Wednesday April 6, 2005 - 08:59:31 GMT
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Forex Morning Meeting - European Session, 6/4/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $56 yesterday, drifting lower after the new highs two sessions ago. In the US stock markets, the Dow Jones Industrial Average closed around 10.460, keeping the momentum going while the 10.375 support holds.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2885 level. Pair is rebounding today after halting the current downmove just in front of the 200-day simple moving average, which still remains the magnet to keep an eye on, and more with the inminent bearish cross by the 20&50 moving averages. However, in 4hr chart we see bullish signals coming, for example, from the MACD indicator, which could lead to further gains for the pair. Bearish momentum should resume, or at least cause some impact when the bearish moving averages cross is confirmed.
Moving averages overview: EUR has its 200-day moving average today at 1.2777. Pair is trading below the 2 moving averages (20&50). They still hold a tiny bullish cross despite they now look poised for an inminent bearish cross.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Neutral – no signal (flat). Indicators watch-level 2: EUR Neutral.
Gbp/Usd: At the time of this writing, the pair is trading around the 1.8805 level. We see today the bearish cross from the short moving averages, that must be confirmed tomorrow. If the pair is unable to regain the 1.90 level, this bearish cross will drive the pair to the magnet 200-day simple moving average, situated around 200 pips from current levels. The first good support that we see now for the pair lays around the magnet area (1.86/1.8630).
Moving averages overview: GBP has its 200-day moving average today at 1.8592. Pair has a bearish cross now from the short moving averages.
Indicators watch: Indicators watch-level 1 (signal generator) : GBP Neutral – no signal (flat). Indicators watch-level 2: GBP Neutral-Negative.
Usd/Chf: At the time of this writing, the pair is trading around the 1.2040 level. Quite surprisingly, and not in the good meaning, the USD has broken back down, and it is now currently trading below, the 200-day simple moving average. Short moving averages are almost doing a bullish cross, but the price action needs to stay above the big magnet level to prove the upmove to be here to stay for long time. For now, pair is fighting to regain the level, which would attract fresh buying if finally broken on the upside.
Moving averages overview: USD has its 200-day moving average today at 1.2064. Pair is above both moving averages now and there is an inminent bullish cross.
Indicators watch: Indicators watch-level 1 (signal generator): USD Neutral - no signal – (flat). Indicators watch-level 2: USD Positive.
Eur/Gbp: At the time of this writing, the pair is trading around the 0.6845 level. Pair is attempting to regain the 0.6850 level, to give a biot of a boost on its upside expectations. While it is unable to do so it will remain weak and exposed to further declines, targeting 0.6780. The short moving averages keep moving south but we don’t have a bearish cross in sight yet.
Moving averages overview: pair has its 200-day moving average at 0.6869 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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