Technical Analysis on FXone
Technical Analysis on FXone
MIG Bank Daily Report 13/06/2011
USD/JPY: BEARS STABILIZE INTO THE PSYCHOLOGICAL 80.00 ZONE.
USD/JPY bears are stablizing into the psychological 80.00 zone, within what is proving to be a larger multi-week range bound environment. We remain bullish in the medium to long-term, watching for a resumption of the potential new structural bull-cycle.
To signal an impulsive move higher, we still need a sustained close above strategic levels at 82.00 (post G7 intervention high) and 83.30 (post Earthquake shock high), then onwards into 85.50 (07th April high). The bulls must extend gains past 85.50 to trigger a renewed attack onto 88.70 (Major wedge pattern ceiling).
Temporary bearish probes are likely to find good support into confluence around 80.00 (a level the BOJ will likely be watching) and 79.80 (61.8% Fib). Only a close below here will resume the retracement lower into 78.80.
Strategy: Awaiting Buy Trade Setup, while above 78.80.
Technical Analysis on FXone
PRE EU OPEN ANALYSIS, FXPRO
EUR/USD INTRADAY: THE UPSIDE PREVAILS.
Pivot: 1.4365.
Most Likely Scenario: LONG positions @ 1.4375 with targets @ 1.45 & 1.4555.
Alternative scenario: The downside penetration of 1.4365 will call for a slide towards 1.432 & 1.425.
Comment: The RSI well directed, the pair is on the upside and should post further advance.
Trend: ST Ltd Upside; MT Range
Technical Analysis on FXone
MORNING FOREX OVERVIEW BY DUKASCOPY BANK
PREVIOUS SESSION OVERVIEW
The euro rose against the yen Tuesday in Asia as China's softer-than-expected inflation data and Bank of Japan's comments not ruling out further easing prompted some investors to stock up on high-yielding but riskier assets.
Foreign exchange investors often buy the currencies of nations with high interest rates when global share prices gain and stoke risk appetite. That was the case in Asia, dealers said.
An initial cue was China's consumer price index for May, which rose 5.5% from a year earlier. Though the reading exactly matched economists' expectations, some investors had anticipated a sharper increase of more than 6.0%.
The actual number damped concerns that China may embark on a more aggressive tightening campaign that could squeeze equities. That, in turn, helped the common currency, dealers said.
The euro was at USD1.4432 from USD1.4414 in New York Monday and JPY115.80 from JPY115.59. The dollar was at JPY80.25 from JPY80.24.
The ICE Dollar Index, which tracks the greenback against a basket of currencies, was at 74.401 from 74.753.
The Pound benefitted yesterday from a weaker EUR as investors moved assets into the neighboring Sterling overnight. With a weaker EUR the Bank of England also released its quarterly bulletin which fuelled further speculation of potential interest rate rises before year's end.
The Australian dollar inched higher Tuesday, with market participants shrugging off some concerning economic reports locally and following other markets higher on the back of data out of China. At 0615 GMT, the Australian dollar was trading at USD1.0643, up from USD1.0600 late Friday. Against the Japanese yen, the Australian dollar was at JPY85.455, up from JPY84.925.
MARKET EXPECTATION
Looking ahead, investors will pay attention to the release of U.S. retail sales data for May at 1230 GMT. Economists' forecasts the data may show sales fell by 0.6% from a month ago.
If the figure misses the forecast by a wide margin, the dollar will be sold as overall investors still have a bearish sentiment toward the dollar, said analysts.
Sterling, now narrowly mixed, has support from renewed speculation that the Bank of England will have to raise interest rates at some point to contain inflationary pressures. Lower houses prices in the latest RICS survey may temper that speculation, however. Daily technical charts are mixed.
European stock markets are expected to open higher Tuesday, supported by strong trade on Asian markets overnight as Chinese consumer inflation data fell in line with expectations, suggesting the country's central bank has little cause to tighten monetary policy further in the near term.
FXPRO Pre US Open Analysis, June 14th 2011
EUR/USD INTRADAY: THE UPSIDE PREVAILS.
Pivot: 1.4365
Most Likely Scenario: Long positions above 1.4365 with targets @ 1.45 & 1.4555 in extension.
Alternative scenario: Below 1.4365 look for further downside with 1.432 & 1.425 as targets.
Comment: The pair remains on the upside and is challenging its resistance, the RSI is well directed.
Full article at: FXone Pre US Open Analysis
Deltastock Major Currency Pairs: GBP/USD, June 14th 2011
Current level - 1.6383
The pair is in an uptrend after bottoming at 1.4226. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6090 and 1.5715.
As expected, the pair dipped to 1.6214, few pips above 1.6209 support area and current outlook is bullish for a break through 1.6460, towards 1.6548. On the intraday charts the bias is negative, but i expect this slide to be limited above 1.6340 before next advance beyond 1.6460.
See full article: Major Currency Pairs: GBP/USD
PRE US OPEN ANALYSIS, FXPRO
EUR/USD INTRADAY: UNDER PRESSURE.
Pivot: 1.438
Most Likely Scenario: Short positions below 1.438 with targets @ 1.43 & 1.426 in extension.
Alternative scenario: Above 1.438 look for further upside with 1.4425 & 1.4455 as targets.
Comment: The RSI is badly directed, the pair is under pressure and is challenging its support.
Full article: FxPro Pre US Open Analysis
Website: FXone
The Dollar Retreats Against the Swissy, Fx-Insights
Although the USD has retreated after intraday rise to 0.8495, as long as the Kijun-Sen (at 0.8425) holds, near term upside move remains for the rise from 0.8327 low to bring a stronger retracement of recent decline towards 0.8547. Weakening of upward momentum should limit upside. A break of the Kijun-Sen would suggest top has possibly formed and bring test of the Ichimoku cloud top (at 0.8408) but below the lower Kumo (at 0.8386) is needed to suggest a top has probably formed; then weakness towards support at 0.8348 might follow.
Full article: Fx-Insights: The Dollar Retreats Against the Swissy
Website: FXone
Major Currency Pairs: EUR/USD
Deltastock
Current level - 1.4340
EUR/USD is in a consolidation after the recent top at 1.4941 (May 4th, 2011). Technical indicators are descending and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4311 and 1.3636.
Yesterday's uptrend reversed lower than expected, at 1.4497 failing to test precisely 1.4550 resistance area. Current intraday bias is negative for a test of 1.4317 low and one more upswing to 1.4398 should be expected later today.
Full article:EUR/USD
Full article:USD/JPY
Full article:GBP/USD
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