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Bureau of Economic Analysis, 1441 L Street, NW, Washington, DC 20230 United States Technical Major Currencies Report advertisement Wednesday February 29 , 2012 11:41 GMT Euro Midday Report Trading remains choppy as the conflict is still seen between the negativity of momentum indicators and yesterday's positive closing as seen on the provided daily chart. Accordingly, we hold onto our neutral stance for the rest of the day; noting that a break above 1.3500 zones will ease the path towards 61.8% Fibonacci of the entire bearish wave from 1.4245 to 1.2625 while a break below 1.3320 will bring the bearishness back into focus. The trading range for today is among key support at 1.3250 and key resistance at 1.3700. The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Great British Pound (GBP) Midday Report The pair continued attempting to stabilize above the key resistance level around 1.5935 as seen on the provided daily chart. As we discussed earlier, we need watch out the price behaviors and the closing to make sure that the breakout is a confirmed one above SMA 200. A daily closing 1.5780 will damage the above mentioned attempts and will bring the negativity back under our technical microscope. To summarize, we keep our neutrality intact for the rest of the day and we recommend watching out today's closing due to its importance. The trading range for today is among key support at 1.5730 and key resistance at 1.6165 The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Japanese Yen (JPY) Midday Report The pair didn’t show any big move since morning while the The negativity of momentum indicators still has the ability to send the pair lower for the rest of the day. A break of 80.20 will accelerate and confirm the move; whilst bears should be protected by 81.65 zones. The trading range for today is among key support at 78.60 and key resistance now at 81.65. The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Swiss Franc (CHF) Midday Report The pair is still battling the sensitive Fibonacci level of 61.8% for the entire upside rally from 0.8565 to 0.9590 as seen on the provided daily chart. The sensitivity of the aforesaid level in addition to the oversold signal on Stochastic force us to stay aside for the rest of the day. Dear reader, we remind you that risk versus reward ratio is still too high. The trading range for today is among key support at 0.8800 and key resistance at 0.9105. The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
Canadian Dollar (CAD) Midday Report Loonie dropped sharply today touching the main pivotal support around 0.9890 to rebound slightly back above 0.9900, thus activated our bullish scenario. We remind that 0.9980 should remain intact for this scenario to continue valid. The trading range for the day is expected among the key support at 0.9890 and the key resistance at 1.0070. The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
To read the full story, ClickHere Home | Contact Us | More News ecPulse.com has sent you this message. To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders. Technical Major Currencies Report advertisement Wednesday February 29 , 2012 05:33 GMT Euro Morning Report The pair continued fluctuating around the same sensitive levels since at the opening of the week after attempting to breach the pivotal support hinted yesterday at 1.3415. The huge negative divergence on Stochastic and OsMA indicators prevent us from suggesting more bullish actions. Meanwhile, stability is seen above 50% Fibonacci retracement of the entire downside move from 1.4245 to 1.2625 as seen on the provided daily chart. We remind you that the overbought case provided by moving above the upper line of Keltner channel -check yesterday's reports- remains under our technical microscope. Therefore, we will stay aside today until the pair presents an actionable technical set up to pinpoint the next move. The trading range for today is among key support at 1.3250 and key resistance at 1.3700. The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Great British Pound (GBP) Morning Report Yesterday, bears tried to clear the initial support at 1.5785 but they failed as Cable moved higher after attacking 1.5790 zones. Having a look at the daily closing, we can see how it was achieved exactly at SMA 200 and thus, we can't classify it as a confirmed positive closing. In the interim, Stochastic started to show sign of bullish momentum weakness. The technical situation is very sensitive due to facing the key resistance of 1.5925-1.5935 and thus, we will watch out the price behaviors over intraday basis; a break above the aforesaid level will ease the path towards the high recorded in October, 2011 at 1.6165. Conversely, coming back below 1.5785 will damage bulls' attempts to take SMA 200. The trading range for today is among key support at 1.5730 and key resistance at 1.6165. The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Japanese Yen (JPY) Morning Report The weakness that started at 81.65 zones continues on momentum indicators; noting that RSI 14 didn’t breach the value of 70.00 until now. Consequently, we still see chances for additional bearish actions over intraday basis classically targeting the previous broken resistance -turned into support- at 79.55. Vortex indicator shows that the pair started to lose its upside steam solidifying our technical prospective bearish outlook for today. The risk limit is a break above 81.65 areas. The trading range for today is among key support at 78.60 and key resistance now at 81.65. The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Swiss Franc (CHF) Morning Report The pair continued hovering around same trading levels since the opening of the week; whilst Stochastic is on its way to prove the clear oversold case as seen on our provided daily chart. Once more, Keltner channel can reflect oversold case when the price moves below its lower lines. But, we will not suggest an upside recovery due to the sensitivity of the current levels since the pair is facing 61.8% Fibonacci of the entire upside move from 0.8565 to 0.9590. In result, staying aside over intraday basis will be our technical choice. Stability below 0.8925 may bring a retest of the key support level around 0.8850. The trading range for today is among key support at 0.8800 and key resistance at 0.9105. The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
Canadian Dollar (CAD) Morning Report The pair dropped yesterday and started today’s session biased to the downside as well. We may see a retest of the pivotal support at 0.9900-0.9890 today, however in general we look for an upside rebound as momentum indicators continue to lag price action. Only a breach below 0.9890 support with RSI and Stochastic breaking their current lag (bullish divegrence) by entering oversold areas again shall negate the potential upside rebound. The trading range for the day is expected among the key support at 0.9890 and the key resistance at 1.0070. The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
To read the full story, ClickHere Home | Contact Us | More News ecPulse.com has sent you this message. To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders. Technical Precious Metals Report advertisement Wednesday February 29 , 2012 06:02 GMT Gold Morning Report Gold inclines gradually affected by the bullish double harmonic structure, where this incline lifted the metal to the upside, reaching areas around the resistance of 1790.00-94.00. Stochastic is almost within overbought areas, but the indicator didn’t provide any positive crossover, while the harmonic structure remains effective as long as the metal is stable above 1763.00, especially when ADX shows stable strength of the upside move. Therefore, our positive expectations for gold remain valid today. The trading range for today is among the key support at 1747.00 and key resistance now at 1828.00. The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Silver Morning Report Silver inclined affected by the breach of 127.2% Fibonacci of the CD leg of the bullish Bat harmonic pattern and the breach of the main resistance of the downside movement. Momentum indicators are excessively overbought, which could trigger heavy fluctuations and maybe some downside corrections, but at the same time, any trading above 35.70 suggests an upside moving, testing areas around 161.8% Fibonacci of the Bat pattern at 38.30. The trading range for today is among the key support at 33.65 and key resistance now at 39.45. The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05. ***New York Candlesticks***
To read the full story, ClickHere Home | Contact Us | More News ecPulse.com has sent you this message. To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders. Technical Precious Metals Report advertisement Tuesday February 28 , 2012 11:51 GMT Gold Midday Report The metal is positively biased now affected by consolidation above 1763.00. We expect that any trading above this level is sufficient for the upside move to continue, while a breach of 1794.00 should support the bullishness to extend further. The trading range for today is among the key support at 1742.00 and key resistance now at 1828.00. The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Silver Midday Report Silver is trading narrowly around the resistance of 35.75. We are still waiting the pair to breach the mentioned level, supported by the bullish harmonic structure in addition to EMA which are trading positively. The awaited breach is necessary due to the overbought signs, where a breach of this level should negate those signs. The trading range for today is among the key support at 33.65 and key resistance now at 38.00. The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05. ***New York Candlesticks***
To read the full story, ClickHere Home | Contact Us | More News ecPulse.com has sent you this message. To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders. Technical Major Currencies Report advertisement Tuesday February 28 , 2012 11:30 GMT Euro Midday Report The pair continued hovering above the upper line of Keltner channel as seen on the provided daily chart. This technical factor should be added to the morning hinted negative signs supporting our bearish outlook that remains valid for the rest of the day. We recommend reviewing the morning report for more details about the bearish signs on the daily graph. Note that, areas of 1.3415 should be cleared to conform and activate the scenario. The trading range for today is among key support at 1.3230 and key resistance at 1.3615. The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Great British Pound (GBP) Midday Report The pair didn't show any big move since morning and the negative pressure from SMA 200 remains attracting bears. We need to witness a sustained breakout below the pivotal support around 1.5785 to conform our bearish overview as Stochastic also needs this breakout to overlap as anticipated earlier. Only a break above 1.5925 will negate it and give us reason for concern. The trading range for today is among key support at 1.5585 and key resistance at 1.6075. The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Japanese Yen (JPY) Midday Report After touching our proposed entry point of 80.75 where an important resistance level exists, the pair started to move lower once again supporting our bearish technical outlook. The negativity of momentum indicators still has the ability to send the pair lower for the rest of the day. A break of 80.20 will accelerate and confirm; whilst bears should be protected by 81.65 zones. The trading range for today is among key support at 78.60 and key resistance now at 81.65. The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Swiss Franc (CHF) Midday Report The fluctuation continued around the sensitive Fibonacci level of 61.8% for the entire upside rally from 0.8565 to 0.9590 as seen on the provided daily chart. The sensitivity of the aforesaid level in addition to the oversold signal appearing on Stochastic force us to stay aside over intraday basis. Of note, risk versus reward ratio remains too high. The trading range for today is among key support at 0.8800 and key resistance at 0.9175. The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
Canadian Dollar (CAD) Midday Report Loonie printed a low at 0.9940 before rebounding slightly. Nothing to add to our previous short to medium term analysis; as trading continues to be confined within the same range. Thus we hold onto our morning scenario unchanged. The trading range for the day is expected among the key support at 0.9890 and the key resistance at 1.0070. The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
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