Friday April 21, 2006 - 07:31:12 GMT
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ACM - www.ac-markets.com
Further retracements expected
EURUSD: The Euro has indeed retraced, falling to 1.2260 low so far. Short-term bearish trend-line at 1.2305 is the resistance to watch, while underneath expect this correction to deepen, 1.2235 is next, max low should not bypass 1.2200, strong key support lower at 1.2115. A break on top can see the pair rise back to the weeks top at 1.2400, minor resistance 1.2320 and 1.2360 on the way up.
GBPUSD: Retracement has kicked, cable has pulled back 38% of the weeks move to reach 1.7765 so far, short-term bearish trend-line at 1.7800, larger resistance at .7830, key remains up at 1.7935. Expect to continue lower today, we can reach 1.7700 or as low as 1.7660 â€“ the 61% retracement level.
USDJPY: It kept to a 117.35 / 85 range and is likely to continue with small movements only. Bias is to the upside for a try to end the week above 118 and take a shot at 118.60 early next week. Initial support 117.35 looks strong, a leak there will kill the bullish bias and weâ€™d expect the pair to hold inside 116.70/117.30.
USDCHF: 1.2820 has traded and the first larger corrective target has been achieved. Strong resistance here, a break has potential for 1.2880 or even 1.2935 key resistance. Minor support at 1.2775 this morning, falling underneath leaves the pair neutral and it should evolve side-ways between 1.2735 and 1.28.
@09:00GMT Euroland Trade Balance February
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