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Parity Broke The ResistanceTitle:
Dukascopy Morning Forex Overview: 14/10/2010
Previous session overview
The dollar tumbled against a wide range of currencies Thursday after a surprise decision by the Monetary Authority of Singapore to tighten its monetary policy, in sharp contrast with expectations for the Federal Reserve to ease policy further next month.
At a semi-annual meeting Thursday morning, the Singapore central bank surprised many economists by effectively tightening policy, widening and increasing the slope of the Singapore dollar's trading band. At the same time, the authorities said they were maintaining a policy of "modest and gradual appreciation" of the local dollar.
There was a clear knock-on effect through Asia's currency markets. The dollar quickly fell to JPY81.46 from JPY81.85 just before the move. As the selling pressure continued, the dollar ...
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Technical analysis of the EUR/CHF parity on October 14th, 2010
Commentary of the EUR/CHF parity:
The parity just fake a breakout of the resistance at 1.34. All indicators are now mixed. We advise to trade only short positions as far as 1.34 is resistance. The breakout of 1.33 will give a new sell signal. However, if 1.34 is broken, we could trade long positions as far as 1.3350 will be support.
See the previous analysis of the EUR/CHF parity of October 13th, 2010
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Technical analysis of the EUR/USD parity on October 14th, 2010
Commentary of the EUR/USD parity :
The parity broke the resistance at 1.40, offering a new buy signal. The price is now moving towards the next resistance at 1.42. The last bullish slant is now acting as resistance. 1.41 is a minor resistance. All indicators are bullish. We maintain to trade only long positions as far as 1.3950 is support. A pullback on 1.40 is possible as far as 1.41 is resistance. THe breakout of 1.41 and 1.42 will both give new buy signals.
See the previous analysis of the EUR/USD parity of October 13th, 2010
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Technical analysis of the GBP/JPY parity on October 14th, 2010
Commentary of the GBP/JPY parity :
The parity is currently testing a pullback on 130. We maintain to trade only short positions as far as 130.33 is resistance. The breakout of 129 will give a new sell signal. However, if 130.33 is broken, we will stay neutral. Only a return above 130.86 will allow us to trade long positions (indeed, the parity is moving into a bearish channel).
See the previous analysis of the GBP/JPY parity of October 13th, 2010
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Technical analysis of the GBP/USD parity on October 14th, 2010
Commentary of the GBP/USD parity :
The parity got out of its range (1.5788 - 1.5850 ) from the top and so a buy signal has been given. Then, a strong bullish movement followed and the breakout of 1.5918 gave us a new buy signal. Currently, the parity is testing the breakout of 1.5973 (major resistance). If validated, a new sell signal will be given. We maintain to trade only long positions as far as 1.5940 is support. If this level is broken, we will stay neutral.
See the previous analysis of the GBP/USD parity of October 13th, 2010
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Technical analysis of the AUD/USD parity on October 13th, 2010
Commentary of the AUD/USD parity:
The parity fake a breakout of the support at 0.98. Indicators are getting globaly bullish. We maintain to trade only long positions as far as 0.98 is support. The breakout of 0.99 will give a new buy signal. The next resistance is at 1.0. However, if 0.98 is broken, we will be neutral. The correction could then pursuit towards 0.9750 or lower.
See the previous analysis of the AUD/USD parity of October 12th, 2010
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Technical analysis of the EUR/GBP parity on October 13th, 2010
Commentary of the EUR/GBP parity:
The parity found support on 0.87 to make its return above 0.8750 and then broke the resistance at 0.88 (new buy signal). All indicators are now bullish. The price continues to move into its bullish channel. We maintain to trade only long positions as far as 0.8775 is support.
See the previous analysis of the EUR/GBP parity of October 12th, 2010
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Technical analysis of the NZD/USD parity on October 13th, 2010
Commentary of the NZD/USD parity :
After a false breakout of 0.75, the bullish movement finaly took up. The return above 0.75 gave us a buy signal. THen, 0.7550 has been broke,, giving us another buy signal. We maintain to trade only long positions as far as 0.7528 is support. THe breakout of 0.76 (major resistance) will give a new buy signal. However, if 0.7528 is broken, we will be neutral.
See the previous analysis of the NZD/USD parity of October 12th, 2010
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Forex - Markets Cautions Ahead of FOMC Minutes
The US QE debate continues to drive asset prices - specifically Gold up and USD down. While the recent discord has revolved around the size of the Fed’s potential stimulus spurred by the disappointing ADP figures, we are hearing more dissenting opinions which are bringing a level of sanity to earlier predictions. The Kansas City Fed President advanced that additional QE would be more negative than positive while the newly elected Fed-Dove Yellen sounded more cautions asserting that overly loose monetary policy would encourage excessive risk taking.
In addition, a slew of prominent investors, including Soros, Buffet and acclaimed analyst S.Roach, noted that monetary policy easing didn’t work the first time around and will fail again plus it may plant the seeds for further problems down ...
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