Wednesday April 19, 2006 - 07:27:42 GMT
Share This Story
ACM - www.ac-markets.com
Daily Technicals: Dollar slide continued
EURUSD: The Dollar was sold off heavily in lat New York market, a new 2006 high of 1.2370 has been reached. 3-day steep bullish trend-line at 1.2325 this morning should come under attack later in the day. While it holds we remain bullish and look to extend gains to 1.2470. This is a strong medium-term target and the bull-run is probably running out of steam ahead of it, longs should look to take profit, a break of the short-term trend-line can see a correction back to 1.2265 with minor support 1.2290 on the way down.
GBPUSD: With a high of 1.7845, Cable has made a good step towards reaching its medium-term target of 1.7950ish. This weeks bullish trend-line lies at 1.7805, while it holds it should be one-way up for another cent before long positions should be squared. Minor resistance 1.7850, stronger at 1.7885 and again at 1.7930, a fall through the bullish support carries a risk of a corrective strike down to 1.7660 with additional support at 1.7765, 1.7715 strong.
USDJPY: Dollar fell even quicker than expected, reaching the April low of 116.70 and closing the day bearish once more. But there is not much potential left to the downside, with long-term support at 116.35, it needs a weekly close beyond that to trigger the next step lower. Today initial resistance 117.15, stronger at 117.40 and key at 117.80, initial support 116.70, key 116.40, next strong support at 115.65.
USDCHF: 1.2675 has been reached, bearish trend is in place with resistance at 1.2700 this morning. There is still downside potential for 1.2565 this week, additional support at 1.2650 and 1.2615. A break of the bearish trend-line carries the risk of a correction to 1.2760 initially and as high as 1.2825 max.
@08:30GMT UK Bank of England Minutes
@12:30GMT US CPI March
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."