Wednesday March 30, 2005 - 08:46:42 GMT
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Forex Morning Meeting - European Session, 30/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $54.30 yesterday, gaining some ground in the trading session. In the US stock markets, the Dow Jones Industrial Average closed around 10.405, making new 2-month lows and close to the good 10.375 support, where we should see some buying action.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2965 level. Pair has paused its downtrend for a bit, after a bit of disappointing news from the US yesterday. Bear in mind this week ends with the big NFP number, which definitely will shake the markets in the good direction for coming weeks. While pair is below the moving averages remains weak and looks poised for an attempt to the 200-day simple moving average magnet.
Moving averages overview: EUR has its 200-day moving average today at 1.2740. Pair is trading below the 2 moving averages (20&50), though they still hold a bullish cross.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Negative – no signal (flat). Indicators watch-level 2: EUR Neutral.
Gbp/Usd: At the time of this writing, the pair is trading around the 1.8790 level. Pair has tried, and failed, to break and stay above the 1.88 level, where we see a dynamic resistance line now. While below 1.91 on a closing basis the pair is weak and a new test of the 200-day moving average can’t be ruled out. Not much daily technical view for now, ahead of the big economic events of the week.
Moving averages overview: GBP has its 200-day moving average today at 1.8568. Pair is below both moving averages now.
Indicators watch: Indicators watch-level 1 (signal generator) : GBP Negative – no signal (flat). Indicators watch-level 2: GBP Neutral-Negative.
Usd/Chf: At the time of this writing, the pair is trading around the 1.1970 level. The 200-day moving average has halted the current upmove, and pair is again moving south today, but still well above the shorter moving averages. Not much more to comment for now.
Moving averages overview: USD has its 200-day moving average today at 1.2088. Pair is above both moving averages now.
Indicators watch: Indicators watch-level 1 (signal generator): USD Positive - no signal – (flat). Indicators watch-level 2: USD Positive.
Eur/Gbp: At the time of this writing, the pair is trading around the 0.6895 level. Pair is again stuck in a very narrow range. It is funny to see that it is holding a bullish moving averages cross for some days now, but not supported by indicators. A move above 0.6950 will resume the uptrend momentum, and a close around current levels would be supportive as well.
Moving averages overview: pair has its 200-day moving average at 0.6860 today. Pair is on a bullish cross by the 2 moving averages now.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Neutral. Indicators Wacth-level 2 : EUR Neutral.
Indicators watch-Level 1: Trend indicators Direction, providing some useful investment information.
Indicators watch-Level 2: Momentum Indicators Direction (working in pairs), providing current market sentiment for the instrument.
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