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Retreating from the weekly Ichimoku 'cloud' and the 26−week moving average

Tue, May 19 2009, 08:00 GMT
by Benny Menashe

Finotec Group Inc.

SEB

EURO/DOLLAR: "The market failed to uphold gains made during the whippy week and closed on an offered note. The one-month and 200-day average coincides well with the upper end of the 3-month high/low/closing EMA grid in the $1.3370/1.3415-area which works as support likely to be tested."

DOLLAR/YEN: "A near-term bullish 'head & shoulders' formation is completed, setting the price objective to just above 84.00 yen -- which if passed would put the May 5/7 highs at 84.60 in harm's way. Key near-term support at 82.30 should shore up any losses to maintain near-term upside bias."

EURO/YEN: "Four days out of five saw sellers scoring lower closes than opens and five days of five lower session lows -- concluded with a bearish engulfing line as a continuation pattern. It's now fair to assume the wide 124.35/126.00 yen area will see action soon, without excluding a 100 percent extension towards 121.75. Initial resistance at 128.30/50. Trailing stops on shorts likely at/above 131.25."

MIZUHO

EURO/DOLLAR: "Retreating from the weekly Ichimoku 'cloud' and the 26-week moving average. Expect the euro to re-group this week for another re-test of increasingly important resistance around $1.3700."

DOLLAR/YEN: "Lowest weekly close since late February and now flirting around the 50 percent Fibonacci support area. It will probably try, not very successfully, to hold between here and the March low at 93.55 yen this week. Then down again."

STERLING/DOLLAR: "Buy at $1.5150; stop well below $1.5000. Add to longs on a sustained break above $1.5375 for $1.5500 short term and then $1.5725/1.5800."

EURO/YEN: "'Bearish engulfing' weekly candle against Fibonacci resistance, ahead of a very large Ichimoku 'cloud'. This adds weight to our view that over the next few weeks there is a good chance that Yen crosses will drop, keeping them within the very broad band that has held since October. This pair should retreat to the 126.00 yen area, maybe more.

Published on  Tue, May 19 2009, 13:03 GMT