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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.
Published on Sun, May 11 2008, 11:36 GMT
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- Currency Matrix
Published On Sun, May 11 2008, 11:34 GMT - Currency Matrix - Week of 5 May 2008
Published On Mon, May 5 2008, 12:02 GMT - Currency Matrix
Published On Sun, Apr 27 2008, 11:42 GMT - Currency Matrix
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Published On Sun, Apr 13 2008, 10:55 GMT
Global Market Research, Inc. (GMR)
| Montpelier, Vermont
http://www.globalmarketresearch.com | FXTechinfo@globalmarketresearch.com
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Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.
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