Posts tagged ‘low’

February 16, 2012

GBP/USD Hardly Holding Above 1.564

On Wednesday Pound/Dollar traded within almost 70 pip range. The Cable depreciated from 1.5737 to 1.5669 yesterday, in converse with the positive Interbank sentiment at above +35%, closing the day at 1.5691. Today the British Pound descended slightly further down to 1.5658. On the 1 hour chart range trading is forming, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday’s peak at 1.5737. Break above it should extend the bullish movement further towards 1.5861. The nearest support level is today’s bottom at 1.5658. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5536. There are no major economic events for UK today. Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.5737 1.5861 1.6000
Technical support levels: 1.5658 1.5536 1.5400

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February 16, 2012

EUR/USD Continues to slide in favor of short trades

“Shorts are in play and price continues to slide intraday. Lows at 1.2992 are under pressure but hourly studies are oversold. Daily charts retain a bearish bias and favor further weakness. The lower Bollinger at 1.2935 is the next port of call eyed on the downside. Stops are above 1.3100. (AS)”

February 15, 2012

USD/CAD: Risk of a drop towards the Oct low at 0.9892 remains

By commerzbank

USD/CAD continues to oscillate around the 200 day moving average at 0.9985 and has done so for over one week, comments Karen Jones, analyst at Commerzbank. “Scope remains for a slide back to the October low at 0.9892 which is expected to hold the downside”.

According to the analyst, the market will find initial resistance at the December low and the 3rd January low at 1.0049/73, but key short term resistance is the 55 day ma and the 3 month downtrend at 1.0149/46. “This will need to be overcome for immediate downside pressure to diminish, something which is not likely to be seen this week, however”, said Jones.

“Only an unexpected drop and two daily closes below the October low at 0.9892 would point towards further range trading with a bearish bias, something we do not envisage happening at present”, Commerzbank analyst concluded.