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Technical analysis of the EUR/JPY pair on May 10th, 2012
Commentary of the EUR/JPY pair :
The pair EUR/JPY has validated yesterday the breakout of 103.50, offering a new sell signal.
The pair just found support on 103 and is currently trying to rebound.
All indicators are bearish.
The pair is still moving below a bearish slant (purple line).
We continue to advise short positions as far as 104 is resistance.
The breakout of 103 will give a new sell signal and open the way towards 102.
In case of return above 104, we will wait the breakout of 104.50 to advise long positions.
See the previous analysis of the EUR/JPY pair of May 9th, 2012
EUR/JPY Analysis
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USDA to see global grain stocks on rise at last: analysts
(Reuters) - Global stockpiles of corn and soybeans are set to rise next autumn after years of thinning inventories, the U.S. Agriculture Department was expected to say on Thursday, offering hope for a break in the cycle of surging food prices.
A breakneck start on planting the U.S. corn crop and timely rains in the drought-hit wheat fields of the southern Plains may encourage the USDA to estimate higher-than-average yields, analysts said ahead of the first USDA report to project crops and ending stockpiles for the 2012/13 crop year.
And while this year's outlook for soybeans is likely to be cut for a fifth month in a row due to drought in South America, analysts expect stockpiles to rebound to 65.4 million tons (59.3 million metric tonnes) next year, the highest in two years. The current ...
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Market Drivers - Currencies : 09/05/2012
Today's Comment
Yesterday the gold price was 'tested' and breached initially an important long-term trend level at 1620. Today's chart shows that gold and EURUSD have shown a high degree of positive correlation for a long period of time. What fuels what in the long term (causality) is debatable, but we have checked the past six significant tops/bottoms (over the past year we see the same trend). In five out of six instances (one observation is debatable), gold topped/bottomed 1 – 14 days before EURUSD (average 7 days). Without offering a view on the underlying cause, this means that if gold continues to fall from here, EURUSD will continue to fall. If we see that gold forms a bottom, investors should (if the 'theory' holds true) close their EURUSD positions. Incidentally, the broad ...
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Technical analysis of the XAU/USD (Gold) pair on May 9th, 2012
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD has suddenly validated the breakout of 1630 and 1620 points, offering new sell signals.
The pair is currently testing the support at 1600 points and also the lower band of its medium term bearish channel (purple lines).
All indicators are bearish.
We maintain to trade only short positions as far as 1630 points is resistance.
The breakout of 1600 and 1580 will both give a new sell signal and open the way towards 1550 points.
In case of return above 1630 points, we will wait the breakout of 1650 to advise long positions.
See the previous analysis of the XAU/USD pair of May 8th, 2012
XAU/USD Analysis
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Technical analysis of the AUD/USD parity on May 9th, 2012
Commentary of the AUD/USD parity:
The pair AUD/USD has validated the breakout of 1.0150 and 1.01, offering both a new sell signal.
The pair is now back into its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positions as far as 1.0150 is resistance.
The breakout of 1.0050 will give a new sell signal and open the way towards 1.0.
In case of return above 1.0150, we will wait the breakout of 1.02 to advise long positons.
See the previous analysis of the AUD/USD parity of May 8th, 2012
AUD/USD Analysis
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Technical analysis of the EUR/GBP pair on May 9th, 2012
Commentary of the EUR/GBP pair:
The pair EUR/GBP has just validated the breakout of the support at 0.8050, offering a new sell signal.
All indicators are bearish.
The pair is still moving into a bearish channel (purple lines).
We continue to advise short positions as far as 0.8125 is resistance.
The breakout of 0.80 will give a new sell signal and open the way towards 0.7950.
In case of return above 0.8125, we will be neutral between this level and 0.8150.
The breakout of 0.8150 will give a buy signal.
See the previous analysis of the EUR/GBP pair of May 8th, 2012
EUR/GBP Analysis
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Technical analysis of the EUR/USD pair on May 9th, 2012
Commentary of the EUR/USD pair :
The pair EUR/USD just validated the breakout of the support at 1.30, offering a new sell signal.
The pair is currently testing the lower band of its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positons as far as 1.3070 is resistance.
The breakout of 1.2950 and 1.29 will both give a new sell signal.
In case of return above 1.3070, we will wait the breakout of 1.31 to advise long positions.
See the previous analysis of the EUR/USD pair of May 8th, 2012
EUR/USD Analysis
Title:
Euro eases but possible short covering may lend support
(Reuters) - The euro eased on Tuesday but stayed above the previous day's three-month low, with the potential for short covering seen offering the currency some support even as political uncertainty in Greece clouded its outlook.
The single currency dipped 0.1 percent from late U.S. trade on Monday to $1.3035, but stayed well above Monday's trough near $1.2955, its lowest level since late January.
The euro came under pressure on Monday after elections in Greece and France cast doubt on the ability to push through austerity plans regarded as key to tackling the euro zone debt crisis.
"This seems to me like a pretty serious situation," said Satoshi Okagawa, senior global markets analyst at Sumitomo Mitsui Banking Corp. in Singapore, referring to the election results and political ...
Title:
Euro dips but market positioning may lend support
(Reuters) - The euro eased on Tuesday but stayed above the previous day's three-month low, with market positioning seen offering the currency some support even as worries over political uncertainty in Greece clouded its outlook.
The single currency dipped 0.1 percent from late U.S. trade on Monday to $1.3043, but stayed well above Monday's trough near $1.2955, its lowest level since late January.
The euro had initially come under pressure on Monday after the outcome of elections in Greece and France cast doubt on the ability to push through austerity plans regarded as key to tackling the euro zone debt crisis.
"This seems to me like a pretty serious situation," said Satoshi Okagawa, senior global markets analyst at Sumitomo Mitsui Banking Corp. in Singapore, referring to the election ...
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