•  
  • New York 01:14
  • London 05:14
  • Barcelona 06:14
  • Tokyo 14:14
  • Sydney 16:14

  • SignUp | Login

Daily Technical Analysis

EUR: Buy at 1.3690, adding to 1.3600

Wed, May 13 2009, 06:39 GMT
by Nicole Elliott

Mizuho Corporate Bank  |  View company's profile


Vote:

16

2

EUR

Comment: Still toying with this year’s highs (1.3801 on the 8th January and 1.3739 on the 19th March). It is just a matter of time before we rally through here, with the Swiss franc snapping close on the Euro’s heels, behind the Yen.

Strategy: Buy at 1.3690, adding to 1.3600; stop below 1.3400. Add to longs on a sustained break above 1.3750 for 1.3800 and then 1.4000.


EUR/JPY

Comment: Hovering above the top of the Ichimoku ‘cloud’ again today but later this week we feel it will start dropping into it. Chikou Span is winding its way through a little thicket of candles which may hamper progress. Eventually we favour a drop to the 126.00 area, maybe more.

Strategy: Attempt shorts at 132.00, adding to 133.00; stop above 134.80. Add to shorts on a sustained break below 131.00 for 130.00 short term and then 128.35.


GBP

Comment: Cable is not overbought and momentum is steadily bullish. Consolidating just under some of the highest prices so far this year (high 1.5375 8th January). We expect this to be tested some time this week noting that the slower and steadier the rallies the further they will go and the longer they will continue.

Strategy: Buy at 1.5290, adding to 1.5100; stop well below 1.5000. Add to longs on a sustained break above 1.5375 for 1.5500 short term and then 1.5725/1.5800.


JPY

Comment: Dropping quickly into a large Ichimoku ‘cloud’, below the moving averages which are signalling a short position, and testing trendline support. Expect prices to try and hold above 95.63 (April’s low) this morning and maybe all day as the US dollar is close to oversold. Over the coming fortnight, maybe for a month, we now expect the Yen to outperform other currencies so that dollar/yen and yen crosses move lower.

Strategy: Attempt shorts at 96.45 but only if prepared to add to 98.00; stop above 98.65. Short term target 95.65 and then 94.50.

Published on  Wed, May 13 2009, 06:42 GMT


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

Archive


Legal disclaimer and risk disclosure

The information contained in this page is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This page has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.
Vote:

16

2

Related reports

USD/CHF, EUR/USD Flows - FT: Four banks face trial over derivatives deals; Milan by FXMarketAlerts
Thu, Mar 18 2010, 04:42 GMT

Support, Resistance and Range Forecast by AceTrader
Thu, Mar 18 2010, 04:28 GMT

18/3/2010 - The Current Market Sentiment by FX Recommends
Thu, Mar 18 2010, 04:25 GMT

Recent Recommended Trades by AceTrader
Thu, Mar 18 2010, 03:39 GMT

Market Morning Briefing by Kshitij Consultancy Services
Thu, Mar 18 2010, 03:39 GMT

eurusd, eurjpy, highlighted, gbpusd, usdjpy

[ View All ]

Related content

Household finance falls in Australia
FXstreet.com | Thu, Mar 18 2010, 04:37 GMT

EUR/JPY drop is halted at 123.60 zone
FXstreet.com | Thu, Mar 18 2010, 04:34 GMT

Reuters Tankan survey shows increased optimism among Japanese corporates
Forex Live | Thu, Mar 18 2010, 04:03 GMT

Gold placid above $1,120.00 overnight
FXstreet.com | Thu, Mar 18 2010, 03:46 GMT

Business confidence falls in Japan
FXstreet.com | Thu, Mar 18 2010, 03:44 GMT

eurusd, eurjpy, highlighted, gbpusd, usdjpy

[ View All ]

Interested in forex trading? forex brokerage firms!


ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
FOREX.com
Contact the broker/FDM
Open a demo account
IG Markets
Contact the broker/FDM
Open a demo account		GO Markets
Contact the broker/FDM
Open a demo account		City Credit Capital (UK) Ltd
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.