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There is no gap in the data as the euro retraces 38 percent of the most recent advance

Fri, May 29 2009, 11:35 GMT
by Benny Menashe

Finotec Group Inc.

MIZUHO

DOLLAR/YEN: "Getting a lot more difficult and messy as we rally strongly from fairly pivotal support roughly between 94.00 and 94.50 yen into a very large Ichimoku 'cloud' with moving averages suggesting a short. Hopefully the rally will stall around the 26-day average at 96.83."

EURO/YEN: "Edging to a new recent high as we consolidate above a very large Ichimoku 'cloud' in what we now see as a large 'triangle'. We now favour a slow sideways move over the next week or two, here and in a whole range of other yen crosses."

EURO/DOLLAR: "There is no gap in the data as the euro retraces 38 percent of the most recent advance. We expect it to stabilise today and then re-test recent highs next week."

STERLING/DOLLAR: "From most reviled to favourite son in the space of six months as many re-think and cut sterling positions. Yesterday's 'spike high' after the 'spike low/doji' candles the two previous days underline the fact this market is looking for direction. Cable is overbought but bullish momentum is stronger than it has been since December 2006, there is little point messing around."

SEB

DOLLAR INDEX: "80.98. More bullish development. After having met the ideal correction target (wave C equals A) the market has started to produce the bullish signs we were looking for. We would like to see the market take out the mid body point of last weeks candle, 81.45, as soon as possible to add further topside confidence."

EURO/DOLLAR: "$1.3800. Short lived buyers."

STERLING/DOLLAR: "$1.5906. Up-thrust top ends the correction?"

DOLLAR/SWEDISH CROWN: "7.7300 crown. Bottom gaining confidence."

EURO/SWEDISH CROWN: "10.6750 crown. Eyeing the 10.80/82 key resistance."

EURO/NORWEGIAN CROWN: "8.9280 crown. More upside seen."

AUSTRALIAN DOLLAR/U.S.DOLLAR: "$0.7780. A turn south in the making."

Published on  Fri, May 29 2009, 11:37 GMT