DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
The Cyprus banks are set to open today and all eyes are on the island to see if the capital controls work and how long they will be required. The fear is the longer controls are kept in place the more we get to a reality of a two tier Euro with the Cyprus Euro having a lower value than the Euro for the rest of Europe.
This brings up the wider question of what is the true value of the Euro if you factor out the states that are having economic problems such as Italy. Furthermore is Germany and the North European states benefiting unfairly from a Euro whose value is low due to the Euro Zones economic crisis. If you tie this back into what has happened over the past two weeks the populations of Greece, Spain, Italy and now Luxembourg and Malta may begin to question the benefit of staying in a Euro Zone which they feel is geared to looking after the interest of bankers and the North European industrialists. With Slovenia, Luxembourg and Malta in the cross hairs of the Euro Group we are in for more interesting times.
Back to technical’s, yesterday EURUSD continued on its downward path is now extended from the 8 period moving average and we continue to look for pullbacks to this average as possible shorting opportunities.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for GBPUSD as at 28th March 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
The Pound has benefited from the Euro Zones turmoil over the past couple of weeks and it is interesting to see if the continued chaos pushes funds in the direction of London.
GBPUSD has traded away from resistance. This was to be expected after such a strong move back into resistance. We are monitoring the strength of the bounce from resistance and if another attempt is made to breach the resistance area.
The inverse head and shoulders pattern is still in play and we are monitoring the possibility of a golden cross of the moving averages. Alternatively a failure to trade above resistance will put the bias back onto the down side.
Definitions
Trend : Current trend as defined by technical Swing Analysis.
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for USDCHF as at 28th March 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
The move to Target 1 continues with the price action some 15 pips away from this target. As we are using the 8 period moving average to shadow the move it would not be a surprising to see the Franc trade back down to its average which would once again offer possible long opportunities.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for USDJPY as at 28th March 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 93.90 – 92.30
Target 1 : 96.70
Target 2 : 97.75
Stop : 90.85
Comments
USDJPY continues to trade at Fibonacci support. We are monitoring a potential move back above the 8 period moving averages and then the isolated HH.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for Gold as at 28th March 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1619.30 – 1656.55
Target 1 : 1554.60
Target 2 : 1526.85
Stop : 1684.80
Comments
With the our focus being increasingly drawn to the Golden Cross of the moving averages and with three days of price support around the average, a close today or tomorrow above both averages would switch our attention onto the long side.
The degree of such a move is in question but possible targets could be the last isolated LH and then the down trend line. A breach of the last isolated LH would of course turn the swing count positive.
Alternatively a failure for the price action to close above the 8 period moving averages would switch our attention to the short side and a breach of the potential HL would confirm this bias.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for Oil (WTI) as at 28th March 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 91.70 – 87.90
Target 1 : 98.20
Target 2 : 100.40
Stop : 85.20
Comments
Oil continues to move higher however we are noticing a decline in the daily range which is a possible indication that the price action needs to consolidate or correct itself prior to a further move to Target 1. This can be seen by the price extension from the 8 period moving. A move back to the average may offer possible long opportunities.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend