OctaFX | OctaFX Forex Broker
Open trading account
Back

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.
Read more Previous

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....
Read more Next
Start livechat