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Looking for direction while trading above an increasingly large, upward−sloping Ichimoku 'cloud'

Tue, Jul 7 2009, 08:40 GMT
by Benny Menashe

Finotec Group Inc.


MIZUHO

EURO/DOLLAR: "Endlessly dreary as we consolidate randomly in a relatively narrow range below the increasingly important $1.4200 level. Until we get a weekly close above here we shall have to allow for yet more random consolidation within the recent range."

DOLLAR/YEN: "Consolidating neatly below the lower edge of the Ichimoku 'cloud' and the moving averages, above trendline support. Hopefully sometime this week we will see a re-test of recent lows at 95.00 yen and then the increasingly important 94.00 area."

STERLING/DOLLAR: "Looking for direction while trading above an increasingly large, upward-sloping Ichimoku 'cloud'. A weekly close clearly above $1.6500 should add to current strong bullish momentum, hopefully with a whole host of currencies pulling in the same direction."

EURO/YEN: "Testing trendline support above a thin Ichimoku 'cloud' but below moving averages. We expect an imminent drop where a weekly close below 132.00 yen would add considerably to downside pressure, potentially setting off a very sharp move lower over the next two weeks."

Published on  Tue, Jul 7 2009, 08:41 GMT


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