Tuesday May 25, 2004 - 18:13:44 GMT
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DOLLAR REMAINS UNSTEADY
The Dollar continued to struggle before N.Y got into the game this morning with Dollar/Jpy pushing through Europe lows and then falling below support at 112.50 and putting in a low of 112.00/10 at lunch time. On the back of this Euro manage to shrug off a slightly worse than expected IFO 96.1 and trade higher before N.Y got in and took this pair higher, surpassing key resistance at 1.1990/95 that held overnight. GBP/USD also had a tremendous move overnight, into the N.Y session trading above key resistance at 1.7960 and putting in a high at 1.8145/55 before days end. Consumer Confidence failed to stimulate the Dollar with a 93.2 reading where most were looking for a number more like 94/95. There was also a comment from an unidentified German official saying the world's seven most industrialized nations and Russia expect the world economy to grow at a strong pace next year and don't share views that the U.S. economy may face a slowdown after presidential elections. Euro topped out around 1.2130 before giving up ground and falling back toward 1.2105/10.
TECHNICALLY SPEAKING A break above 1.2090 and a failure to break down below this same level and remain below this level on a 60 minute chart has a positive reading. The RSI has a positive reading of 70.32 and there is support at 1.2090 and 1.2060 in the near term. There is resistance seen at 1.2150 and also 1.2180 in the same short term area.
GAIN AN EDGE We look to buy a dip back to 1.2090 and 1.2065 with a stop below 1.2050 and a take profit of 1.2145/75
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