Posts tagged ‘resistance levels’

February 17, 2012


On Thursday Dollar/Yen resumed increasing with 60 pips. The currency couple appreciated from 78.35 to 78.96 yesterday, not matching the negative Interbank sentiment at almost -14%, closing the day at 78.89. This morning the Dollar climbed further against the Yen, reaching 79.18. On the 1 hour chart the upward channel looks good, while on the 3 hour new upward channel has formed. Break above today’s top and nearest resistance 79.18 would encourage further recovery of the Dollar. Immediate support is yesterday’s bottom at 78.35, and consistent break bellow it could strengthen the Yen further down towards next target 77.50. There are no major economic events for Japan today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 79.18 80.00 80.89
Technical support levels: 78.35 77.50 76.62

February 2, 2012

USD/CAD: 1.0006 threatened pre-Wen, 0.9950 expiry today

USD/CAD scaled an intra-day peak a couple of pips shy of 1.0006 (yesterday’s North American session high) ahead of Reuters-reported comments from Chinese Premier Wen Jiabao re: the EFSF/ESM, with 0.9980 marking the subsequent knee-jerk pullback low (0.9983 was today’s Asian session high). Bids are tipped ahead of 0.9950, inclusive of interest at 0.9965 (yesterday’s three-month low). There is a 0.9950 option expiry for today’s 10am ET NY cut (15:00GMT). 0.9961 is the 200-day moving average. A break through 1.0012 (Monday’s low) could spur some short-covering, with 1.0050 among resistance levels beyond (1.0049 was yesterday’s high). WTI oil is currently trading circa $96.95 per barrel, 0.7% lower on the day.

US weekly jobless claims will be revealed at 8.30am ET, alongside US Q4 productivity and unit labor costs US Economic Calendar . Canada’s Jan labour force survey will be released at 7am ET tomorrow (Friday), with Jan’s US employment report ensuing 90 minutes later.