FX Technical Analysis

Daily Forex Technicals | Written by Mizuho Corporate Bank | Apr 20 09 06:13 GMT |

EURUSD Comment: Dropping to its lowest level in a month as it struggles with the top of the Ichimoku 'cloud' (which becomes very thin this week). Possibly the lagging Chikou Span will get support from Fibonacci retracement and the candles of 26 days ago. The Euro is slightly oversold. Strategy: Attempt small longs at 1.3000; stop below 1.2900. Add to longs on a sustained break above 1.3100 for 1.3400 short term. Direction of Trade: →↗ Chart Levels: Support Resistance 1.2967 " 1.302 1.2930* 1.3078 1.2855 1.31 1.2825 1.313 1.2765 1.3185 GBPUSD Comment: Retreating to retracement support as we still cannot manage a weekly close above 1.5000. Watch for signs of basing early this week for another attempt higher later this month. Strategy: Attempt longs at 1.4730; stop below 1.4550. Short term target 1.5000/1.5050. Direction of Trade: →↗ Chart Levels: Support Resistance 1.4706 " 1.4815 1.465 1.485 1.4580* 1.4945/1.4960 1.4475 1.5000* 1.445 1.5155/1.5185 USDJPY Comment: Slightly worrying and rather tricky as prices hover unsteadily at current levels for a fourth consecutive day. We still favour an upside probe some time this month. Strategy: Attempt longs at 98.95; stop below 97.50. First target 99.50, then 100.70 Direction of Trade: →↗ Chart Levels: Support Resistance 98.50 " 99.42 98.15 99.68/99.79 97.50* 100 97.1 100.75 96.5 101.45* EURJPY Comment: Dropping below channel support and the moving averages look set to turn negative. Price action this month might be seen as a 'triple top' though currently we still se it merely as consolidation around the fairly pivotal 130.00 area. Strategy: Attempt tiny longs at 128.50; stop below 127.50. Short term target 132.00 then 133.50/134.00 Direction of Trade: → Chart Levels: Support Resistance 128.14 " 129.5 127.7 129.71 127.2 130.5 126.40* 131.5 125.45 132.1 Mizuho Corporate Bank Disclaimer The information contained in this paper is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This paper has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.