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Daily Technical Analysis

EUR: Attempt longs at 1.2930/1.2870; stop well below 1.2700

Wed, Feb 11 2009, 07:16 GMT
by Nicole Elliott

Mizuho Corporate Bank  |  View company's profile


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EUR

Comment: Hard work with small complex moves holding inside a downward-sloping ‘wedge’ formation. Expect more of the same today and remember that only on a sustained break above 1.3300 will momentum turn bullish and life get a bit easier and more interesting.

Strategy: Attempt longs at 1.2930/1.2870; stop well below 1.2700. First target 1.3000, then 1.3100.


EUR/JPY

Comment: Consolidating under the 26-day moving average and a thin Ichimoku ‘cloud’, and now should try and form an interim base against the 9-day average. Late this week, or later this month we favour a break above the recent high at 120.04 towards the middle of the broad band which has held since October.

Strategy: Buy at 116.40; stop below 114.00. First target 119.00, then 120.00.


GBP

Comment: Retreating from a cluster of resistance points around the psychological level of 1.5000. Today Cable should try and consolidate around the moving averages.

Strategy: Attempt longs at 1.4400; stop below 1.4000. Short term target 1.4975/1.5000.


JPY

Comment: Retreating from trendline resistance in the middle of in a fairly thick Ichimoku ‘cloud’ and will probably hold below the bottom of the ‘cloud’ again today. Expect random moves roughly between 89.50 and 91.00.

Strategy: Possibly attempt tiny shorts on a bounce to 90.75/91.25; stop/reverse above 92.55 for 94.00. Cover shorts ahead of 89.00 and watch for signs of basing between here and 88.40.

Published on  Wed, Feb 11 2009, 07:22 GMT


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

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