Forex Technical Update
Euro: The euro weakened slightly against the U.S. dollar in the last session on Friday after touching a new lifetime high of 1.5240 to end the day at 1.5180. The daily stochastics is in a highly overbought position but the the upmove could continue as 4-hourly has turned upwards. Immediate support comes in around 1.5198 levels (21 4-Hrly EMA) breaking which Euro can fall to 1.5152 levels (4-Hrly 55 EMA). Look for opportunities to go long at those levels. (eur/usd – 1.5213).
Pound: Pound fell slightly against the dollar on Friday as the global equity markets plunged, overall the pair traded with a high of 1.9921 and a low of 1.9783 before closing the day at 1.9869 in the New York session. The daily stochastics is close to the overbought region and shows slight selling pressure. Immediate support comes in at 1.9830 (21 Hourly EMA) breaking which cable will fall to 1.9815 levels (100 Hrly EMA). (gbp/usd - 1.9848).
Yen: Yen gained on the back of unwinding of carry trades as the pair traded in a range of 158 pips and touched a low of 103.79, lowest levels since March 2005 before closing the day at 103.88. The pair is extremely oversold in Hourly, 4-Hourly and daily charts and has dropped further during the early asian session as the equities market plunged on growing credit concerns. Avoid initiating positions at current levels. (usd/jpy - 103.23 ).
Rupee: On the day of budget the rupee lost 14 paise against the dollar to close at 40.01/02 before moving widely in a range of 40.03 and 39.82 on Friday as the finance minister proposed to hike the short-term capital gains tax. It ended above the crucial 40-mark for the third time in 10 days. Medium Term Target - 40.50. (usd/inr - 40.15).
Swiss Franc: Swissy traded in a range of 119 pips on Friday, as the USD/CHF pair continues to establish new multi-decade lows on growing risk aversion. The pair touched an intraday low of 1.0408 before closing at 1.0417. The daily and 4-Hrly charts are extremely oversold while the hourly shows a upmove. Immediate resistance comes in at 1.0400 levels (21 Hrly EMA & 38.2% retracement). Short at those levels targetting 40 pips. (usd/chf - 1.0344).
Australian Dollar: Australian dollar fell by almost 180 pips as the high yielding commodity currency was sold rapidly on the back of lower equity markets and it formed a reversal bar in Fridays session to close at 0.9314. The 4-hrly charts are oversold while the daily shows selling pressure. Immediate support comes in at 0.9288 levels(55 4-Hrly EMA) breaking which AUD/USD should touch 0.9200 levels (100 4-Hrly EMA). Longs can be initiated at those levels. (aud/usd - 0.9337)
Gold: Gold traded within a range of $11 and maintained its strength on Friday as it surged up further to record a new lifetime high of $975.95. The daily, 4-hourly and hrly charts are in the overbought region as gold touched $984.20 levels in the early asian session. The upwards movement could continue due to risk aversion as the equities market have plunged in Asia. (Gold-$983.45).
Dollar index: USD remained weak against most of the major currencies on Friday due to which dollar index declined by 0.105 points and is currently at 73.63. Its immediate resistance is seen at the level of 74.80 (8-hourly Moving Average).
Euro: The euro weakened slightly against the U.S. dollar in the last session on Friday after touching a new lifetime high of 1.5240 to end the day at 1.5180. The daily stochastics is in a highly overbought position but the the upmove could continue as 4-hourly has turned upwards. Immediate support comes in around 1.5198 levels (21 4-Hrly EMA) breaking which Euro can fall to 1.5152 levels (4-Hrly 55 EMA). Look for opportunities to go long at those levels. (eur/usd – 1.5213).
Pound: Pound fell slightly against the dollar on Friday as the global equity markets plunged, overall the pair traded with a high of 1.9921 and a low of 1.9783 before closing the day at 1.9869 in the New York session. The daily stochastics is close to the overbought region and shows slight selling pressure. Immediate support comes in at 1.9830 (21 Hourly EMA) breaking which cable will fall to 1.9815 levels (100 Hrly EMA). (gbp/usd - 1.9848).
Yen: Yen gained on the back of unwinding of carry trades as the pair traded in a range of 158 pips and touched a low of 103.79, lowest levels since March 2005 before closing the day at 103.88. The pair is extremely oversold in Hourly, 4-Hourly and daily charts and has dropped further during the early asian session as the equities market plunged on growing credit concerns. Avoid initiating positions at current levels. (usd/jpy - 103.23 ).
Rupee: On the day of budget the rupee lost 14 paise against the dollar to close at 40.01/02 before moving widely in a range of 40.03 and 39.82 on Friday as the finance minister proposed to hike the short-term capital gains tax. It ended above the crucial 40-mark for the third time in 10 days. Medium Term Target - 40.50. (usd/inr - 40.15).
Swiss Franc: Swissy traded in a range of 119 pips on Friday, as the USD/CHF pair continues to establish new multi-decade lows on growing risk aversion. The pair touched an intraday low of 1.0408 before closing at 1.0417. The daily and 4-Hrly charts are extremely oversold while the hourly shows a upmove. Immediate resistance comes in at 1.0400 levels (21 Hrly EMA & 38.2% retracement). Short at those levels targetting 40 pips. (usd/chf - 1.0344).
Australian Dollar: Australian dollar fell by almost 180 pips as the high yielding commodity currency was sold rapidly on the back of lower equity markets and it formed a reversal bar in Fridays session to close at 0.9314. The 4-hrly charts are oversold while the daily shows selling pressure. Immediate support comes in at 0.9288 levels(55 4-Hrly EMA) breaking which AUD/USD should touch 0.9200 levels (100 4-Hrly EMA). Longs can be initiated at those levels. (aud/usd - 0.9337)
Gold: Gold traded within a range of $11 and maintained its strength on Friday as it surged up further to record a new lifetime high of $975.95. The daily, 4-hourly and hrly charts are in the overbought region as gold touched $984.20 levels in the early asian session. The upwards movement could continue due to risk aversion as the equities market have plunged in Asia. (Gold-$983.45).
Dollar index: USD remained weak against most of the major currencies on Friday due to which dollar index declined by 0.105 points and is currently at 73.63. Its immediate resistance is seen at the level of 74.80 (8-hourly Moving Average).
2 comments:
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