Currency Matrix

Currency Matrix

Sun, Apr 20 2008, 10:46 GMT
by William Basa

Global Market Research, Inc. (GMR)


OVERVIEW: The strongest trending market remains MXN, still in a full-blown weekly downtrend (at 10.5402/10.5404 this week) and pushing toward its combined expiring April/developing May supports at 10.3936/10.3760. Although that area should generate a bounce, the larger Q2 target remains deeper at 10.2176. The other current trending markets are $/JPY, freshly bullish (above 101.78 this week) and likely headed for Q2 resistance at 105.85, and Aussie$, also newly trend up above .9248/30 and headed for its April/May zone at .9439/53. Direction elsewhere is less clear, with Euro direction hinging on weekly/May zone at 1.5860/70 – above to 1.6060; below to 1.5555 – and Sterling having turned neutral last week, with widespread weekly setup from 2.0035/80 to 1.9685/30. Finally, $/CAD is also neutral after an outside week – but with developing May resistance levels at 1.0116 and 1.0248 hinting at further downside to come.

Published on  Sun, Apr 20 2008, 10:50 GMT

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