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Currency Matrix

Currency Matrix

Sun, May 11 2008, 11:34 GMT
by William Basa

Global Market Research, Inc. (GMR)


OVERVIEW: The situation turns more mixed this week, with the rallies in $/JPY and $/Swiss showing signs of correction (weekly trend fell neutral vs JPY; the setup points lower vs Swiss) at the same time as weekly trend is freshly bearish in Sterling and Euro. Cable remains the single cleanest trade. Bearish weekly trend (sell zone) is at 1.9680/1.9730, with accelerated breakdown risk under May level at 1.9480. A close under there points to 1.9290 for the week; and 1.8975 for May. Euro also points lower on the weekly chart – but with closer weekly downtrend (smaller margin for error) at 1.5520/55 and less breakdown risk for May from 1.5345 to 1.5125. Action above weekly trend in both markets will see a larger jump in resistance. In $/JPY, the weekly setup is neutral from 101.91 to 104.12, with May base at 100.73. $/Swiss keys off weekly pivot at 1.0430/70 – staying below points to 1.0175/65; getting above to 1.0630. Lastly, MXP turned weekly trend from bearish to neutral and should see upside correct to May downtrend at 10.6596/10.6731.

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Global Market Research, Inc. (GMR)  | Montpelier, Vermont
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