Forex Charts
Chart Watch – USD/CAD looks to be at the beginning of a new uptrend
USD/CAD’s May low at .9448 most likely marks the end of its 2009-2011 bear market with the 1.0208 2009 trough being the six month upside targets and the 200 week moving average at 1.0592 being the one year upside target.
FX DAILY STRATEGIST: Europe – 21 June 2011
Greek confidence vote to send EUR higher. More work to do on private investor participation to convince investors, ratings agencies. US existing home sales likely to highlight the weak US housing sector, keeping UST yields below 3%.
HSBC: Currencies: Technical Analysis: EUR-USD bounce should fail
The anticipated bounce in EUR-USD is testing resistance. The critical level for the immediately bearish wave count is 1.4696 but the rally should fizzle out before then. Bonds continue to emit a slightly bullish structure.
Daily Forex Outlook: Private lenders’ voluntary burden
EUR/USD (1.4330) Wolfgang Schauble, Germany’s finance minister, suggested yesterday that a stable euro should be motivation enough for the private sector to agree to a Greek debt rollover.
Technical Analysis – FX Daily Majors
Today’s highlights: EUR/USD: “Inside” Monday resilience to push through modest 1.4344 hurdle today for a neutral theme. Above 1.4498 needed to turn the tone more constructive though GBP/USD: Recovery from the vicinity of the Head & Shoulders neckline (now 1.6119) rejects a more bearish quarter-end theme and looks to recovery targets at 1.6444/72
Technical Alert: Slightly better risk appetite
Risk appetite looks slightly better ahead of the European open today, but the upcoming Greek vote of no confidence is the key event all are waiting for…
The rouble basket is trying to form a significant bottom
EUR/PLN: Trades at its pivot around 3.9950 and bangs against the 3.9911/4.0098 area which should cap. EUR/HUF: Is seen bouncing off the 265/263.06 support zone but should stall around the May 271.15 high.
HSBC: Currencies: Currency Weekly: GBP – between a rock and a hard place
GBP is caught in the crossfire between negative developments surrounding the EUR and USD. When Eurozone sovereign risk is dominating market focus, GBP outperforms the EUR but underperforms the USD.
FX DAILY STRATEGIST: Europe – 20 June 2011
While Germany has softened its stance on the debt swap issue, overall risk appetite remains dependent on developments on Greece. FOMC this week likely to use “extended period” language of both rates and balance sheet. Likely diverging RBA, BoE minutes suggest further downside for GBPAUD.
Technical Analysis: Technical Alert
After Thursday’s big moves Friday became a day of correction/congestion but risk off appears to be back already today. EURUSD’s rejection from 1.4340, the breaking point, turn focus to new lows in the 1.3720/3835-area, EURJPY staying power beneath the cloud will continue to weigh on the pair,
Daily Forex Outlook: It’s the eleventh hour, again
EUR USD (1.4150) Reuters reported yesterday that Germany wants the deadline for a second bailout package for Greece to be pushed back to September. Frau Merkel will meet with French President Nicolas Sarkozy today and try to reconcile their differences over whether to allow for an orderly restructuring of Greek debt.
Technical Analysis: Small correction likely before extening recent moves (away from risk)
Markets in general went too far, too fast over the past sessions. A small correction or at least pause could materialize before hitting against riskier assets again.