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BullishTitle:
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 Greeces 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 ...
Title:
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 ...
Title:
Facebook IPO Fails to Make a Dent in the Marketplace
Following weeks of speculation regarding how Facebook's debut on the New York Stock Exchange would turn out, investors were mildly disappointed with the social media site's performance on Friday night. Facebook closed out the week at 37.96, slightly below its opening price. What direction Facebook takes from here is a hotly debated topic among market analysts. Some are warning that the site may be overvalued already, and Friday's disappointing performance could be a sign of things to come. That being said, any moves by Facebook to expand its already massive subscribership could generate excitement in the marketplace which could help boost the value of this site.
Economic News
USD - Dollar Comes off 4-Month High vs. Euro
The US dollar turned bearish against most of its main currency ...
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Technical analysis of the XAU/USD (Gold) pair on May 21th, 2012
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD is currently testing the resistance at 1600 points.
The pair is still moving into its bearish channel (purple lines).
Indicators are getting globaly bullish.
We are neutral between 1580 and 1600 points.
We advise to wait an exit of this range to take position:
- Long above 1600 points. The breakout of 1620 points will give a new buy signal and open the way towards 1650 points.
- Short below 1580 points. The breakout of 1560 points will give a new sell signal and open the way towards 1540 points.
See the previous analysis of the XAU/USD pair of May 18th, 2012
XAU/USD Analysis
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Technical analysis of the NZD/USD pair on May 21th, 2012
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
Title:
Technical analysis of the USD/CAD pair on May 21th, 2012
Commentary of the USD/CAD pair :
1.0230 acted as resistance last friday on the pair USD/CAD.
The pair is moving just below this level and is taking support on the upper band of its bullish channel (black lines).
All indicators are bullish.
We continue to advise long positions as far as 1.01 is support.
The breakout of 1.0230 will give a new buy signal and will open the way towards 1.03.
In case of return below 1.01, we will be neutral between this level and 1.0050.
The breakout of 1.0050 will give a sell signal.
See the previous analysis of the USD/CAD pair of May 18th, 2012
USD/CAD Analysis
Title:
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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Crude down, hits biggest 3-week loss since Aug '11
(Reuters) - Crude oil futures fell more than 1 percent on Friday, down for the sixth straight session, as worsening problems in Greece and Spain raised worries of contagion in the euro zone.
Oil futures fell on the drumbeat from global stock markets, which erased the year's gains as investors pared holdings for safe-haven assets such as gold, on growing concerns about the euro zone debt crisis.
On Wall Street, equities dipped after a messy opening-day trade for social networking darling Facebook (FB.O) failed to lift the spirits of investors. .N
U.S. gasoline futures bucked the day's trend in energy markets, gaining slightly after six days of losses and climbing above its 200-day moving average after falling below that level on Thursday for the first time since February.
Oil investors ...
Title:
RTFX Daily Forex Market comments : 05/21/2012
GBP JPY
It should try higher up to 125.42 - 125.67. Entry point 125.16 or 124.91. After this rise, a correction is expected.
EUR USD
It should try higher up to 1.2781 - 1.2827. Entry point 1.2735 or 1.2709. After this rise, a correction is expected.
USD CHF
There is bearish potential for a fall to 0.9363 while 0.9432 - 0.9451 resist. After this fall a recovery up to 0.9451 or 0.9469 is expected.
GBP USD
It should test 1.5919 area after which a sell off down to 1.5762 or extended to 1.5695 area is expected.
USD JPY
It may meet resistance in 79.07 - 79.18 zone for a drift down to 78.90 zone, after which bounce to 79.35 is anticipated.
USD CAD
Uptrend is still intact in a triangle configuration. It should continue to rally to 1.0225 or 1.0246 if ...
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