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Forex Flash: Silver remains at risk of hitting new lows – ANZ

FXstreet.com (Barcelona) - The precious metals have broken down from recent consolidation patterns the last two days, but price remains above the lows made in mid April. However, some analysts believe silver may go re-test previous lows, and possibly even decline further in coming weeks.

According to analysts at ANZ, “Silver remains at risk of sliding to new lows and could lead gold towards redefining its recent low. Current sharp declines could complete long term corrective patterns off the 2011 highs. Slippage to new lows is likely, but weekly momentum needs to be watched closely for signs of a potential base and so completion of the broad corrective pattern off the near test of 50.00 in 2011. However, the current declines (“C”) do not appear to have based and \ rebounds off 22.07 appear wholly corrective. Failure to gain a close above 25.00 risks a slide to 20.00-60 if not 18.50 in order to form a base

They went on to add, Although price action over the past two weeks is inconclusive and contained, a close below 23.20 could trigger not only a slump to redefine the recent 22.07 low but more likely a deeper slide to test a 20.00-60 target zone if not a measured move to 18.50. A rebound above 24.20 may again reduce current downside risks, but a close above 25.25 is needed to reduce the underlying downside bias.

Session Recap: Nikkei climbs above 15000 for first time since 2007; USD weakens

A slightly weaker USD in the Asia-Pacific mostly on the back of a stronger Yen, while most currency pairs remained practically unchanged. EUR/USD around 1.2935, AUD/USD around 0.9895, GBP/USD 1.5228, and USD/CHF 0.9660, while USD/JPY printed fresh session lows at 102.04, all of which ahead of a busy day both in the London and NY sessions.
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Forex: NZD/JPY on the verge of an upside range?

The New Zealand and the Japanese Yen are two of the ugliest currencies since the recent acceleration of the US Dollar across the board. While both currencies were hammered vs the Greenback, it has left an interesting technical picture on the Kiwi vs the Yen, where a daily range has been established since April 17.
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