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Above A Resistance LevelTitle:
Dukascopy Morning Forex Overview : 05/18/2012
Fundamental Analysis
EUR
"Spain, once again, is where the confidence game is played"
- Sebastian Paris Horvitz, strategist at HSBC Private Bank Suisse
Spain sold the maximum targeted amount of debt, 2.5 billion euros, during yesterday’s auction with spiking borrowing costs. The interest rate of three-year bonds rose to 4.373% from April’s figure of 2.89% while interest rate of five-year bonds surged to 5.106% from 3.374 in March.
USD
"What we’re seeing in foreign-exchange markets is strong demand for the U.S. dollar"
- Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA
Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised ...
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SunBirdFX Daily Market Analysis : 05/18/2012
www.sunbirdfx.com
The US stock markets keep falling as NASDAQ shed 2.1% yesterday and Dow is close to erase everything it gained since the beginning of the year. The investors will focus on Facebook, which will start trading today for the first time.
GBP/USD
The collapse of the stocks makes the investors to move their investments to the USD, as many believe that the American economy is the more stable than the European economies. Therefore, the USD is strengthening against most of the major currencies, which fall sharply because of that. The pound reached the target we set for the current bearish session at 1.58 and stochastic low levels indicate for a possible correction that might hit 1.59. Nevertheless, if the stocks continue falling, we will probably see additional break-down by the ...
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Technical analysis of the EUR/GBP pair on May 18th, 2012
Commentary of the EUR/GBP pair:
The pair EUR/GBP has continued its rebound and is currently testing a pullback on the resistance at 0.8050.
All indicators are bullish.
The bearish gap which ocurred at the opening is still not filled in.
All indicators are bearish.
The pair is still moving into a bearish channel (purple lines).
We continue to advise short positions as far as 0.8050 is resistance.
A return below 0.80 will comfort our bearish feeling.
The breakout of 0.7950 will give a new sell signal and open the way towards 0.79.
In case of return above 0.8050, we will be neutral between this level and 0.81.
The breakout of 0.81 will give a buy signal.
See the previous analysis of the EUR/GBP pair of May 17th, 2012
EUR/GBP Analysis
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Technical analysis of the GBP/JPY pair on May 18th, 2012
Commentary of the GBP/JPY pair :
A bearish rallye occured on the pair GBP/JPY who broke the supports at 127.70/126.70/126, giving all a new sell signal.
Currently, the pair is testing the next support at 125.
The pair is moving below the lower band of its falling wedge (purple lines)/
All indicators are bearish.
We continue to advise short positions as far as 126.70 is resistance.
The breakout of 125 will give a new sell signal and open the way towards 124.
In case of return above 126.70, we will be neutral between this level and 127.67.
The breakout of 127.67 will give a new buy signal.
See the previous analysis of the GBP/JPY pair of May 17th, 2012
GBP/JPY Analysis
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Technical analysis of the GBP/USD pair on May 18th, 2012
Commentary of the GBP/USD pair :
A bearish rallye occured on the pair GBP/USD who broke the supports at 1.59 and 1.5823, giving both a new sell signal.
All indicators are bearish.
Currently, the pair is testing the next support at 1.5750.
We continue to advise short positions as far as 1.59 is resistance.
The breakout of 1.5750 will give a new sell signal and open the week towards 1.57 and 1.5650.
In case of return above 1.59, we will be neutral between this level and 1.60.
The breakout of 1.60 will give a buy signal.
See the previous analysis of the GBP/USD pair of May 17th, 2012
GBP/USD Analysis
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Technical analysis of the NZD/USD pair on May 18th, 2012
Commentary of the NZD/USD pair :
The pair NZD/USD has continued its bearish movement and the breakouts of 0.7668 and 0.76 both gave us a new sell signal.
The pair is now moving below the lower band of its bearish channel (purple lines).
The opening gap is still not filled in.
All indiactors are bullish.
Currently, the pair is testing the support at 0.7550.
We continue to advise short positions as far as 0.77 is resistance.
The breakout of 0.7550 will give a new sell signal and open the way towards 0.75 and 0.7450
In case of return above 0.77, we will be neutral between this level and 0.78.
The breakout of 0.78 will give a buy signal.
See the previous analysis of the NZD/USD pair of May 17th, 2012
NZD/USD Analysis
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Technical analysis of the USD/CHF pair on May 18th, 2012
Commentary of the USD/CHF pair :
The pair USD/CHF has continued its bullish movement and broke the resistance at 0.9450, giving us a new buy signal.
The opening gap is still not filled in.
All indicators are bullish.
The pair is still moving above its bullish slant (black line).
We continue to advise long positons as far as 0.94 is support.
The breakout of 0.95 will give a new buy signal and open the way towards 0.9550.
In case of return below 0.94, we will be neutral between this level and 0.9350.
See the previous analysis of the USD/CHF pair of May 17th, 2012
USD/CHF Analysis
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Technical analysis of the USD/JPY pair on May 18th, 2012
Commentary of the USD/JPY pair :
A strong bearish movement occured yesterday on the pair USD/JPY who got out of the range 80.09/80.41 from the bottom, giving us a sell signal.
All indicators are bearish.
Currently, the pair is testing the support at 79.26.
The pair is moving just above the upper band of its bearish channel (black lines) and seems to take support on a bearish slant (purple line).
We continue to advise short positions as far as 80.09 is resistance.
The breakout of 76.26 will give a new sell signal and open the way towards 78.50.
In case of return above 80.09, we will be neutral between this level and 80.41.
See the previous analysis of the USD/JPY pair of May 17th, 2012
USD/JPY Analysis
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Greece + Spain
Majors resumed the bearish tone against the greenback after a slight recovery with the start of the trading session, where the U.S dollar headed to new highs and continues to bag meaty gains against its major counterparts. The overall scene is clearly derived by Greek jitters, while a care-taker government leads the country until June’s fresh elections. It seems that markets have already started the pricing process of a Greece exit; if that is true, the selloff we have seen is just the beginning.
Spain weighed on markets as well, the country dipped technicaly into recession as the economy contracted by 0.3% in the first quarter which is the second consecutive contraction. while Moody`s rating agency plans an immenent yp to 21 Spanish banks downgrades according to Spanish newspaper ...
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