Currency Matrix

Currency Matrix

Thu, Apr 10 2008, 14:57 GMT
by William Basa

Global Market Research, Inc. (GMR)


OVERVIEW:

The main directional mover is MXN. Fresh bearish downtrends on the weekly and monthly charts, combined with last week’s settle under breakdown levels for both Q2 (10.6148) and April (10.5956), points sharply lower. Minimum targets are 10.3936 for the month (also the closest weekly support) and 10.2176 for Q2. Elsewhere, still looking for countertrend trades to distant monthly trends at 104.47/77JPY, 1.0560CH and 1.5090 uptrend support in Euro.

Weekly trend turned neutral in both $/JPY and $/Swiss (as well as turning bearish in Sterling), indicating those corrections are underway. Of the four majors, $/JPY has the best directional bias this week from 100.70 to 104.47/88. Lastly, Aussie$ has a breakout situation brewing, with inside ranges on both the weekly and monthly charts leaving acceleration points at .9243 resistance (gap to .9439 above) and .9056/37 support (to .9921/08 under there).

Matrix Table

Published on  Thu, Apr 10 2008, 14:57 GMT

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