Daily Technical Analysis 29.3.2013 from ACFX.com

Daily Technical Analysis 29.3.2013 from ACFX.com

Postby Atlas CapitalFx » Fri Mar 29, 2013 5:50 am

Daily Technical Analysis for EURUSD as at 29th March 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

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Comments
The banks in Cyprus open on Thursday without much incident. However, this was probably due to most people having better things to do with their time then queue up to withdraw Euro 300. EURUSD did bounce a little but so far the move up is more like a wimper than an emphatic roar that the Euro Zone and Germany succeeded in their experiment .The rise in the Euro being more down to profit taking prior to the long weekend.

With the Maltese trying to distance themselves to what happen in Cyprus with statements that their Banking sector is safe and the Slovenians fearing that they are now being targeted the significant news from London that after five years into this crisis the Bank of England’s Financial Committee has instructed the Banks to raise extra capital of GBP 25bn by the end of 2013 has gone a little unnoticed. It is probably a very sobering thought for the British people and much to the relief of the Euro Skeptics that the UK kept their pound and did not give up financial independence to European self interest groups that envy London’s dominant position as a financial centre in Europe.

The scary thought would be the Euro Group seeing the Cyprus experiment being a success and then rolling out this template to the other PIIGS. This would of course cause capital flight to perceived safe countries such as Germany and Holland. How fortunate for them.

Back to Cyprus the European Commission wants the capital controls want lifted as soon as possible but the Cyprus Finance Minister is talking about months. The targeting of deposit holders for the errors of well paid bankers has changed the rule book and the deposit holders who have been rewarded with worthless equity in banks will not forget what has happen so easily and those who have the ability to move funds to safer financial centers probably will.

Back to the technical’s the Euro is basing and the price is a little extended from the averages but with bank holidays in Western Europe today and Monday in Cyprus Traders are probably keeping away from the markets over the long weekend.

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 29th March 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Image

Comments
The pound is trading just beneath resistance but we would expect a quiet day due to the Good Friday holiday.

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 29th March 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Image

Comments
USDCHF continues to trade just above the moving average after touching it twice. We continue to monitor a possible move to Target 1.

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 29th March 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : 93.90 – 92.30
Target 1 : 96.70
Target 2 : 97.75
Stop : 90.85

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Comments
USDJPY continues to trade within a very tight range 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 29th March 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : 1619.30 – 1656.55
Target 1 : 1554.60
Target 2 : 1526.85
Stop : 1684.80

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Comments
Gold continues to trade around its Golden cross but with the Markets closed until late on Sunday night there is not much to report with a close above both averages would switch our attention onto the long side and the targets being the last isolated LH and then the down trend line. As mentioned yesterday 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 29th March 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : 91.70 – 87.90
Target 1 : 98.20
Target 2 : 100.40
Stop : 85.20

Image

Comments
Oil continues to grind higher without a pause with the price action getting more and more extended from the 8 period moving averages. 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
Atlas CapitalFx
 
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