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Weekly Forex Signals
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GBP/YEN going bearish
Tue, Sep 2 2008, 06:09 GMT
by Benny Menashe
| Long signal | Short signal | |
| Buy on break 201.40 | Sell on failure 201.40 | |
| GBP/USD | Buy on break 199.70 | Sell on Failure 199.70 |
| Buy on failure to break 197.00 | Sell on break 198.00 |
GBP: The pound fell to a record low against the euro after Chancellor of the Exchequer Alistair Darling said the British economy faces the worst slump in 60 years. U.K. house prices fell by the most since at least 2001 in August, London-based property researcher Hometrack Ltd. reported today. Mortgage approvals dropped to the lowest since at least 1999, the Bank of England said. The Bank of England will also keep interest rates unchanged at 5 percent on Sept. 4, according to economists and traders. Traders are paring bets on higher borrowing costs in the U.K.
YEN: The yen rose to the highest level in five months against the euro and rallied versus the dollar as a decline in stocks prompted traders to pare holdings of higher- yielding assets funded in the Japanese currency. The yen climbed to its strongest level in almost a month against the dollar as Hurricane Gustav approached the Gulf of Mexico, halting most oil and natural-gas output from the region. ``Everything points to further yen strength over the rest of the year,'' a Barclays Capital Inc. team of currency strategists headed by New York-based Jordan Kotick wrote in a report today.
Technical
The momentum and the RSI are in a major bearish trend but we see some divergence in the minor trend as the momentum is pointing upward.
The MACD is after a bearish cross when the fast line has broken the zero line and heading downwards. The break of the zero line proves a strong signal for a further downward trend. The prices are trading above the parabolic SAR and broke the 20 and 50 MA lines but the 50 days MA is still pointing down. The Bollinger are indicating a possible expanded move of the prices, downwards, after drifting a bit sideways in the last few months.
The GBP/YEN has been in a bearish trend for the past year
The GBP/YEN has been bullish in the past couple of months
The GBP/YEN is currently in a bearish direction
Published on Tue, Sep 2 2008, 06:16 GMT
Archive
- USD strength appears to end as EUR benefits at 1.5000
Published On Mon, Nov 23 2009, 11:27 GMT - Long-term objectives could see Euro rise against USD
Published On Mon, Nov 16 2009, 12:57 GMT - Sterling regain due to little thrust on U.S. dollar
Published On Mon, Nov 9 2009, 10:08 GMT - USD looking fragile against ineffective Yen
Published On Mon, Nov 2 2009, 09:26 GMT - Uptrend on long term looks certain for Euro
Published On Mon, Oct 26 2009, 10:45 GMT
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