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Currency Matrix
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Currency Matrix
Sun, Apr 27 2008, 11:42 GMT
by William Basa
Global Market Research, Inc. (GMR)
OVERVIEW: Some significant shifts last week – with potentially another larger one to come (in Sterling) in the week ahead. The main event last week was the downturn in weekly trend in Euro – the first time it is not bullish in 10 weeks. That downturn, combined with the failure to hold above fixed May hurdle at 1.5860, signals a correction lower. Expecting downside to 1.5440 this week and 1.5385 uptrend for May. Trend-wise, weekly trend in $/JPY remains bullish with excellent weekly trend/May support to buy against at 102.73/59. Target is 105.85 this week; likely 107.30 for May. Weekly trend also leans bullish above combined 1.0140/20 zone in $/Swiss, making that a buy for push to 1.0560/90 this week and 1.0765 in May. Sterling is initially neutral, but has a combined Q2/May/weekly breakdown zone at 1.9630/20/10. Falling under there points to 1.9375 for the week and 1.8975 for May/Q2. Lastly, MXP continues to trend lower, but can bounce from May support at 10.3760. Weekly trend turns neutral above 10.5005.
Published on Mon, May 5 2008, 12:07 GMT
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Global Market Research, Inc. (GMR)
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