Forex Forum @ ForexAbode

[Himanshu]

Just to point out that today is one of the days when many currency pairs are at the 55-day EMA resistance level. And there is no doubt that normally this level causes a strong resistance (downtrend) or support (uptrends). lets's keep a watch.

Please seesome of the daily charts:

AUD/JPY:



AUD/USD:



EUR/JPY:



EUR/USD:



GBP/USD:

[Himanshu]

Spain Rating cut to AA- from AA BY S&P

[Kevin]

Spain’s credit rating was cut for the third time since June of last year by Moody’s.
Moody’s yesterday cut its ranking by two levels to A1 from Aa2

[Himanshu]

After 22 trading days the pair had broken below the upper edge support of the Ichimoku cloud and for the second consecutive day, the price action is within the cloud. The lower edge support is close. If that is broken then we can expect some more downward move. AUD/JPY is same (please scroll the chart):

aud-usd-nov17th.jpg (255.23 KiB) Viewed 4866 times

[ronaldlee]

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[Himanshu]

European Union leaders dropped their demand that investors share the cost of bailouts as Germany abandoned a campaign that helped deepen the two-year-old financial crisis.

Limiting so-called private-sector involvement to the terms accepted in International Monetary Fund bailouts was part of a package agreed upon in Brussels early today as leaders met to forge tighter economic bonds to stem the crisis

With Merkel backing down, leaders agreed this morning to now accelerate the start of their 500 billion-euro fund ($666 billion) to next year.

-Source Bloomberg

Euro appreciation is expected

[Himanshu]

Daily ichimoku Cloud: Last week Tenkan-sen crossed below Kijun-sen almost immediately after crossing below it. The crossover of Tenkan-sen going above was a weak bullish signal as it took place below the cloud and the recent crossover of Tenkan-sen going below Kijun can be considered as a strong bearish signal. Though the gap between Tenkan and Kijun lines have narrowed down but price closed, for the week, almost at Tenkan-sen level. Please note that despite Friday’s upward jump, the Ichimoku configuration remains bearish as of now.

Please scroll the chart to see it completely:

eur-usd-dec-9th.jpg (295.68 KiB) Viewed 4193 times

[Himanshu]

EUR/USD breaks above the resistance of 5-day EMA line after 8 trading days and also breaks above the range by moving a bit above December 16th high. I would expect it to go towards 1.3140/1.3160 in a day or two.

Please scroll the chart to see:

eur-usd-alert.jpg (197.57 KiB) Viewed 3900 times

[Himanshu]

I just put a comment on a post of FXStreet about EUR/USD on NASDAQ website today. It is at http://community.nasdaq.com/News/2011-1 ... yid=111770. The first resistance came and was broken (though not strongly) but I am still expecting a further correction before another fall.

[Himanshu]

Please also check the posts in the sub-forum named " Real Time Trade positions" which are related to this post:

GBP/USD is moving almost perfectly withing the Bollinger Bands (daily chart). Recently a short-term support trend line has started emerging. Any strong break of that may bring some more downward move but otherwise more upward move can be expected:

GBP/USD- 4-Hourly chart - Trend line support:

gbpusd-short-term-trend-line.jpg (238.31 KiB) Viewed 3371 times

GBP/USD - Daily chart - Bollinger Bands:

gbpusd-jan9th-daily.jpg (219.62 KiB) Viewed 3371 times