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EUR: Attempt longs at 1.4000

Fri, Jul 3 2009, 06:29 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: Messy and we remind that a weekly close above 1.4200 is the absolute minimum needed to confirm an important upside break. Until then we shall have to allow for yet more random consolidation within the recent range.

Strategy: Attempt longs at 1.4000; stop below 1.3900. Short term target 1.4100, then 1.4200.


EUR/JPY

Comment: Looking more top-heavy after yesterday’s decent ‘bearish engulfing’ candle here and on a number of other Yen crosses. Obviously there is still the moving averages, trendline and ‘cloud’ to tackle, but a weekly close below 132.00 would add considerably to downside pressure, potentially setting off a very sharp move lower over the next two weeks.

Strategy: Attempt shorts at 134.65, adding to 135.35; stop above 137.00. Short term target 133.00, then 132.00.


GBP

Comment: Still stuck between a rock and a hard place, trying to break higher but getting zero help from other currencies. A weekly close clearly above 1.6500 should add to current strong bullish momentum.

Strategy: Attempt small longs at 1.6415; stop below 1.6175. First target 1.6550/1.6600.


JPY

Comment: Closing below the lower edge of the Ichimoku ‘cloud’ and the moving averages, adding a tiny amount of bearish pressure. Hopefully we will see a test of the increasingly important 94.00 area some time in the next two weeks.

Strategy: Attempt small shorts at 96.00, adding to 97.00; stop above 97.25. First target 95.50 then 95.00.

Published on  Fri, Jul 3 2009, 06:42 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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