The Yen, EUR and FTSE 100 are to see strength ahead, while dollar is set to weaken, is the key message from today’s technical analysis update on EUR/USD, USD/JPY, and FTSE 100, with Richard Perry, Market Analyst at Hantec Markets, as he joins today’s Tip TV Finance show, along with Bill Hubard, Market Analyst for Opteck.com ,and Zak Mir, Technical Analyst at Zaks Traders Café.
Key Points:
Dollar rally is just a counter trend move, move back in favour of Yen in due course, EUR will be underpinned as well, dollar likely to come back to see shorts.
EUR/USD - Part of dollar weakness unwinding but EUR/USD finding support. Move above 1.11 is still EUR positive. Dip towards 1.11-1.12 level will see buying opportunity.
Dichotomy within the Fed with respect to US GDP numbers – Hubard USD/JPY - Big h&s pattern gives maximum downside target. Looking at 105 and 107 as the current range. Fair value around 105. Any spikes towards the 110-111 area is a great sell zone.
FTSE 100 - RSI is interesting, consistently failing time and time again around 60, but we now see a break above this. Gives a target for the FTSE around 6435. Regard any correction as a buying opportunity.
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