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Daily Technical Analysis

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EUR: Attempt small longs at 1.3845

Tue, Jun 23 2009, 06:56 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: A waste of time as prices creep across the page around the moving averages. Expect more of the same today.

Strategy: Attempt small longs at 1.3845; stop well below 1.3740. Short term target 1.4050.


EUR/JPY

Comment: Testing the middle of the range that has held since March and trendline support. It is just a matter of time before we drop to the Ichimoku ‘cloud’ and break below it because the cloud is thin. Over the next few weeks we favour a drop to the 126.00 area.

Strategy: Sell at 131.85, adding to 133.45; stop well above 134.00. Short term target 130.00, then 126.00.


GBP

Comment: Little to add as we hold within a right-angled ‘triangle’ well above a sharply-rising Ichimoku ‘cloud’. Expect a bit more hesitation and consolidation this week, with a weekly close above 1.6600 needed to take bullish momentum back up to the very strong levels of early June.

Strategy: Attempt small longs at 1.6255; stop well below 1.6070. First target 1.6500, then 1.6600 and more long term.


JPY

Comment: Attempt small longs at 1.6255; stop well below 1.6070. First target 1.6500, then 1.6600 and more long term.Dropping towards 94.00, the middle of the range so far this year. Price action since March looks increasingly top-heavy and momentum has just turned bearish. If not this week then within the next three we favour a test of trendline support (and eventually a break below here).

Strategy: Sell at 95.17 but be prepared to add to 96.00; stop above 97.35. First target 94.55, re-selling on a sustained break below 95.40 for 94.00/93.85.

Published on  Tue, Jun 23 2009, 07:03 GMT


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Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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