Opening FX: Euro still bouncing. Until when?
April 8th, 2010
The Euro-dollar has met our expectation and has gone above 1.3435 to a session high at 1.3488. A single currency has been granted, for the moment, pretty well the announcement of a plan of aid to Greece.We recommend caution seems feasible because the continuity of speculative attacks on other countries in the Euro Zone. The fiscal situation of peripheral economies in Europe remains very worrying. The crisis has left to see the nakedness of some countries that have lived beyond their means and now their government accounts remain unsustainable.
As for raw materials, we see that oil remains almost flat on our last Friday's close .. At present, the future of Brent May 2010
goes up to $ 79.88 and the future of West Texas the same maturity is going up to $ 80.56.
The ounce of gold and an ounce of silver recovered positions of the euro and progress has slowed in the $ 1,112.50 and the $ 17.085 respectively.
As sovereign fixed income, we see little movement regarding our previous close. Today, we have a date in the calendar of issuance in the primary market. From Italy we have an auction Biped bond maturing in 2023 and 2041 with an estimated volume of 1,250 million euros.
Main foreign exchange market crosses:
The Euro-dollar has made the 'pull back' to 1.3435 and has gone to a session high at 1.3488. Gives a good sign after opening with an upward gap week. You may have the potential to 1.3530 in the short term. And is that the publication of details of rescue plan Greece has done much to reduce uncertainty about the single currency.
However, during the crossing last week gave us clear signs of weakness on Wednesday after drilling key support of 1.3435. In addition, managed to overcome the very strong level of 1.3400 that was passed where 61.8% of all Fibonacci retrenchment from the lows of October 2008 at 1.2330 to the maximum November 2009 of 1.5145. Last Friday marked a new low last year and ten months 1.3268.
The Euro-Yen has passed the first two resistors that macadam's and has been a daily maximum at 125.03. Follow uploaded to the wave of strong bullish rally in recent sessions. We still believe that should continue rebounding from the forthcoming session. If the bags allow upward trend might have to clavicle line passing through the 125.24. This forming the second shoulder and still has potential new daily candle alcista.La hammer-shaped figure and potential shoulder inverted head-shoulder on the daily chart we see him very clearly set the direction.
The Euro-Swiss franc has been above 1.43 to a session high at 1.4358. It has been therefore the resistance of 1.4319. In any case the technical side of the crossing is still fairly weak after drilling a minimum of October 2008 at 1.4301 and move to a new record low at 1.4232. For now, it seems that the SNOB has thrown in the towel when it comes to prevent appreciation of Franco.
The Euro-Libra moves in the range from support of 0.8957 and 0.9026 resistance.
The Pound-Dollar rebounds with strength and up to 1.5015 in the session. These days we said earlier that if the markets moderated the risk aversion that the crossing descartabamos not be out by 1.50. Despite this caution is the extent curbed the crossing last Thursday at a daily minimum at 1.4798 near the annual minimum of 1.4784 it reached in early March. If more than 1.5113 could start talking about a figure of double floor.
The dollar-yen levels consolidates after sharp gains last week in which managed to pierce the guideline bearish medium-term primary was drawing since June 2007. Above, the first resistance is at the top of Thursday's 92.955. After this event we believe you have a clear potential to 95 and 100. However, logic tells us that it should purge gains in recent sessions because of excessive verticality of the climb. Below, the first support is at 92.310.
The Kiwi-Yen opened the week with an opening rally that has taken him up in 65.92. Now their next stop in the bulls are in 66.00 and 66.31. We do not rule that corrects up to 65.00 ahead of the forthcoming meetings.
The Aussie-Yen is showing signs of strength and approaches the recent peak of 84.660. Also we believe that it should reverse the recent momentum for the upcoming session.
The ounce of gold and an ounce of silver recovered positions of the euro and progress has slowed in the $ 1,112.50 and the $ 17.085 respectively.
As sovereign fixed income, we see little movement regarding our previous close. Today, we have a date in the calendar of issuance in the primary market. From Italy we have an auction Biped bond maturing in 2023 and 2041 with an estimated volume of 1,250 million euros.
Main foreign exchange market crosses:
The Euro-dollar has made the 'pull back' to 1.3435 and has gone to a session high at 1.3488. Gives a good sign after opening with an upward gap week. You may have the potential to 1.3530 in the short term. And is that the publication of details of rescue plan Greece has done much to reduce uncertainty about the single currency.
However, during the crossing last week gave us clear signs of weakness on Wednesday after drilling key support of 1.3435. In addition, managed to overcome the very strong level of 1.3400 that was passed where 61.8% of all Fibonacci retrenchment from the lows of October 2008 at 1.2330 to the maximum November 2009 of 1.5145. Last Friday marked a new low last year and ten months 1.3268.
The Euro-Yen has passed the first two resistors that macadam's and has been a daily maximum at 125.03. Follow uploaded to the wave of strong bullish rally in recent sessions. We still believe that should continue rebounding from the forthcoming session. If the bags allow upward trend might have to clavicle line passing through the 125.24. This forming the second shoulder and still has potential new daily candle alcista.La hammer-shaped figure and potential shoulder inverted head-shoulder on the daily chart we see him very clearly set the direction.
The Euro-Swiss franc has been above 1.43 to a session high at 1.4358. It has been therefore the resistance of 1.4319. In any case the technical side of the crossing is still fairly weak after drilling a minimum of October 2008 at 1.4301 and move to a new record low at 1.4232. For now, it seems that the SNOB has thrown in the towel when it comes to prevent appreciation of Franco.
The Euro-Libra moves in the range from support of 0.8957 and 0.9026 resistance.
The Pound-Dollar rebounds with strength and up to 1.5015 in the session. These days we said earlier that if the markets moderated the risk aversion that the crossing descartabamos not be out by 1.50. Despite this caution is the extent curbed the crossing last Thursday at a daily minimum at 1.4798 near the annual minimum of 1.4784 it reached in early March. If more than 1.5113 could start talking about a figure of double floor.
The dollar-yen levels consolidates after sharp gains last week in which managed to pierce the guideline bearish medium-term primary was drawing since June 2007. Above, the first resistance is at the top of Thursday's 92.955. After this event we believe you have a clear potential to 95 and 100. However, logic tells us that it should purge gains in recent sessions because of excessive verticality of the climb. Below, the first support is at 92.310.
The Kiwi-Yen opened the week with an opening rally that has taken him up in 65.92. Now their next stop in the bulls are in 66.00 and 66.31. We do not rule that corrects up to 65.00 ahead of the forthcoming meetings.
The Aussie-Yen is showing signs of strength and approaches the recent peak of 84.660. Also we believe that it should reverse the recent momentum for the upcoming session.
Tags: currency, Eurozone, fixed income, Forex, ounce of gold, silver
