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Daily Technicals
By DailyFX – EUR/USD * Euro bulls once again failed to keep the pair above 1.2115, a level defended by the 50.0 Fib of the… … 1.2588-1.1639 USD rally and retreated toward 200-day SMA at 1.2050.
As dollar longs continue with their advance and push the pair below
1.2000 handle, a level defended by the 38.2 Fib of the 1.2588-1.1639 USD rally, a
further advance by the dollar longs will most likely see the pair head lower target
euro offers around 1.1932, a level marked by the December 28 daily high and with
further advance on the part of the dollar trader seeing the pair head below 1.1900
figure and target bids around 1.1864, a level defended by the 23.6 Fib of the
1.2588-1.1639 USD rally. However in case euro bulls push the pair back above 1.2115,
a further move to the upside will most likely see EUR/USD head toward 1.2227, a
level marked by the 61.8 Fib of the 1.2588-1.1639 USD rally. A sustained momentum on
the part of the euro bulls will most likely see the pair head higher and target
offers around 1.2226, a level marked by the January 25 daily high. Indicators are
favoring Euro longs with both positive momentum indicator and MACD treading above
the zero line, while neutral oscillators give either side enough room to maneuver.
USD/JPY * Japanese Yen longs continued to retreat after dollar bulls managed to
break above the yen offers around 118.17, a level marked by the December 30 daily
high. A further move to the upside will most likely see the pair extend its gains
above 119.00 figure and target offers around 119.39, a level established by the
February 3 daily high. A sustained momentum on the part of the greenback longs will
most likely see USD/JPY head above the psychologically important 120.00 handle and
take on the offers around 120.46, a level marked by the December 13 daily high.
However in case dollar bulls fail to push the pair above 119.00, a reversal and a
move below 117.35, a level marked by the 23.6 Fib of the 104.16-121.46 USD rally
will most likely see USD/JPY head lower and target 116.42, a level created by the
March 27 daily low. A further move to the downside will most likely see USD/JPY
extending its decline below 116.00 figure, a level defended by the January 17 daily
high at 115.93 and with sustained momentum seeing the pair head below the
psychologically important 115.00 handle, a level protected by the 38.2 Fib of the
104.16-121.46 USD rally and 200-day SMA at 114.90. Indicators are favoring yen bulls
with both negative momentum indicator and negative MACD treading below the zero
line, while neutral oscillators give either side enough room to maneuver.
GBP/USD * British pound longs failed to keep the bids around 1.7399, a level
established by the 23.6 Fib of the 1.8500-1.7048 USD rally as dollar bulls continued
to push the pair lower. A further move to the downside will most likely see the pair
head below 1.7281, a level defended by the February 14 daily low and with sustained
momentum to the downside most likely seeing GBP/USD head lower and target sterling
bids around 1.7188, a level marked by the January 3 daily low. A further decline
will most likely see the pair head lower and with a move below 1.7100 seeing
greenback longs take on the pound bids around 1.7048, a level established by the
2005 Low. However in case sterling longs manage to push the pair back above 1.7300,
a further move to the upside will most likely see GBP/USD head higher and with a
break above 1.7400 most likely seeing sterling longs target the psychologically
important 1.7500 handle, a level defended by the combination of the 50-day SMA and
March 31 daily high at 1.7477. A further move to the upside will most likely see
cable longs target dollar offers around 1.7603, a level marked by the 38.2 Fib of
the 1.8500-1.7048 USD rally. Indicators are favoring dollar bulls with both negative
momentum indicator and negative MACD treading below the zero line, while neutral
oscillators give either side enough room to maneuver.
USD/CHF * Swiss Franc bulls once again found themselves rallying past offers above
1.3040, a level marked by the 23.6 Fib of the 1.2240-1.3285 CHF after greenback
longs launched a massive countermove which pushed USD/CHF above the 1.3100 figure.
As greenback longs remain in change of the price action and keep the pair above
1.3100, a further move to the upside will most likely see USD/CHF head higher and
target offers around 1.3201, a level defended by the December 30 daily high. A
further move to the upside will most likely see the pair head toward 1.3285, a level
established by the 2005 High. However in case Swiss Franc bulls manage to regain the
control and push the pair below the psychologically important 1.3000 handle, a move
below 1.2960, a level marked by the March 31 daily low will most likely see the pair
extend its decline toward 1.2885, a level created by the 38.2 Fib of the
1.2240-1.3285 CHF rally. Indicators are favoring dollar bulls with both positive
momentum indicator and postive MACD treading above the zero line, while neutral
oscillators give either side enough room to maneuver
USD/CAD * Canadian dollar bulls failed in keeping the greenback longs below 1.1638,
a level marked by the 23.6 Fib of the 1.2799-1.1297 CAD rally, and retreated above
1.1700 figure. As US dollar longs takeover the price action, a move above 1.1748, a
level marked by the January 9 daily high will most likely see USD/CAD advance above
1.1800 figure and with further momentum targeting 1.1848, a level defended by the
38.2 Fib of the 1.2799-1.1297 CAD rally. A further move to the upside will most
likely see the pair head above 1.1900 and target Canadian dollar offers around
1.1976, a level marked by the November 15 daily high. However in case Loonie longs
resume their advance, a further move to the downside will most likely see USD/CAD
head below 1.1600 and with a move below 1.1577, a level marked by the March 31 daily
low once again target the 1.1500 figure, a level defended by the March 16 daily low
at 1.1512. Indicators are favoring US dollar bulls with both positive momentum
indicator and positive MACD treading above the zero line, while neutral oscillators
give either side enough room to maneuver.
AUD/USD * Australian dollar bulls saw the momentum of their countermove stall as
pair once again failed to test the offers around the .7200 figure. As greenback
longs take over the price action and push the pair below .7100, a break below the
Aussie bids around .7038, a level defended by the 78.6 Fib of the .6780-.7986 AUD
rally, will most likely see AUD/USD head below the psychologically important .7000
handle and target Aussie bids around .6932, a level marked by the July 29, 2004
daily low. However in case Aussie bulls manage push the pair higher, a further move
to the upside will most likely see AUD/USD break above .7200 figure and target
offers around .7242, a level established by the 61.8 Fib of the .6780-.7986 AUD
rally. A further move to the upside will most likely see the pair head toward .7304,
a level defended by the March 10 daily low. Indicators are favoring US dollar
traders with both negative momentum indicator and negative MACD treading below the
zero line, with ADX above 25 at 32.00, signaling an existence of a trend, not a
direction of one, while overbought Stochastic gives Australian dollar longs a chance
to retaliate.
