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The 9−day moving average at $1.6221 might limit the downside this morning

Thu, Jun 4 2009, 13:08 GMT
by Benny Menashe

Finotec Group Inc.


MIZUHO

EURO/DOLLAR: "Reversing Tuesday's gains, doing wonders for the overbought situation. Two-way price action should help to push implied volatility higher. Expect consolidation under yesterday's high at $1.4339 today and maybe Friday too."

EURO/YEN: "Blipping to new a high for this year at 138.02 yen, above April's at 137.42, and forming a poor version of a 'bearish engulfing' candle yesterday. This suggests Yen crosses will hold below yesterday's highs today and tomorrow, maybe even throughout the month of June. In other words, still very difficult trying to establish where the daily ranges will be."

DOLLAR/YEN: "Obviously prices cannot hold inside the current range forever, and we continue to feel that the Ichimoku 'cloud' should eventually force it lower. Expect even more of the same today as the Yen looks for direction."

STERLING/DOLLAR: "Stopping exactly at the bottom edge of the weekly Ichimoku 'cloud' and should hold below here today and tomorrow, maybe next week too. However, the 9-day moving average at $1.6221 might limit the downside this morning."


Finotec  | Global financial trading center, 1 Grivas Digheni and Chrysanthou, 3035 Mylona P.O.B 58007, Limassol
http://www.finotec.com/ | support@finotec.com

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FINOTEC Trading’s Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.

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