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USD/Scandi Pairs Breaking Out; Fresh Upside Extensions Underway
A daily overview of technical developments in the regional currencies. Take a look inside for the latest scoop on the Norwegian Krone and Swedish Krona.
Euro Price Action Increasingly Bearish But Yet to Close Below Key Barrier
Although the outlook for the Euro does not look good at this point, we would highlight that the market still has been unable to put in a daily close below 1.3000…
Dollar Extends its Longest Advance Against Euro Since Sept 2009
The dollar has made remarkable progress over the past week and a half. The progress the currency has made against its high-yield Australian and New Zealand counterparts as well as the seven day decline for EURUSD (the longest run since September 2009) speak for themselves.
WTI Crude Oil Trying to Find Support At 95.60 with Double Bottom
Forex Technical Update Previous: WTI Crude Oil Slides Below Rising Trendline (5/4) WTI Crude Oil daily 5/4/2012 WTI Crude Oil fell sharply after Friday’s NFP, more than 5% off its levels above 100.50 down to 95.60 to start the 5/7-5/11 trading week. So far, through the 5/7 and 5/8 sessions, the market has been trying to hold prices above this 95.60 support pivot, which was seen as support back on Feb. 2, 2012 (seen in the daily chart). The price action in the 4H chart shows a possible double bottom forming, confirmed if the market can push above 98.25
US Dollar Strength Returns But S&P 500 Still Noncommittal
The US Dollar regained its upward drive, moving higher to test trend-defining resistance, but the S&P 500 continues to stall at a familiar support level.
Bullish Breakouts in EURAUD and EURNZD
Breakouts in the EURAUD and EURNZD are additional evidence that the AUD and NZD are leading on the way down in the next wave of deleveraging. Early May pivots present opportunities to join the larger trend and keep risk manageable.
Haven Flows Stoke Demand for USD, JPY- AUD Downside Scalps in Play
Risk aversion is in full effect in early US trade with the dollar outperforming all of its major counterparts save the yen. Key levels in play on the USDJPY and AUDUSD.
Crude Oil Tumbles Could Force US Dollar to Surge vs. Canadian Dollar
Sharp losses in Crude Oil prices have sent the US Dollar (ticker: USDOLLAR ) higher against the Canadian Dollar, and further losses would favor USDCAD gains.
Daily Forex Analysis – May 8, 2012
by forexcycle.com USDJPY Analysis. USDJPY stays within a downward price channel on 4-hour chart, and remains in downtrend from 84.17, the bounces from 79.63 could be treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 79.00 area. Resistance is at the upper border of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend
