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Daily Technical Strategist
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EURUSD: Trades Above The 1.4844 level
Fri, Nov 6 2009, 13:01 GMT
by Mohammed Isah
HIGHLIGHTS:
EURUSD: Trades Above The 1.4844 level - The pair remains hesitant giving back its intra day losses to test a high of 1.4917 before closing marginally higher at 1.4876 on Thursday.
USDJPY: Weakness Still Seen - Although USDJPY reversed its intra day losses to close higher on Thursday, while holding below the 91.31 level and within …
EURUSD
EURUSD: Trades Above The 1.4844 level.
EURUSD - The pair remains hesitant giving back its intra day losses to test a high of 1.4917 before closing marginally higher at 1.4876 on Thursday. Though currently trading above its key resistance at the 1.4844 level, a firm hold above there is required to signal further upside strength. Potential for additional higher prices exist towards its Oct 27’09 high at 1.4926 with a loss of that level extending upside gains towards the 1.5000 level, its psycho level and then its YTD high at 1.5062. Beyond there will trigger the resumption of its medium term uptrend now on hold.
Its daily stochremains supportive of this view. On a failure above the 1.4844 level, downside pressure should shape towards the 1.4625 level ahead of its MT rising trendlinecurrently at 1.4593 where we expect a cap. However, if that fails to materialize, price acceleration could develop towards the 1.4479 level, its Oct 02’09 low. On the whole, EUR must maintain above the 1.4844 level to reduce its corrective downside pressure and bring gains towards the 1.4926 and then 1.5000 levels.
USDJPY
USDJPY: Weakness Still Seen.
USDJPY - Although USDJPY reversed its intra day losses to close higher on Thursday, while holding below the 91.31 level and within its falling channel, threats remain to the downside. With weakness currently seen, lower prices should develop towards the 90.06 and the 89.97 levels with a clearance of there targeting the 88.82 level, its Oct 14’09 high where a penetration will put USDJPY in position to head further lower towards its Oct 07’09 low at 88.00. This level serves as a trigger for its ST downtrend resumption. To avert this risk, the pair must break above its Wednesday high at 91.31 level and then towards its Oct 30’09 high at 91.51. Further out, its channel resistance currently at 92.13 comes in as the next upside where a cap is expected if tested. On the whole, though recovering , it is still vulnerable to the downside in the short term.
Published on Fri, Nov 6 2009, 13:09 GMT
Archive
- GBPUSD: TrendlineBreak Highlights The 16514 level
Published On Fri, Nov 20 2009, 11:34 GMT - GBPUSD: Weakening And Testing The 1.6681 Level
Published On Thu, Nov 19 2009, 12:12 GMT - EURUSD: Overall Uptrend Remains Intact
Published On Wed, Nov 18 2009, 12:09 GMT - EURGBP: Bows To The 0.8897 Level, Eyes The 0.8838 Level
Published On Tue, Nov 17 2009, 11:28 GMT - EURUSD: Failure Above The 1.5000 Level Keeps Risk Lower
Published On Fri, Nov 13 2009, 17:14 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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