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Currency Matrix
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Currency Matrix
Mon, Jun 16 2008, 11:22 GMT
by William Basa
Global Market Research, Inc. (GMR)
OVERVIEW: The three favorites this week, in order, are $/JPY, Sterling and $/CAD. $/JPY is now trend up on the weekly chart, with an open-ended setup for July and bullish risk for Q3. Buy structure extends from 106.64 to combined weekly trend/July zone at 105.60/39/15. There is nothing above until 110.32 for the week and 112.14 for rest of June. Sterling isn’t officially trend down. But combined open-ended downside risk on both the July (under 1.9615) and Q3 (under 1.9665) points lower. Both are sell levels. Downside this week features intraweek gap from 1.9355 to expiring June level at 1.9120. Lastly, $/CAD is trend up and a nice buy against weekly trend/July support at 1.0091/42. But the weekly setup is neutral and widespread until 1.0332/62 is cleared. Expecting more of a two-way week, but with the emphasis on buying weakness for future rally. Of the others, the most noteworthy risk is in Aussie, where a break under bullish monthly trend at .9339 sees intraweek gap to .9175/07.
Published on Mon, Jun 16 2008, 11:24 GMT
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Published On Mon, Jun 16 2008, 11:22 GMT - Currency Matrix
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Global Market Research, Inc. (GMR)
| Montpelier, Vermont
http://www.globalmarketresearch.com | FXTechinfo@globalmarketresearch.com
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