Weekly technical outlook for EURUSD as at 26th March 2012
Last weekâ€™s candle closed higher and managed to pull with it the 8 and 21 smaâ€™s into a positive cross over. The price action was however more or less contained within the downward channel. Although one would expect a bounce off the channel top, a break of this channel should not be ruled out. Technically however, EURUSD is still in a technical down trend as the price action is making a series of lower highs and lower lows. The stochastic is also diverging negatively near an overbought area. Furthermore there is broad resistance at the 50%/61.8% Fibonacci of 1.3420/1.3620 and price resistance at 1.3667.
The weekly range based upon the most recent Average True Range readings is 270 pips. This implies that EURUSD could potentially trade between 1.29988 and 1.35388.
Break of the downward sloping regression channel with an initial target of 1.3667.
As we are in an established weekly down trend a conservative view of the current price action would be to participate in any sell off down to support of 1.2930, 1.2624 and 1.2328.
Weekly technical outlook for gbp/usd as at 26th March 2012
Last weekâ€™s candle closed higher and the 8 and 21 period smaâ€™s has now crossed positively. Furthermore, the break of the downward channel is still intact. However the bearish divergence in the stochastic is a potential warning of continued market negativity with this indicator firmly in an overbought area.
The weekly range based upon the most recent Average True Range readings is 246 pips. This implies that GBPUSD could potentially trade between 1.5623 and 1.6115.
Long above 1.59915 this being the previous swing high.
Short beneath 1.56020 this being the previous swing low.
limassol 5/12/11 09:40:16 GMT - 12/05/2011
Important Financial Indicators of the day
GBP 09:30 (GMT) Services PMI 50.6% 51.3%
USD 15:00 (GMT) ISM Non-Manufacturing PMI 53.6 52.9
â€˘ EUR/USD The euro gained against most major peers as Italy advanced a plan to cut its deficit before a European summit on the regionâ€™s sovereign-debt crisis.
o The euro rose 0.1 percent to $1.3404 at 2:05 p.m. in Tokyo from $1.3391 on Dec. 2, when it completed a 1.2 percent weekly advance.
â€˘ AUD/USD The Australian dollar erased gains against the U.S. currency
o The so-called Aussie traded at $1.0211 as of 3:40 p.m. in Sydney from $1.0215 last week.
â€˘ USD/CAD Canadaâ€™s dollar staged its biggest five-day rally since October after central banks including the Bank of Canada took steps this week to make it cheaper for lenders to borrow dollars during emergencies.
o The loonie, as the currency is also known for the image of the aquatic bird on the C$1 coin, gained 2.6 percent this week to C$1.0195 per U.S. dollar in Toronto.
â€˘Gold prices traded steady on Monday, after posting their sharpest weekly rise in more than a month, as the euro zone kicks off a week packed with meetings and decisions crucial to the solution to its debt crisis as well as the euro.
Spot gold was little changed at $1,747.29 an ounce by 0326 GMT, after rising nearly 4 per cent in the previous week.
â€˘Oil rose for a second day in New York on concern that tension in the Middle East threatens supplies and speculation that Europe will take steps to tame a debt crisis that may curb economic growth.
Crude for January delivery climbed as much as 77 cents, or 0.8 percent, to $101.73 a barrel in electronic trading on the New York.
â€˘Swiss stocks (SMI) climbed, posting their biggest weekly rally since July 2009, after a U.S. report showed the unemployment rate in the worldâ€™s largest economy unexpectedly fell in November..
The Swiss Market Index, a measure of the biggest and most actively traded companies, advanced 0.7 percent to 5,718.85 at the close in Zurich.
â€˘European stocks posted their biggest weekly rally in three years as central banks moved to ease the regionâ€™s debt crisis and China increased cash supply for its banks to speed up growth in the worldâ€™s second-largest economy..
The Stoxx Europe 600 Index jumped 8.7 percent to 240.73, its largest weekly advance since November 2008
â€˘ Asian stocks rose for a sixth day, the longest winning streak since Oct. 13, as Italy took steps to resolve its debt problems before European Union leaders meet this week to tackle the regionâ€™s crisis.
The MSCI Asia Pacific Index rose 0.2 percent to 117.92 as of 2:40 p.m. in Tokyo with six of 10 industry groups on the index gaining.
Japanâ€™s Nikkei 225 Stock Average rose 0.5 percent.
limassol10:03:12 GMT - 12/02/2011
EUR/USD The euro pared gains versus the dollar and yen as concern increased that European leaders will struggle to resolve the regionâ€™s debt crisis even after central banks moved to ease dollar borrowing for banks.
The euro appreciated 0.1 percent to $1.3461 at 5 p.m. in New York after surging as much as 1.6 percent yesterday, the most on an intraday basis since Oct. 27.
NZD/USD New Zealand dollar set for a weekly gain against most major peers before U.S. data forecast to show employers added workers at a faster pace, boosting demand for higher-yielding assets..
New Zealandâ€™s dollar bought 78 U.S. cents from 77.94, rising 5.3 percent since Nov. 25.
AUD/USD Australiaâ€™s dollar fell from almost a two-week high versus its U.S. counterpart after government reports showed consumer spending slowed and building approvals dropped.
Australiaâ€™s dollar fell 0.7 percent to $1.0213 at 12:21 p.m. in New York
limassol 1/12/11 10:11:39 GMT - 12/01/2011
EUR/USD The euro gained the most in a month against the dollar after the Federal Reserve and five other central banks acted to make more funds available to lenders as Europeâ€™s debt crisis threatens global economic The euro strengthened 1 percent to $1.3446 at 5 p.m. in New York and reached $1.3533, the strongest level since Nov. 22.
USD/JPY The yen weakened against 14 of its 16 most-traded counterparts as Asian stocks extended a global equity rally, curbing demand for haven assets.
Yen was at 77.68 per dollar from 77.62.
USD/CAD The Canadian currency rose the most since May 2010 as central banks including the Bank of Canada reduced the cost of emergency dollar funding to ease Europeâ€™s sovereign-debt crisis, buoying riskier assets.
The loonie appreciated 1.4 percent to C$1.0174 per U.S. dollar at 5 p.m. Toronto time.
limassol09:09:18 GMT - 11/30/2011
EUR/USD The euro dropped versus the majority of its most-traded counterparts amid speculation Europeâ€™s effort to expand its bailout fund to 1 trillion euros ($1.3 trillion) is falling short.
The euro was little changed at $1.3317 at 5 p.m. New York time, after earlier gaining to as high as $1.3442, the strongest level since Nov. 23.
AUD/USD Australiaâ€™s dollar maintained earlier gains after reports showed capital expenditure surged while bank lending slowed.
The so-called Aussie traded at $1.0033 as of 11:32 a.m. in Sydney, from $1.0022 before the data.
USD/CAD Canadaâ€™s dollar rose as oil prices climbed and American consumer confidence increased in November by the most in more than eight years, boosting appetite for higher-yielding assets.
Canadaâ€™s currency, also known as the loonie for the image of the aquatic bird on the C$1 coin, gained 0.2 percent to C$1.0321 per U.S. dollar by 5 p.m. in Toronto.
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