Currency Matrix
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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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Published On Mon, Jun 16 2008, 11:22 GMT - Currency Matrix
Published On Sun, Jun 1 2008, 16:12 GMT - Currency Matrix
Published On Mon, May 26 2008, 10:42 GMT - US Dollar Matrix
Published On Sun, May 18 2008, 22:48 GMT - Currency Matrix
Published On Sun, May 11 2008, 11:34 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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