Technical Analysis
A monthly run through the long-term charts
MAJORS FX: The dollar index violated a medium-term important “B-wave high” at 81.44 and this points closer to prior tops at ~89, but the bullish move wasn’t sustained and the low monthly close somewhat dilutes a bullish stance.
Technical Analysis
AUD @ resistance, NOK/SEK @ support & silver bid EUR/USD – Still stuck in the 55d ma band…AUD/USD – At least short term exhausted…EUR/GBP – Hanging below the flag…
FX Market Technical Research
EUR/USD charted an inside day to leave our outlook unchanged – we remain biased towards failure at 1.3245/50, the 38.2% retracement of the move down from November. However chart action at this juncture is not at all clear.
USD/CHF Technical Analysis
(0,9175) The USD/CHF confirmed further consolidation interior the negative outside day with 0,9265 – 0,9100 still the levels to follow in the coming hours. Only a daily closing above 0,9265 will support a resumption of the move up.
GBP/USD Technical Analysis
(1,5835)The CABLE confirmed a session of consolidation remaining above Tuesday’s top. It formed an inside day with 1,5895 – 1,5680 the levels to follow; a break of the resistance will favour an extension of the move up suggesting a firm test of the 200 days line at 1,5948, where we expect good s/t resistance.
GBP/JPY Technical Analysis
(120,55)The GBP/JPY is confirming further consolidation interior the positive outside day with 121,20 – 119,35 still the levels to follow in the coming hours. The indicators of the daily chart are positive while those of the s/t ones are still showing a mixed picture suggesting further consolidation/ correction.
EUR/GBP Technical Analysis
(0,8305) EUR/GBP confirmed yesterday further consolidation interior the inside day with 0,8400 – 0,8270 still the levels to follow in the coming hours. The closing was however small positive.
EUR/JPY Technical Analysis
(100,15) The EUR/JPY confirmed a session of consolidation interior the previous session’s range forming an inside day with 100,85 – 99,15 the levels to follow. It failed therefore to directly confirm the positive day reversal. Only a daily closing above 100,85 will support higher levels.
EUR/CHF Technical Analysis
(1,2062) EUR/CHF is still consolidating below the 200 hours line today at 1,2063; the holding of this line will favour further weakness, scenery supported by the negative reversals in the hourly chart. In the hourly chart we have a potential reversed S_H_S formation with the neck line at 1,2063!!
EUR/USD Technical Analysis
(1,3150) The EUR/USD confirmed further consolidation interior the positive outside reversal while waiting today’s payroll!! We have therefore 1,3230 – 1,3015 still the levels to follow in the coming hours.
USD/JPY Technical Analysis
(76,19) The USD/YEN is still under heavy pressure suggesting a possible 76 undershooting, especially while below 76,35 on an hourly closing. The indicators of the daily chart are well negative while those of the s/t ones are still showing a mixed to negative picture supporting further consolidation/ weakness.
Technical Analysis: Ending diagonals in Euro Stoxx & Gold
The bear market rally is doing its job and sucking people back into a bullish mindset. But the ending diagonals / rising wedges in Euro Stoxx and Gold are particularly dangerous patterns for bulls as they usually end in sharp down moves.