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USD/CAD: Resuming the progressive uptrend, MIG Bank 2011-06-20
USD/CAD is resuming its progressive uptrend from multi-year lows. We remain positive in the medium to long-term, given the important reversal that took place within a major wedge channel, supported by a DeMark exhaustion signal on the weekly chart... more
Pre US Open Analysis, FxPro 2011-06-20
EUR/USD INTRADAY: SUPPORTED BY A RISING TREND LINE.
Pivot: 1.418
Most Likely Scenario: Long positions above 1.418 with targets @ 1.43 & 1.4345 in extension.
Alternative scenario: Below 1.418 look for further downside with 1.413 & 1.4065 as targets.
Comment: the pair is supported by a rising trend line, the RSI is turning up... read more
MIG Bank Daily report
2011-06-20
EUR/USD: BEARS RESUME INTO KEY LEVEL 1.4148 (38.2% FIB).
Exited at 1.4340, having already achieved PT2. EUR/USD bears are resuming into key level at 1.4148 (38.2% Fib-Jan 2011 uptrend). In Elliott Wave terms, we continue to view this move as an impulsive wave 3. Expect a strong decline, marked by weak short covering rallies, similar to what we have experienced today and last week.
We look to open another sell order favouring probes into support at levels at1.4000/1.3970 (P&F/May swing low). Beneath here accelerates into 1.3670 (61.8% Fib).
Only a sustained close above the ”Trichet high” at 1.4653 and most importantly 1.4711/30 will lead us to re-evaluate the status quo.
Inversely, the US dollar index needs to extend its recovery above 74.98 to attack 76.36 (23 May high), thereby confirming a multi-month w-shaped base pattern for an extension into 77.01 and 78.03 (50%/61.8% Fib).
Further upside scope is also being supported by increased long positions on our COT liquidity, which has already turned positive for the last 3 weeks.
STRATEGY: Exited at 1.4340. PT2 Achieved. Awaiting another sell setup... read more
Pre EU Open Analysis (FxPro)
2011-06-21
EUR/USD INTRADAY: FURTHER ADVANCE.
Pivot: 1.4290.
Most Likely Scenario: LONG positions @ 1.43 with 1.44 & 1.445 as next targets.
Alternative scenario: The downside penetration of 1.429 will call for a slide towards 1.424 & 1.418.
Comment: The RSI is well directed, the pair has rebounded on its new support and should post further advance.
Trend: ST Ltd Upside; MT Rangeread more
Daily Forex Analysis: GBPJPY (FX-Insights)
2011-06-21
The GBPJPY corrected higher yesterday and appears to be now struggling around 130.20. The outlook is neutral in the near term. A clear break above 130.20 could be a threat to my bearish intraday outlook possibly testing 131.00 - 132.00... read more
UPDATE: Cable Remains Bullish Above 1.6174 (FX-Insights)
2011-06-21
For the third day in a row, initial Cable losses to levels near 1.6100 attracted demand. Net gains were minor but have been continued in Asia. These gains are supported by momentum that is turning positive.
In view of this we remain bullish above 1.6174. The immediate resistance is now the overnight high at 1.6255 with a move beyond that point possibly targeting 1.6285, half of last Wednesday's net losses, then towards 1.6370, that day's open... read more