Technical Analysis
Markets Outlook – A Material Upgrade to GDP
It’s not just New Zealand’s economic outlook that is looking stronger by the day. So too is its recent economic history.
Asian Currencies Technicals
AUD/USD has continued its move lower after failing at the 21-DMA last Wednesday, and extending losses below the 100-DMA on Friday.
Daily Technical Report
EUR/USD has broken its short-term risingtrendline, suggesting the end of the recentrebound. However, the hourly support at 1.3390(13/11/2013 low) has held thus far and
Commodity currencies continues to be sold off
EUR/USD: The 1.3488 bounce probably completed the mid bodycorrection in just one session (instead of the more normal 2-3 periods) hence downside pressure is now expected toreturn.
Daily Market Technicals
EUR/USD failed to retest the channel base as bulls yesterday were capped by the 5-DMA which is now initial resistance today at $1.3486.
Asian Currencies Technicals
AUD/USD hacontinued its move lower, breaking below the 100-DMA for the first time since mid-Sept with the immediate focus now shifting to a retest of the Sept 5 low at $0.9117.
Daily Technical Report
EUR/USD has broken its short-term risingtrendline, suggesting the end of the recentrebound. A new phase of weakness is favoured.An hourly support lies at 1.3390 (13/11/2013 low).
Dollar’s hot, euros not. Sell commodity currencies.
EUR/USD: So with the final pop up, spiking above the 55d ma band theeight and a half day long correction finally came to an end.
Daily Market Technicals
EUR/USD attempted a break above the $1.3550 level but bulls ailed to sustain the rally into the channel (base now key resistance at $1.3545), weakening daily studies further.
Asian Currencies Technicals
AUD/USD: The move higher failed at the 21-DMA on Wednesday before heading lower and taking out the previous initial support at $0.9360.
Daily Technical Report
EUR/USD has breached the resistance at1.3548 (see also the broken rising channel), buthas thus far failed to hold above it, suggesting apotential false breakout.
Weaker CAD, AUD & SEK looks increasingly likely.
EUR/USD: The move higher hasn’t changed in shape, nor has itchanged direction. It looks correctional and as such it is stillthought to end somewhere near 1.3550.