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Trade Long PositionsTitle:
Technical analysis of the GBP/USD pair on February 23th, 2011
Commentary of the GBP/USD pair :
The pair GBP/USD made a false breakout of 1.6154 (level 23.60%) but the return above this level allowed us to trade long positions. The pair seems now to move into a big bullish channel. We maintain to trade only long positions as far as 1.6154 is support. The breakout of 1.6250 will give a new buy signal. The next resistance is at 1.63. In case of breakout of 1.6154, we will be neutral.
See the previous analysis of the GBP/USD pair of February 22th, 2011
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NZD Sees Slight Correction in Overnight Session
Following yesterday's devastating earthquake in New Zealand, the NZD/USD dropped close to 200 pips, reaching as low as 0.7430 before staging a slight correction in the Asian session. The pair is currently trading just above the 0.7500 level. Meanwhile the price of crude oil remains close to a 30-month high due to the widespread unrest in Libya.
Economic News
USD - Dollar Remains Bearish Against Franc and Yen
The US dollar continued to fall against the safe haven yen and Swiss franc in overnight trading, as the widespread political unrest in Libya has driven investors away from riskier currencies. Confidence in the pace of the global economic recovery has been severely dampened, causing the dollar to drop against several of its main currency rivals. The USD/JPY has fallen almost 75 ...
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Wheat posts biggest drop in 6 months in Libya sell-off
(Reuters) - U.S. grains plunged on Tuesday, with wheat falling the most in six months, as investors bailed out of the market to reduce risk amid growing upheaval in Libya and geopolitical concerns in the Middle East and North Africa.
The widespread sell-off sent wheat, corn, soybeans, rice and oats tumbling by the maximum daily trading limit as investors shifted money out of grains to other assets amid escalating geopolitical concerns in the Middle East and North Africa.
"It's a move to get risk off the table. Anytime a leader sends military planes against their people it's bound to cause a panic," said Roy Huckabay, an analyst for The Linn Group.
Wheat broke chart support at several levels on the way down, including key support at its 100-day moving average of $7.67-3/4 per bushel.
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U.S. oil hits 2-1/2 year high as worries over Libya mount
(Reuters) - U.S. crude futures hit a 2-1/2 year high on Tuesday on concern that violence in Libya could cut more of the OPEC-member's output and that a similar story could play out in other top oil producers in North Africa and the Middle East.
As deadly clashes wracked Libya's biggest cities, one international oil firm shut down as much as 100,000 barrels per day (bpd) of output, about 6 percent of production in Africa's third-largest producer.
Other big oil firms said they were withdrawing staff as Libyan leader Muammar Gaddafi fought to hang on to power and dozens were reported killed in the capital, Tripoli.
U.S. crude for March delivery, which expires on Tuesday, touched its highest since October 2008 at $94.49 a barrel. The contract trimmed gains later to trade at $94.20 a barrel ...
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Technical analysis of the XAU/USD (Gold) pair on February 22th, 2011
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD continues to move into its bullish channel. The pair validated yesterday the breakout of 1400, offering a new buy signal and is currently testing a pullback on this level as support. All indicators are bullish. We maintain to trade only long positions as far as the pair is above 1390. The breakout of 1410 will give a new buy signal for a pursuit of the movement towards 1420/1430.
See the previous analysis of the XAU/USD pair of February 21th, 2011
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Technical analysis of the EUR/USD pair on February 22th, 2011
Commentary of the EUR/USD pair :
The pair EUR/USD is falling after the test of the resistance at 1.37. The pair just validated the breakout of 1.36, giving us a sell signal. Indicators are getting globaly bearish. We maintain to trade only short positions as far as 1.36 is resistance. The breakout of 1.35 will give a new sell signal for a pursuit of the movement towards 1.34. In case of a return above 1.36, we will then advise to trade long positions. The breakout of 1.37 will give a new buy signal.
See the previous analysis of the EUR/USD pair of February 21th, 2011
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Technical analysis of the GBP/JPY pair on February 22th, 2011
Commentary of the GBP/JPY pair :
A correction occured on the pair GBP/JPY which got back below 135 to made a pullback on 134.18 (level 23.60%). We maintain to trade only long positions as far as this level is support. A return above 135 will comfort our bullish feeling and the breakout of 135.52 will give a new buy signal. However, if 134.18 is broken, we will be neutral.
See the previous analysis of the GBP/JPY pair of February 21th, 2011
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Technical analysis of the GBP/USD pair on February 22th, 2011
Commentary of the GBP/USD pair :
The test of the resistance at 1.6250 led to a correction towards the support at 1.6154 (level 23.60%). We maintain to trade only long positions on the pair GBP/USD as far as this level is support. The breakout of 1.6250 will give a new buy signal. The next resistance is at 1.63. However, if 1.6154 is broken, a sell signal will be given. We will then advise to trade the pair according to 1.6154.
See the previous analysis of the GBP/USD pair of February 21th, 2011
Title:
Euro edges up, but capped by Mid-East tension
(Reuters) - The euro was firm on Monday, having hit its highest level in more than 10 days, drawing support from hawkish comments from European Central Bank officials and robust economic data.
But traders said the euro seemed contained by the hawkish ECB rhetoric on one side and the risk-off sentiment stemming from North Africa and the Middle East on the other.
It also lacked the vigor to break above key resistances after Germany's main ruling party suffered a crushing defeat at a regional election in the city-state of Hamburg on Sunday.
While the defeat was expected, the margin was not. Analysts said that ahead of the remaining state elections next month, the waning popularity of the ruling coalition could suggest that Angela Merkel's government may be less willing to compromise on ...
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