Technical Analysis
FX Market Technical Research
EUR/USD will shortly encounter the top of the 7 month channel at 1.3457. this together with the February high at 1.3487 should provoke failure. Initial support is 1.3291, then 1.3237 (near term uptrend) and we suspect will have to fall below this latter level to alleviate immediate upside pressure.
Daily FX Technical Strategy: US Dollar dip helps prop up commodity currencies
Commodity prices are benefiting from the near-term dip in the US dollar. Brent crude has broken bullishly from its contracting range and copper looks set to follow suit, with a similar bullish set-up confirmed on a break above 8660. On the back of this, commodity currencies are also turning positive within range.
Technical Analysis – FX Daily Majors
Today’s highlights: · EURUSD: Clear break above 1.3292/94 negates any defensive bias for a more constructive tone, with risk to the 1.3487/3510 major resistance · GBPUSD: Eyes the Q1 recovery peak at 1.5991, through which opens the door to the Q4 (near 7-month) high, 1.6167 (interim hurdle 1.6090)
FX Market Technical Research
EUR/USD has eroded interim resistance at the 1.3291/1.3325 region (9th February high), and we would allow for an extension of the rally towards the top of the 7 month channel at 1.3463. this together with the February high at 1.3487 should provoke failure. Initial support is 1.3291, 1.3192.
Daily FX Technical Strategy: Eurozone back in the picture
We are concerned by the recent widening of some eurozone spreads such as those of Italy and Spain vs Germany. Although these spreads are well away from the peaks seen earlier this year, the risk is for near-term pressure to remain on the EUR.
European FX Daily – Chop ahead of the Ifo
– JPY underperforms, Asian equities mixed – A decline in the German IFO is likely to weigh on the euro – Further improvement in US activities likely supportive of USD rally
FX Market Technical Research
EUR/USD continues to probe the 1.3291/1.3325 region (9th February high), it remains fairly choppy but ideally we would like to see failure here. A sustained break below intraday support at 1.3140 and the 55 day ma at 1.3130 is needed to further alleviate upside pressure and initiate a slide back to the recent low at […]
Daily FX Technical Strategy: Spring cleaning
As the end of the first quarter looms large, we continue to see background evidence of profit taking across asset classes. At the end of a busy week we are looking for more signs to post today. The AUD looks most vulnerable to recent commodity price weakness with AUD/JPY looking almost certain to post a […]
Technical Analysis – FX Daily Majors
Today’s highlights: · USDJPY: Small “Double Top” through 83.01 favours defensive consolidation with risk down to 81.96 (which we look to hold), before next leg higher (to 85.54).
FX Market Technical Research
EUR/USD rallied towards and again failed just ahead of the 1.3291/1.3325 region (9th February high), we look for this to provoke failure. The market will need to erode intraday support at 1.3140 to further alleviate upside pressure and initiate a slide back to the 55 day ma at 1.3112 en route to the recent low […]
Technical Analysis
The euro rather resilient (so far) to bearish signals coming out of Spain (bank CDS’s took off yesterday, bearish key day reversal in IBEX), JPY – the stage is set for a comeback (EURJPY bearish key day reversal, USDJPY double top?, AUDJPY retreating, JPYSEK false downside break),
Technical Analysis – FX Daily Majors
Today’s highlights: · EURUSD: Near-term down trend reversal reinforced by probe above initial 1.3192 recovery target. A less negative tone, but only above 1.3292 shifts to a more positive bias