.2%. This could be an effect of weak euro but on the other side the weak euro did not foster exports
Bullishness in the pair continues as the price breached and closed above the upper channel line that the pair has been trading in since early June. The close was also above the 100-day simple moving average line. The 10-day RSI is sloping sharply higher, indicating that the momentum is to the upside. Near term resistance for the pair rests just below 1.3100.
GBP/USD
The pound was a strong mover in yesterdays trading as the cable closed above the 23.6% Fibonacci retracement level for the long term downward trend, as well as a close above the long term downward sloping trend line that began in July of 2008. Traders should be long on the pair with a minimum target at the resistance level of 1.5520.
USD/JPY
A significant drop in the value of the pair was registered yesterday as the pair fell as low as the support level at 87, the year to date low. The downward momentum looks to continue as an absence of technical resistance on the charts could move the pair as low as 84.80, the November 2009 low.
USD/CHF
Yesterday the pair breached below the near term resistance levels of 1.0480 and 1.0430, ending the short term consolidation that the pair had experienced. The next target for the pair will be the 74.6% Fibonacci retracement level from the previous bullish trend at a price of 1.0350.
and now The Wild Card
Oil
The daily chart shows two candlestick patterns that hint to a slowdown of the recent bullishness of spot crude oil. Wednesdays trading ended slightly higher but formed a doji candlestick, signaling potential short term weakness. Yesterdays trading was more volatile with the pair falling as low as the support level of 75.80 and rising as high as 78.06, forming a long legged doji candlestick. This shows indecisiveness on the part of traders and signals wavering support for the bullish move. CFD traders may want to tighten their stops on any long positions they may have in spot crude oil
After that, not just the direction, but the pattern on the hourly chart, looks different. I guess the bears were still trying to force it down, but could not overwhelm the bullish buying. Before that date, it had been falling like a knife, with no one catching it.