Bearish Slant But

Commentary of the NZD/USD pair : The pair NZD/USD has opened on a small bullish gap but continues to move just above the support at 0.7550. The pair is still moving below the lower band of its bearish channel (dotted purple lines). The bearish movement seems to be lead by a bearish slant (purple line). All indicators are bearish. 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 18th, 2012 NZD/USD Analysis

Commentary of the EUR/JPY pair : The pair EUR/JPY made yesterday a pullback on 106 as resistance. In extension, the pair has reached the fibonacci retracement 23.60% at 106.17 but is currently falling below 105.50. All indicators are bearish. The pair continues to move below a bearish slant (purple line). We continue to advise short positions as far as 106.50 is resistance. The breakout of 105.50 will give a new sell signal and open the way towards 105. In case of return above 106.50, we will wait the breakout of 107 to advise long positions. See the previous analysis of the EUR/JPY pair of May 3rd, 2012 EUR/JPY Analysis

Fundamental Analysis EUR "There are growing fears that the Spanish economy is caught in a pernicious circle" - Nicholas Spiro, managing director of Spiro Sovereign Strategy Spain’s efforts to calm investors with 10 billion euros in savings on education and health spending failed to stem concerns the nation may need additional capital if the economy weakens more than expected. USD "Europe is a temporary concern. The market is signaling they haven’t fixed the whole problem" - James Swanson, chief investment strategist at MFS Investment Management U.S. stocks extended losses on Tuesday as Spain’s plan for more austerity failed to halt drop in bond prices. GBP "We now know that there will not be any new money printing and the rally in European equities appears to be over" - Stewart ...

Commentary of the USD/JPY pair : After a test of the resistance at 83.20, a strong bearish movement occured on the pair USD/JPY who is currently testing the support at 81.83. All indicators are bearish. The pair is now moving below its bullish slant (purple line) but above its former bullish slant (black line). We are neutral on the pair between 81.83 and 82.50. We advise to wait an exit of this range to take position: - Long above 82.50. The breakout of 83.20 will give a new buy signal - Short below 81.83. The breakout of 81.50 and 81 will both give a new sell signal. See the previous analysis of the USD/JPY pair of April 2nd, 2012 USD/JPY Analysis

Commentary of the NZD/USD pair : The pair NZD/USD has gain tested yesterday the support at 0.8150 but a rebound occured and the pair got back above its bearish slant (purple line). Indicators are mitgated. We continue to advise short positions as far as 0.8250 is resistance. The breakout of 0.8150 will give a new sell signal and open the way towards 0.8080. In case of return above 0.8250, a buy signal will be given. See the previous analysis of the NZD/USD pair of March 29th, 2012 NZD/USD Analysis

Commentary of the USD/CHF pair : The pair USD/CHF is currently testing the support at 0.9024, after a pullback yesterday on 0.9084. Indicators are globaly bearish. The pair broke yesterday its bearish slant (purple line) but just got back below this slant. We continue to advise short positions as far as 0.9137 is resistance. The breakout of 0.9024 will give a new sell signal and open the way towards 0.8941. In case of return above 0.9137, we will be neutral between this level and 0.9164. The breakout of 0.9164 will give a buy signal. See the previous analysis of the USD/CHF pair of March 29th, 2012 USD/CHF Analysis

Commentary of the NZD/USD pair : The pair NZD/USD has tested yesterday the resistance at 0.8250 but finaly broke the support at 0.82, giving us a sell signal. The pair is currently testing as support a former bearish slant (purple line). Indicators stay globaly bullish. We continue to advise short positions as far as 0.8250 is resistance. The breakout of 0.8150 will give a new sell signal and open the way towards 80.80. In case of return above 0.8250, a buy signal will be given. See the previous analysis of the NZD/USD pair of March 27th, 2012 NZD/USD Analysis

Commentary of the USD/JPY pair : The pair USD/JPY continues to test the support at 82.50 but broke one of its bullish slant (purple line). All indicators are bearish. The pair is still moving above a former bullish slant (black line). We continue to advise long positions as far as 82.50 is support. A return above 83.20 will comfort our bullish feeling. The breakout of 84 will give a new buy signal and open the way towards 84.50 and 85. In case of return below 82.50, we will be neutral between this level and 81.83. The breakout of 81.83 will give a sell signal. See the previous analysis of the USD/JPY pair of March 23th, 2012 USD/JPY Analysis

The pair GBP/USD has finaly made a false breakout of the support at 1.5345 and so the bullish trend was not put in danger. A strong bullish rally occured and the breakout of 1.56 gave us a buy signal. The pair is moving again above its long term bullish slant (black line). The next resitance at 1.5912 has been already tested but led to a correction. The breakout of this level will give a new buy signal and open the way towards 1.6132. The trend will remain bullish as far as the slant is support. In case of breakout , we will be neutral between 1.56 and 1.5345. If this last level is broken, this will indicate a return of the bearish trend. Previous GBP/USD Daily Analysis - January 2012