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Forex Flash: EUR/USD needs a break below 55-day MA to confirm trend reversal lower – Commerzbank

FXstreet.com (Barcelona) - The EUR/USD was held by its two month support line at 1.3047 last week, having previously been rejected by hefty resistance at 1.3225/43 (50% retracement and Wednesday’s high). Commerzbank analysts believe that a break back below the short term uptrend at 1.3047 should still be seen in the near future but a fall through the 55 day moving average at 1.3027 is still needed to confirm a trend reversal lower, though. “In this case the 1.2977/54 support area (24th April low and the 200 day ma) will be in focus”, wrote analyst Karen Jones, adding that failure here will concentrate efforts on to 1.2839 (78.6% retracement of the move up in April, then the 1.2740 recent low), while resistance comes in between the mid-April high at 1.3202, the four month resistance line at 1.3221 and the April peak at 1.3243.

Asian markets up on solid US NFP

A quiet Asian session, with Japan out of the game once again, celebrating Children’s Day, and most equity indexes edging higher on Monday. Excluding South Korea’s Kospi (-0.10%), Mainland China’s Shanghai Composite (+1.14%), India’s Bombay Sensitive (+0.30%), Hong Kong’s Hang Seng (+1.03%), Indonesia’s Jakarta Composite (+1.06%) and Singapore’s Straits Times (+0.62%) added gains. Australia’s S&P/ASX 200 rose 0.47% the day before the RBA interest rate decision despite a contraction in retail sales by -0.4% (consensus of +0.2%) in March (MoM). HSBC China services PMI eased from 54.3 to 51.1 in April. Asian equity indexes were mostly boosted by the solid US nonfarm payrolls report published on Friday.
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Forex: GBP/USD upside capped at 1.5600

The sterling is hovering over 1.5580/85 on Monday, retreating from session highs after another failed attempt to follow through the key resistance at 1.5600....
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