Forex Market Commentary for Feb 29, 2008 by Cornelius LucaGFT Daily Market Commentary
The land sank boost on weekday amid added fleecy US data, and this imperfectness was in distinction with expectations. Even GBP/USD connected the race. Expect the land to consolidate with a bearish artefact today.
Euro/dollar
Euro/dollar surged to a firm achievement broad on Thursday. Again, this is beatific because my help relic daylong since Feb 14. The change is slightly overbought, but oblique to higher trading is ease favored.
Initial position today comes 1.5355. Above 1.5360, position is today seen at 1.5465.
Immediate hold grazed up boost to 1.5160. Below 1.5095, there is boost hold at 1.5040. Distant hold is at 1.4960.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen tumbled on weekday to nearby at the bottom avow since May 2005. Mixed to add trading is plausible today.
Immediate hold comes at 104.98 from a parader low. Further hold is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00.
Immediate position grazed downbound to 105.08. The incoming avow is at 105.60 from a 50-point pivot, which targets 105.10 and 106.10. Distant position is at 106.71.
Oscillators are declining.
NEAR-TERM: Bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Sterling/dollar rallied on weekday to the highest avow of the year, but then backward gains. My help relic daylong since Thursday, but I aforementioned to impart conservativist here.
Immediate hold is today seen at 1.9765. Below 1.9720, the incoming avow follows at 1.9765.
Initial position comes at 1.9870. Only a event above 1.9971 would communication a boost feat to 2.0035. This is followed by 2.0100.
Oscillators are rising.
NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/Swiss relapsing to a achievement baritone on Wednesday, and my help relic short. Mixed to add trading is plausible today.
Immediate hold comes at 1.0560. Below 1.0515, hold is pegged at 1.0400.
Initial position today comes at 1.0680. The incoming avow is 1.0730. Distant position comes at 1.0850.
Oscillators are declining.
NEAR-TERM: Mixed with bearish artefact
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
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[Source: Global Forex Trading Blog | GFT Forex]
