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Forex Flash: Bunds look neutral ahead of strong resistance – RBS

FXstreet.com (Barcelona) - Bund trends remain in place with a new support gained at the 145.80 level, being the 161.8% Fibonacci projection from the February-March 2013 impulse wave. However, it faces a strong resistance at 146.80/90, where several projected Fibonacci levels lie (e.g. the full 200% projection of the February-March 2013 move).

According to Technical Markets Strategist Dmytro Bondar at RBS, “Momentum tools are pretty neutral, as overbought conditions are not meaningful in a strong trend environment. Therefore, unless a clear bearish divergence develops, there seem to be no reasons to fade the trend. The price heads towards the 146.90 resistance, where there might be an initial reaction leading to a consolidation within the 146.20 – 146.90 region. Once the 146.90 resistance is broken, the next targets would be 147.63, 148.09 and 148.44.”

Forex: USD/JPY continues to advance at 97.20/25

The USD/JPY has successfully pared its mishaps after taking an earlier tumble during European trading Friday. After getting a welcome boost from uneven US data, the pair is now operating at session highs near 97.20/25, up a steadfast +0.93%.
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Forex: EUR/JPY extends gains above 126.00 on Yen selling

The EUR/JPY is continuing its climb higher as the Yen is becoming cheaper and cheaper on the BoJ aggressive easing announced this Thursday. The cross moved to 126.47 high already and its trading range totals 730 pips in the last two days. Also, he market is increasingly closer to February and 2013 high at 127.70.
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