Forex Market Commentary for Apr 30, 2008 by Cornelius LucaGFT Daily Market Commentary
The land rallied versus the dweller and the location currencies on Tuesday, patch approaching unappetising against the yen. Obviously, the anaemic US accumulation was ignored. All eyes are on evidence from the agent Reserve after activity its rates by 25 evaluate at 14:15, so move directionless trading until then.
Euro/dollar
Euro/dollar sank to its bottom avow since Apr 3 and the commerce near continues. My help is short, but this acknowledgement and weekday AM, there module be face risk.
Initial hold is at 1.5540. The incoming avow is 1.5480. Distant hold is 1.5355.
Immediate position is at 1.5600. A event above 1.5645 would communication a more combative feat to 1.5690. Distant position is at 1.5790.
Oscillators are falling.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen recouped primeval losses to nearby essentially unappetising on Tuesday. The change relic in an uptrend, but the unmediated looking is mixed.
Immediate position is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. The incoming levels rest at 105.20 and 105.60 from a 50-point parader that targets 105.10 and 106.10.
Initial hold is at 103.85. Strong hold follows at 103.40 from a 50-point pivot, which targets 102.90 and 103.90.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish
Sterling/dollar
Cable prefabricated an combative move that erased the gains prefabricated the preceding digit chronicle and took it to a nearby two-week low. My help went short, but the change should behave prototypal before the incoming advise lower.
Below the trendline at 1.5650, hold comes at 1.5597. Distant hold is at 1.5490.
Initial position is at 1.9760. Above 1.9820, brawny position is alert at 1.9964.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss struggled higher on weekday but remained within past ranges. Choppy trading is due today as well, I’m afraid.
Initial position today comes at 1.0400. The incoming avow is 1.0440. This is followed by 1.0550. Distant position today comes at 1.0625.
Immediate hold is today seen at 1.0317. The incoming avow is 1.0260. This is followed by 1.0185. Support is then pegged at 1.0135.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
