Scenarios in the AUD/USD, AUD/JPY, and AUD/NZD
May 15, 2011 by Forex news
Filed under Technical Analysis
The Australian Dollar has been dominating the currency markets with its correlation to gold as well as support from a relatively sound economy. Against the USD, the Aussie has been consolidating since the start of May, and is on a 3-wave decline. The AUD/JPY has been consolidating since April 10,…
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GBPJPY: Vulnerable To The Downside Into The New Week
May 14, 2011 by Forex news
Filed under Technical Analysis
GBP/JPY– The cross continues to face downside weakness following through on the back of previous week losses and increasing the risk of further declines. This development now leaves GBPJPY targeting the 130.19 level, its Mar 23’2011 low where break will open the door for further weakness towards the…
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Has the Weekly EUR/USD Uptrend Finished Correcting?
May 13, 2011 by Forex news
Filed under Technical Analysis
The daily EUR/USD has, by trading below the support of the 34EMA Wave, transitioned out of the uptrend. The question however remains whether or not the current weakness reflects an early look at what could become a downtrend or whether it’s simply a wide, sideways trading range that is developing.
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GBP/USD Furthers Bearish Momentum with Trendline Break Downs
May 13, 2011 by Forex news
Filed under Technical Analysis
GBP/USD (a daily chart of which is shown) as of Friday (5/13/2011) has continued its bearish stance after dropping from its long-term highs near 1.6750 in the beginning of May, and then dropping below a short-term uptrend support line extending back to the late March low. Currently, price has…
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USD/JPY in a Pullback after a Bearish Breakout
May 13, 2011 by Forex news
Filed under Technical Analysis
The USD/JPY formed a complex head and shoulder, or a rounded top if you prefer, in the past Asian session, but found support during the European session.
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GBP/USD capped at 1,6310, back to trendline support
May 13, 2011 by Forex news
Filed under Technical Analysis
Pound’s rebound from1.6240 low seen on early London session has failed to extend above 1.6310, and the pair has given away gains, approaching day low at 1.6240, and likely to retest the uptrend support line from January lows -around 1.6230-.
On the downside, below 1.6225 (May 12 low/trendline sup…
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EUR/USD Maintains Bearish Momentum after 50% Retracement
May 13, 2011 by Forex news
Filed under Technical Analysis
After a break below 1.4130, the market did not confirm the breakout in the US session, and instead rallied to the 50% retracement. By the start of the Asian session however, the 1H chart shows the market rejected at the 50% level at 1.4280. The RSI reading in the 1H chart also remained below 60,…
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Technical Update 5.12.2011 – Status of the USD-Recovery
May 13, 2011 by Forex news
Filed under Technical Analysis
USD strength has been more pronounced in some pairs than others, but undoubtedly has slowed since last week. Let’s take a look at the EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, and AUD/USD to check the status of the current USD-recovery. Notes: EUR/USD – The pullback in the US session stalls a…
