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Dukascopy Morning Forex Overview : 21/05/2012
Fundamental Analysis
EUR
"Fears of a Greek exit from the euro zone and the negative consequences from that are prevailing"
- Ben Kwong, KGI Asia
European stocks edged lower after Fitch downgraded Greece’s credit rating to ‘CCC’, implying that the country is vulnerable and highly dependent on favourable economic conditions to fulfill its financial obligations.
USD
"If there were scope to do another twist of some type it would be prudent to consider it, especially in the scenario where things are worse and the Fed feels like it needs to move"
- Nathan Sheets, Citigroup Inc.
Fed policymakers might potentially launch another round of Operation Twist rather than a direct asset purchases in case of increased risks or further weakening of the US economy.
GBP
"We must work together to give ...
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SunBirdFX Daily Market Analysis : 05/21/2012
www.sunbirdfx.com
The bearish momentum in Wall Street continued last week as indices shed 4%-5% during the week. The sharp declines were expected from the technical analysis point of view, since the main indices broke significant support in their daily charts, which we have analyzed and marked as key levels. The S&P 500 broke the support at 1350 points and reached the target we set at 1300 points, mainly because of the collapse of the financial sector. The volumes are increasing, which means that the sellers are gaining power, in spite improving economic data and the optimism that spread with Facebook trading on Friday. The three main indices are close to the annual opening levels as NASDAQ's next support is at 2400 points.
EUR/USD
We have been mentioning the support at 1.30 as a ...
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No News is good News, or?
MORNING BRIEFING: No News is good News, or?
What’s new:
Asia: Awaiting news from Greece and potential spill-over effects. JPY offered on speculation that BoJ will add stimulus to boost growth.
United States: Risk aversion moved flow from stocks to treasuries. 10yr generic fixed income futures in all-time highs at 133-27. USD weak on Friday.
G8: Another round of talk, but no action on Greece.
Europe: Slightly negative across the board in stocks. Only Spain managed to recover some of the losses, closing up 0.4%. EUR/USD re-visiting 1.28+ this morning.
Rates in Asia and Indices:
EUR/USD 1.2742 1.2813 -0.04 %
USD/CHF 0.9375 0.9422 -0.07 %
GBP/USD 1.5795 1.5839 -0.02 %
USD/JPY 79.03 79.31 -0.34 %
EUR/CHF 1.2010 ...
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Technical analysis of the USD/CHF pair on May 21th, 2012
Commentary of the USD/CHF pair :
The pair USD/CHF has tested last friday the resistance at 0.95 and then a correction occured.
The pair is currently testing a pullback on the support at 0.94 and just broke its bullish slant (black line).
Indicators are globaly bearish.
We continue to advise long positons as far as 0.94 is support.
A return above 0.9450 will comfort our bullish feeling.
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 18th, 2012
USD/CHF Analysis
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Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
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Technical analysis of the EUR/JPY pair on May 18th, 2012
Commentary of the EUR/JPY pair :
A bearish rally occured on the pair EUR/JPY who broke the supports are 102 and 101, giving both a new sell signal.
The pair is now moving below the lower band of its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positions as far as 102 is resistance.
The breakout of 100 will give a new sell signal and open the way towards 99.
In case of return above 102, we will wait the breakout of 103 to advise long positions.
See the previous analysis of the EUR/JPY pair of May 17th, 2012
EUR/JPY 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 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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