Technical Analysis

No change in the view in $/cad as the market continues to form a large pennant/ triangle since the April low at .9935. As been discussing for quite some time, these are seen as continuation patterns, suggesting an eventual downside resolution (likely sharp). However, they break down into 5 waves

Technical Analysis

Price action on USD/CAD (a daily chart of which is shown) as of Friday (7/30/2010) has once again hit the bottom of a large triangle consolidation pattern after having traded just below key 1.0400 resistance for the entire week. This large triangle occurs within the context of a prolonged sideways

Technical Analysis

This week, The US dollar continued to loss ground to the euro, and pound, as well as to the JPY, which competes with the USD for risk-aversion-based flow. The commodity currencies such as AUD and CAD also gained on the greenback. Even gold, which has been declining is gaining again.

Technical Analysis

The EUR/USD rallied further this week and is going to enter an upper zone of resistance. If the market continues further but can find a top in the zone that starts at 1.3120 to 1.3250, it can still decline towards and even past the 1.1880 area. However, a breaks suggests

Technical Analysis

Price action on GBP/USD (a daily chart of which is shown) as of Friday (7/30/2010) has consolidated above 1.5500, a prior resistance region that was broken to the upside earlier in the week. This occurs within the context of a strong accelerated uptrend extending originally from the 1.4230 area lows

Technical Analysis

Cable fell to a low of 1.5552 in the European session today and is currently trading higher. The pair has been trading above the 200 DMA Support (1.5541) for the 4th day now and an immediate fall looks unlikely. In the US session today, there are chances that the markets

Technical Analysis

Dollar/Yen continued decreasing on Thursday, in converse with the negative Interbank sentiment at around +15%. The currency couple depreciated from 87.49 to 86.62 yesterday, closing the day at 86.82. Today the bears took further advantage down to 86.27. On the 1 hour chart trading is within wide range, and on

Technical Analysis

EUR/GBP Longer term bias switched to bearish now that the cross has breached key support in 0.8400 area.  Intraday: Still finding support at the 30 MA, a push above 0.84 is required to keep the bullish bias. Staying sidelined until we get a clear direction.

Technical Analysis

The euro held steady at $1.3077, not far from a 12-week high of $1.3107 hit on Thursday, when data showed a jump in euro zone economic sentiment to a 28-month high and a decline in German unemployment. Key technical resistance stood around $1.3120/25, which was the 38.2 percent retracement of

Technical Analysis

The Euro extends rally today with support from solid employment data from Germany and improving confidence in Eurozone. Germ! any unemployment rate dropped to 7.6% in July, hitting the lowest level since November 2008. Economic confidence rose to a two year high of 101.3 in July versus expectation of 99.

Technical Analysis

EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are descending, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3458 and 1.4206.

Technical Analysis

EURUSD Yesterday's break above 1.3045, previous high, has cleared 1.3073/93 barriers, to hit 1.3105, en-route to 1.3125 target. Potential break here would look for an extension above 1.3200. Below, 1.2965/51 is a key, and below here to weaken the structure.

Technical Analysis

The pair continues to retain its short term upside as it eyes its.50 Fib Ret.(1.7041-1.4226 decline) at 1.5628. This is coming on the heels of a violation of the 1.5470 level, its July 13'10 high as well as its April 15'10 high at 1.5521. With this feat achieved, we look

Technical Analysis

After a week of hard-fought gains and higher lows in the EUR/CAD, the Euro has weakened slightly against the Canadian Dollar and corrected lower intraday. After exhausting at the resistance of the Autochartist Forecast area between 1.3575 and 1.3603 (F)—which projected the upside target following the Rising Wedge continuation—prices are

Technical Analysis

On Thursday Pound/Dollar continued with slight ascending, in line with the positive Interbank sentiment at nearly +22%, than dropped, losing the earlier gains. The Cable depreciated from 1.5659 to 1.5580 yesterday, closing the day at 1.5609. Today the pair is moving tentatively for now. On the 1 hour chart the

Technical Analysis

EURUSD Comment: The Euro has done so much better than we had hoped this month after June's 'doji'. July has almost clawed back all of May's losses adding weight to our view that the correction lower was overdone and 'wrong'. A monthly close above 1.3050 should help the bullish cause

Technical Analysis

The pre-planned break-out variant for sales has been implemented with attainment of the anticipated targets. OsMA trend indicator, having marked break of key supports by essential rise of bearish activity, suggests preference of choosing sales in planning trading operations for today. Hence and considering ascending direction of indicator chart, we

Technical Analysis

The pair has witnessed some minor bearish correction after moving to the upside from yesterday, despite of ruling out more bearish correction due to the effect of the negative reversal appearing on Stochastic. However, the pair is still trading within the bullish channel, where its chief support is at 1.2950

Technical Analysis

The pair declined yesterday, but from a pure technical harmonic point of view, we can see on the daily chart a chance for resuming a suggested CD leg for AB=CD pattern. We have two technical factors that can help the pair to trigger bullish movements over intraday basis as follows:

Technical Analysis

The euro holds steady above former intra-day resistance at 1.3050 after reaching a fresh multi-week high at 1.3105 yesterday. Current recovery is likely to continue and next upside objective is seen at 1.3250/90. Today’s most important event in the economic calendar is the US GDP data release at 13:30 GMT.