Daily market technical Analysis And outlook By ACFX.com
• EUR/USD falls, as weekend’s G8 meeting left Germany and its strict stance on cutting debt first looking isolated as the tide turns on boosting growth. Whilst many watched with baited breath the G8 Summit has produced no exciting headlines and has turned out to be rather anticlimactic. While it is not a real surprise, the deterioration of the Euro zone debt crisis appears not to have disturbed the calmness surrounding these meetings, which continue to show an alarming lack of urgency surrounding the Euro-zone situation. This week on Wednesday EU Leaders will meet and Germany will take centre-stage as the country is expected to be asked to slightly ease austerity around peripheral economies in Europe, and rethink its strategy around the notion of ‘growth’.
• USD/CAD The Canadian dollar continued retreating against the soaring greenback, as European fears helped the USD and pushed oil prices lower. Retail sales are the highlight of this week. Canadian manufacturing sales soared in March amid an unexpected 1.9% boost in sales following a 0.2% contraction in February pulling the economy back on a growth track. This rebound came amid a rise in petroleum and coal products. With a strong labor market and a recovering manufacturing sector Canada has a lot to look forward to.
• AUD/USD The Australian dollar continues to tumble, and has now dropped almost 6 six cents in the month of May. For anyone who loves extreme volatility in the markets, there’s no need to look elsewhere. Given the turbulence an uncertainty in Europe, investors will be favoring safe haven currencies, which spells more trouble for the free-falling aussie.
Swing Strategy: The 16th January prior low at 1.2624 is now a price magnet for continued short bias. That the price action has now rebounded off the lower band of the envelope after 12 lower lows since the 1st May high may give bull’s encouragement to participate in a corrective rally with targets to the upper boundary of the regression channel and then to resistance at 1.2970. Alligator Strategy:
The Alligator indicator has turned from a neutral to a short bias. Price extended from the deferred MA’s.
The daily range based upon the most recent Average True Range readings is 101 pips. This implies that EURUSD could potentially trade between 1.2582 and 1.2784.
EUR/USD The euro was poised for the biggest monthly decline since September, before a sale of Italian debt tomorrow and data this week forecast to confirm that the prolonged debt crisis is hurting the region’s economy.The euro fell 0.1 percent to $1.2528 as of 11:48 a.m. in Tokyo from yesterday after touching $1.2496 on May 25, the lowest since July 6, 2010. It has lost 5.4 percent in May, set for the biggest monthly drop since September.
AUD/USD and NZD/USD The Australian and New Zealand dollars slid versus the majority of their major peers as concern Europe’s fiscal turmoil is spreading and hurting economic growth curbed demand for higher-yielding assets.Australia’s currency slid 0.2 percent to 98.33 U.S. cents, while New Zealand’s dollar dropped 0.3 percent to 76 U.S. cents.
EUR/JPY The 17-nation currency was 0.2 percent from the lowest since July 2010 after yield premiums on Spain’s securities over Germany’s rose to the most in 17 years.The euro traded at 99.56 yen after having lost 2 percent in the past five days to 99.67 yesterday.
technical analysis od eur/usd by acfx for 19th march 2012
EUR/USD technical analysis by acfx
The daily range based upon the most recent Average True Range readings is 116 pips. This implies that EURUSD could potentially trade between 1.2220 and 1.2452.
Conservative long above 1.2624 being the last daily fractal low is in play.
Aggressive long into the deferred MA’s.
Conservative short beneath 1.2496 being the last daily fractal low.
Aggressive short pullbacks into the deferred MA’s
The dollar slid versus most of its 16 major peers as Asian stocks advanced amid speculation officials from the world’s leading economies will collaborate on a response to Europe’s crisis, damping demand for haven assets. The dollar lost 0.3 percent to $1.2488 per euro as of 11:12 a.m. in Tokyo. The U.S. currency fell 0.1 percent to 78.70 yen. The euro gained 0.2 percent to 98.29 yen after rising 1.3 percent in the previous three days. The so-called Aussie climbed 1 percent to 98.40 U.S. cents and advanced 1 percent to 77.46 yen.
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EUR/USD The dollar was within 0.1 percent of a more than one-week low against the euro on bets Federal Reserve Chairman Ben S. Bernanke today may signal more stimulus is needed to spur a recovery in the world’s largest economy.
The dollar was little changed at $1.2580 per euro as of 10:38 a.m. in Tokyo from the close in New York yesterday, when it sank 1 percent and touched $1.2586, the weakest since May 28.
USD/CAD Canada’s dollar appreciated for a third day versus its U.S. counterpart, the longest streak since April, as speculation global policy makers will take steps to spur economic growth propelled equities and commodities.
Canada’s currency, nicknamed the loonie, rose 1 percent to C$1.0276 per U.S. dollar at 5 p.m. in Toronto, its biggest intraday move since April 17. One Canadian dollar buys 97.33 U.S. cents
USD/JPY The yen declined versus most of its 16 major counterparts as Asian stocks extended a global rally, damping demand for lower-yielding currencies.
The U.S. currency added 0.2 percent to 79.36 yen. The 17-nation euro rose 0.2 percent to 99.83 yen. The Australian dollar strengthened 0.2 percent to 99.50 U.S. cents. ACFX Blog » Forex Trading Community
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