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EUR/GBP Testing May's Rising Channel Support
EUR/GBP 1H chart 7:50AM EDT 5/15/2013 Rising Channel: The 1H EUR/GBP chart shows a pair that has been sideways – you can tell by the relatively flat and moving averages. However, we did see a slight bullish bias in May as the market made couple of consolidation ranges and broke above them twice, making higher lows and higher highs. It has also formed a slightly rising channel. Read More | View Original Article
GBP/USD Testing Support Around 1.52
GBP/USD 4H chart 5/15/2013 7:15AM EDT Support pivot: The decline in GBP/USD has been sharp since retreating from the 1.56 area. Now about 400 pips lower, GBP/USD is trading at a support area around 1.52 . The 4H chart shows that we saw support here in April. So far we did indeed get a reaction during the 5/15 European session, but it has been faded as we get into the US session. Read More | View Original Article
GBP/USD: Little improvement after UK data
GBP/USD is up following improved employment data in the UK earlier today, and current governor King’s comments, as the BOE reviewed its growth forecast to the upside. The pair inched higher with the news reaching 1.5271, having found some intraday support around yesterday’s target of 1.5200/10 50% retracement of the latest daily bullish run. Read More | View Original Article
Elliott Morning Hour: EURUSD and AUDUSD
German, French and Italian Prelim GDPnumbers were worse than expected, 0.1%, 0.2% and -0.5%. That’s very bad datawhich is also evident on the charts as EURUSD is testing 1.2900 level. Thislevel is now key for further declines today, possibly to 1.2800 after alsoworse than expected EU Flash GDP numbers; -0.2% vs. Read More | View Original Article
GBP/NZD 1H Chart Emerging Pattern: Rising Wedge
GBP/NZD is forming a rising wedge pattern, implying that the bullish momentum, which has been driving the price away from a low of 1.81, may have petered out and thus could give a way for a decline. Nonetheless, neither technical indicators nor sentiment of traders support this idea for now, being that 72% of positions are currently long. Read More | View Original Article
Markets is still in dangerous zone as Stock indices breaking the new highs both SP 500 and the Dow Jones but waiting a confirmation from the NASDAQ 100 which still lagging behind though it Break 3000 barrier for the first time in the last session but still allot of room to go as pervious high was near 5k mark and last time it was above 3000 was in 2003 Today most important data will be U.K. employment data, the latest BOE Inflation Report and EZ GDP readings. The U.S. Read More | View Original Article
EURUSD: Violates Support To Resume Downside Pressure
EURUSD: Violates Support To Resume Downside Pressure. EURUSD - With EUR taking out its support at the 1.2955 level to close lower on Tuesday and extending that weakness during early trading today, more decline is expected. Further down, support lies at the 1.2850 level followed by the 1.2750/35 levels, its key support levels. A cut through here will extend its bearishness towards the 1.6.50 level. Its daily RSI is bearish and pointing lower supporting this view. Read More | View Original Article
The Dollar Index is not closing above 88.40 on monthly basis
Market Commentary The Dollar Index (DX) closes above the intermediate resistance of 83.50 opening room for further appreciation to 84.16 and next 84.80 ranges. The benchmark equity index of the Dow Jones Industrials Average (DJIA) gained again to make new high despite stronger Greenback; it seems the correlation between DJIA Vs DX is getting lesser significant, wherein historic inverse correlation is not observed since last couple of weeks. Read More | View Original Article
GBPUSD – Mild Bullish Bias – Buy a dip at 1.5184 or a break of 1.5242 (40 pip stop)
GBPUSD – Selling pressure continued in GBPUSD yesterday resulting in the pair trading to the lowest level in 3 weeks while posting the 4th negative daily performance in succession. Although this is clearly bearish for sentiment, the selloff has stalled near 1.5195, the previous support from the 23rd April. Intraday signals for sentiment are at oversold extremes and the 261.8% extension level is located at 1.5184, so there is scope for GBP buying this morning. Read More | View Original Article
GBP/USD continues to fall toward target level 1.5197 set last week
In the last few days GBP/USD has been falling sharply– in line with the following trade alert that I received last Thursday. At the time this trade alert was issued GBP/USD was still trading inside the clearly formed Up Channel chart pattern identified by Autochartist on the daily charts and was set to fall to target level 1.5197 in the following 8 trading days. Read More | View Original Article
Dow Jones : Resistance(daily close) : 14855.63, 15021.70, 15159.38 and 15404.28 . Breaking of the latter would give 15643.13, 15845.63, 16022.80 и 16205.32 (published on March 29, 2013). Support ( daily close ): 13 395.94 , 13 162.60 and 12 937.40. Then 12 506.84, 12 397.40, 12 214.70, 12 116.25, 11 913.40 and 11 864.53. Breaking of the letter will give 11 694.36, 11 593.13, 11 328.75 and 11 131.87 ( published on May 18, 2007, upgraded on January 24, 2013) . Read More | View Original Article
US dollar strength to prevent gains
Rupee could weaken further if the US dollar gains further. US dollar – Japanese yen continues to trade over 102 suggesting more weakness for the pair. There will be short covering if rupee weakens today. Traders will now start taking positions for the US PPI, US April industrial production numbers and US April housing market index today after markets close. The fall in inflation has given further scope to cut interest rates. Read More | View Original Article
EUR/JPY in Near-term Consolidation Range
EUR/JPY 1H chart 5/14/2013 8:50AM EDT Bullish: The 1H EUR/JPY chart shows a market that is bullish. The market has made higher lows and higher highs. The moving averages are upsloping with price above the 200-hour SMA. The RSI has tagged 70 and has held above 40 so far. Consolidation: The EUR/JPY started to trade in a consolidation range since finding resistance in the 132.30-40 area. It has also found support around 131.55 . Read More | View Original Article
USD/CAD Develops Bullish Momentum and Breaks Above a Triangle
USD/CAD 1H Chart 5/14/2013 7:55AM EDT Triangle breakout, momentum: The USD/CAD has broken above a triangle during the 5/14 European session and is probing at last week’s highs around 1.0150 during early US session. This rally shows respect to a crossover of the 200-SMA, which suggests the market is developing a bullish trend in the 1H time-frame. The RSI also supports this dynamic as the 1H reading held above and is about to tag 70 again, reflecting development of bullish momentum. Read More | View Original Article
USD/JPY Forming a Flag Pattern
USD/JPY 1H chart 5/14/2013 7:45AM EDT Flag: The 1H USD/JPY chart shows a market that has stalled after hitting the 102.00 mark. The pair broke out of a similar pattern last week and pushed above the 100 barrier. If the market does not break above the flag pattern, there is downside risk back to the 100 handle. A break back above 102.00 could be a sign of bullish continuation. Read More | View Original Article
