Thursday, March 5, 2009

Foreign Exchange


EUR/USD

March 5, 2009
Current level-1.2609

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008).Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3292 and 1.4721.
   
Current rebound from 1.2457 is obviously too large to be accepted as a minor corrective phase, so we favor the view, that it will correct the whole slide from 1.2996. The intraday bias is neutral, so expect some range activity between 1.2651 and 1.2547, before a break beyond 1.2662, en route to 1.2753.

 resistancesupport
intradayintraweek
1.26621.31+
1.27531.3328
intradayintraweek
1.25471.2328
1.24571.1640

USD/JPY

March 5, 2009
Current level - 99.62

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 91.82 and 100.13.

As expected the pair broke through 98.72, reaching high at 99.69. Intraday support comes at 98.72 and next target is 100.13, followed by 102.16.

resistancesupport
intradayintraweek
99.69102.16
100.13103.55
intradayintraweek
98.7294.64
96.3589.82

GBP/USD

March 5, 2009
Current level- 1.4183

The pair is in a corrective phase, after bottoming at 1.3506. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5505 and 1.8341.
    
The rebound from 1.3960 is larger than expected, so will probably challenge 1.4365 resistance. Intraday support comes at 1.4157, followed by 1.4080.

resistancesupport
intradayintraweek
1.42011.50+
1.43651.5722
intradayintraweek
1.40801.4020-50
1.38251.3768

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posted by The Oke's @ 6:51 AM

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