The foreign currencies futures xxx in the Far East after a divergent day of trading on Tuesday, when the commodity currencies and the yen advanced and the European currencies fell.
The Asia/Pacific stock markets, while oil and gold
The short-term outlook is slightly bullish for the European and commodity currencies and marginally bearish for the yen. The medium-term outlook remains bearish for the European currencies and sideways for the yen and the commodity currencies. My model is long all of the foreign currencies futures except for the yen and the pound.
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Good luck!
Cornelius
Overnight:
- Australia: Westpac Consumer confidence for March
- Japan: Machine orders for January
Today’s economic calendar:
- Germany: Trade balance for January
- Germany: Current account for January
- Germany: CPI for February
- France: Industrial production for January
- Italy: Industrial production for January
- Italy: GDP for the fourth quarter (revision)
- UK : Industrial production for January
EUR- MarchLuca Model: Long since February 26
The March euro xxx in the Far East after closing off its lows on Tuesday. The short-term outlook is slightly bullish. The medium-term outlook is bearish but my model is long.
The 21-day moving average resists at 1.3677. The next caps are 1.3737 and 1.3800.
Immediate support is at 1.3573. Below 1.3520, the low of the downtrend is 1.3433.
INDICATORS
Fast stochastics: Sideways
MACD: Bullish
Ichimoku: Bearish
OUTLOOK
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
JPY - March
Luca Model: Short since March 5
The March Japanese xxx in Asia after closing up on Tuesday. The short-term outlook is slightly bearish. The medium-term outlook remains sideways and my model reversed its long signal.
Initial support is at 110.64. The bottom of the Ichimoku cloud follows at 110.02.
Immediate resistance is at 111.28 from the 21-day moving average. Above 111.56, distant resistance is at 112.49.
INDICATORS
Fast stochastics: Bearish (oversold)
MACD: Bullish
Ichimoku: Bullish
OUTLOOK
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Sideways
LONG-TERM: Bullish
GBP - March
Luca Model: Short since March 9 (reversing long since March 5)
The oversold March pound xxx in the Far East after closing off its one-week low on Tuesday. The short-term outlook is slightly bullish though, but any recovery won’t be easy for this week currency. The medium-term outlook is bearish and my model is short.
Initial resistance is at 1.5041. The next caps are 1.5095 and 1.5174. The 21-day moving average resists at a very distant 1.5346.
Immediate support is at 1.4940. The next support is at 1.4877. Distant support is at 1.4778.
INDICATORS
Fast stochastics: Slightly bearish
MACD: Sideways
Ichimoku: Sideways
OUTLOOK
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
CHF - March
Luca Model: Long since February 26
The March Swiss franc xxx in Asia after closing off its low on Tuesday. The short-term outlook is slightly bullish. The medium-term outlook remains bearish, but my model is long.
Immediate resistance is at .9335 from the 21-day moving average. This is followed by .9339 and .9393. Above .9442, distant resistance is at .9525.
Initial support is at .9250. Further support is at .9208. The low of the downtrend is .9176.
INDICATORS
Fast stochastics: Slightly bearish
MACD: Sideways
Ichimoku: Bearish
OUTLOOK
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
CAD – March
Luca Model: Long since February 26
The March Canadian dollar xxx in the Far East after hitting the second high of the uptrend on Tuesday. The short-term outlook is slightly bullish. The medium-term outlook is sideways and my model is long.
The top of the uptrend is .9780. Above .9827, distant resistance is seen at .9898.
Immediate support is at .9730. Further support is at .9697 and .9669. The 21-day moving average supports at .9596.
INDICATORS
Fast stochastics: Slightly bullish
MACD: Bullish
Ichimoku: Slightly bearish
OUTLOOK
NEAR-TERM: slightly bullish
MEDIUM-TERM: Sideways
LONG-TERM: Bullish
AUD – March
Luca Model: Long since February 26
The March Australian dollar xxx in Asia after rallying to at an over 1 ½-month high on Tuesday. The short-term outlook is slightly bullish. The medium-term outlook is sideways and my model is long.
Initial resistance is at .9169. The top of the uptrend is .9275.
Immediate support is at .9091. The next floor is .9050. The 21-day moving average follows at .8972.
INDICATORS
Fast stochastics: Slightly bullish
MACD: Bullish
Ichimoku: Sideways
OUTLOOK
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Sideways
LONG-TERM: Bullish
