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Daily Technical Analysis

EUR: Buy at 1.3650, adding to 1.3560; stop below 1.3400

Thu, Jan 8 2009, 07:36 GMT
by Nicole Elliott

Mizuho Corporate Bank  |  View company's profile


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EUR

Comment: Regaining its composure and trying to base against the top of a massive Ichimoku ‘cloud’. A sustained break above the 9-day moving average at 1.3840 will probably trigger some short-covering allowing the Euro to sneak back up to 1.4100.

Strategy: Buy at 1.3650, adding to 1.3560; stop below 1.3400. Add to longs above 1.3670 and again above 1.3850 for 1.4000. 


EUR/JPY

Comment: This is just so not where the action is, so don’t hold your breath. This Yen cross is crawling sideways in the middle of a very large Ichimoku ‘cloud’ and below first retracement resistance. This may cap again today suggesting a drift down to the 26-day average at 123.45.

Strategy: Attempt shorts at 125.50; stop well above 128.75. First target 125.25, then 123.45. 


GBP

Comment: Redrawing the downward-sloping ‘wedge’ formation, in line with the massive Ichimoku ‘cloud’, and things don’t look quite so impressive. Nevertheless Cable looks set to attempt an important break higher despite a series of formidable resistance levels.

Strategy: Buy at 1.5060, adding to 1.4900; stop below 1.4800. Add to longs on a sustained break above 1.5150 for 1.5500 and then December’s high at 1.5725.


JPY

Comment: Retreating from a recent high at 94.65, ahead of the Ichimoku ‘cloud’, after a modified version of an A, B, C-type corrective bounce. Prices will now hopefully hold below 50% Fibonacci resistance at 93.80, so that momentum should slowly turn bearish. Note that the USD is almost overbought and open interest is one third of last year’s peak.

Strategy: Sell at 92.10, adding to 93.00; stop well above 93.85. First target 91.75, then 90.00.

Published on  Thu, Jan 8 2009, 07:44 GMT


Mizuho Corporate Bank http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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