MARKET WATCH THIS WEEK FOREX Keep an eye on the lows of the last week for all the pairs. Nearly all of them are important supports. Dollar-Yen (101.52) keeps trading near the major support zone of 101.30-20 and a break below 101.20 may drag it down to the next long term support near 101.70-60. The Euro-Yen (139.24) is in a confirmed major downtrend now. It is testing an important trendline Support here and could stage a bit of a bounce. But unless Resistance at 140 is broken, there could be chances of further fall to test 200-day MA at 137.94. The Euro (1.3707) is trying to bounce from the major trendline support at 1.3646. Expect near-term Support at 1.3690 and attempts to rise towards 1.3760 while Support at 139.25 holds on the Euro-Yen. The Pound (1.6827) has bounced sharply from 1.6731 and this keeps the long-term uptrend intact. AA break below 1.6730 could negate the uptrend and a dip to sub-1.6600 levels would be on cards then. The Aussie (0.9364) indeed saw a dip to 0.9327 as feared, but seems to be consolidating sideways, not facing any strong selling pressure. Important/ strong Support at 0.9314 can keep the overall uptrend intact with chances of 0.95+ this week. Dollar-Rupee (58.79) closed below 58.80 to signal a probable consolidation in the range of 58.50-59.50 with the chance of 58.35 getting tested. Only a break above 59.60-70 may signal any return of strength. estmansforextrainers.co.ke/estmans-forex.html
Posted on: Mon, 19 May 2014 03:45:16 +0000
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