Economic News Weekly Archive
Daily Technical News - May 21, 2008
EUR/USD
The pair is still trading within its wide range with no specific direction. However, after a short bullish correction the pair now seems to resumes the bearish move, according to a 4h. chart. The attempt to breach the 1.5700 level has failed yesterday and now all oscillators are showing fresh bearish momentum. Going short with very tight stops might be the right thing to do today.
GBP/USD
After a recent bullish correction, the Slow Stochastic of the 4 hour chart is showing a negative slope which indicates that the pair might resume another bearish move. The hourlies are showing mixed signals, and the daily chart is dwelling in neutral territory with the RSI floating on the 50 level. Traders are advised to wait for a clear signal before entering short positions.
USD/JPY
According to the hourlies, the downtrend the pair is going through seems to be very strong and the daily chart validates that there is still room to run. The daily chart is confirming that the momentum down is still quite strong and that 108.80 is the next valid target. Selling on highs might be preferable today.
USD/CHF
The hourlies show that the pair is in a bearish configuration as volatility is increasing. However according to the daily chart, the USD/CHF moves without a clear trend and swings around Relative Strength Index (RSI) 50 implying the continuation of the larger bearish trend. The target is expected to touch in and around the 1.0200 level.Daily Technical News - May 20, 2008
EUR/USD
The range trading on the hourlies is starting to form into a narrowing bullish channel. The pair if approaching the upper level of it, and with the very tight Bollinger Bands, the possible test of the 1.5600 appears to be quite imminent. Traders must pay attention for a possible breach which could create a great buying point for a strong potential bullish momentum.
GBP/USD
The daily chart is showing that the pair is trading in a range with no specific direction for the past 3 weeks. The Bollinger Bands are widened indicating increased volatility with the flat wide range is still in place. Indicators are mixed on both the daily and hourly level. Therefore the preferred strategy today will be to buy on dips and sell on highs.
USD/JPY
The pair is showing bearish momentum on the hourly level after a drop to the 103.70 level. The 4 hour chart and the dailies are giving mixed signal with no distinct market direction. Forex traders are advised to wait for clearer signs on the dailies before entering the market.
USD/CHF
The pair has been quite choppy in the past two days yet no clear direction was seen. The 4 hour chart and the hourlies are in a bearish configuration while the dailies are showing that the pair still does not have a distinct direction. A preferable strategy might be to wait for the oversold hourly levels before taking a long position.Daily Technical News - May 19, 2008
EUR/USD
The range trading on the hourlies is starting to form into a narrowing bullish channel. The pair if approaching the upper level of it, and with the very tight Bollinger Bands, the possible test of the 1.5600 appears to be quite imminent. Traders must pay attention for a possible breach which could create a great buying point for a strong potential bullish momentum.
GBP/USD
The bearish flag pattern still remains intact on the daily chart, as the cable now makes a local correction. If the 1.9620 level is not breached we should expect the bearish trend to continue back to the bottom barrier of the flag. Selling on highs might be a good choice today.
USD/JPY
The pair has been showing stable bullish movement since the end of March with very few corrective anomalies. The Slow Stochastic of the 4 hour chart is showing a triple top formation with a positive slope, which indicates that the price movement might still be bullish, but is approaching its final stage. Going long with very tight stops might be a good strategy today.
USD/CHF
The daily chart is showing that the pair still does not have a distinct direction, as the chart appears to be quite horizontal for the past two weeks. The Bollinger Bands are very tight, and the 4 hour Slow Stochastic is showing a bullish cross. It appears that the possible next move might be a bullish one. In that case traders are advised to swing in after the break.