Economic News Weekly Archive
Daily Technical News - Apr 30, 2008
EUR/USD
After bottoming at 1.5545 yesterday, the pair now shows local signs of a correction. The 4 hour chart is showing that the bullish move might not have enough steam in it, and that the bearish trend will probably resume before the weekend. Selling on highs might be a good strategy today.
GBP/USD
The daily chart is showing the early stages of a bearish channel, as the cable now floats at the bottom barrier of it. A break beyond the 1.9610 will validate the bearish trend and will give the pair a next target price of 1.9535. Forex traders should wait for the breach before shorting the pair.
USD/JPY
There is a narrowing bullish channel forming on the daily chart, as the pair now floats around the bottom barrier. The local momentum is still moderately bearish which makes it preferable for Forex traders to look for a good entry price for a long potion.
USD/CHF
The bullish momentum which was created by the breach through the channel is slowly calming. The pair is shaping into a flat consolidation mode with no fresh direction signals. Traders are advised to wait for a clear sign before going in on this one.Daily Technical News - Apr 29, 2008
EUR/USD
The pair has been going through a strong corrective move for the past week while breaching through several key Fibonacci levels. The bearish breach through 1.5670 has been validated, and fresh bearish momentum has been created. The next test should be around 1.5580 and if breached will cause the continuation of the bearish move.
GBP/USD
The 4 hour chart is showing the early stages of a bearish channel with the cable still floating near the upper barrier of it. The local momentum is still quite bullish and it appears that a test of 1.9920 might be quite imminent. A failure in the breach will probably lead to a fresh bearish move, with very high momentum potential.
USD/JPY
There is a very distinct flag formation on the 4 hour chart, as the pair is now bouncing up from the bottom of it. All oscillators are pointing up and the momentum is very bullish. It appears that the next target price might be around 104.95. Going long might be preferable today.
USD/CHF
The bullish momentum the pair has shown since the breach of the channel on the daily chart continues. The daily Slow Stochastic is showing the continuation of the trend, and the hourly studies confirm the bullish notion. Going long might be the right choice today.Daily Technical News - Apr 28, 2008
EUR/USD
After bottoming at the key Fibonacci level of 1.5550, the pair is showing regenerated bullish momentum. The 4 hour Slow Stochastic is showing a bullish cross, and it appears that on the hourly level the next target price is 1.5680. Going long appears to be preferable today.
GBP/USD
The bullish momentum which was created after the breach of the flag is slowly diminishing. The daily chart is showing a increasing bearish momentum and the hourly Slow Stochastic is strengthening the bearish notion. With an estimated target price of 1.9710, it appears that going short might be a better choice today.
USD/JPY
The bullish channel on the daily chart is getting tighter, and the pair now floats near the upper section of it. The general momentum is very bullish, yet the hourlies are indicting a possible correction. It appears that buying on dips should be the best strategy today.
USD/CHF
The bullish momentum the pair has shown since the breach of the channel on the daily chart continues. The daily Slow Stochastic is showing the continuation of the trend, and the hourly studies confirm the bullish notion. Going long might be the right choice today.