Thursday, 9 May 2013
European stocks are expected to open higher
EUR/USD Open 1.3158 High 1.3194 Low 1.3070 Close 1.3149
On the 1 hour chart quotes are back into the range trading, while on the 3 hour chart the downward channel has turned into wide trading scope. Break above the nearest resistance and yesterday's top at 1.3194 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3070, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2956.
Today's focus is on ECB Monthly Report, and U.S. Jobless claims and Wholesale inventories, at 8, 12:30 and 14 GMT respectively.
Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and inclining upwards, while CCI is in line with the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.3194 1.3310 1.3433
Technical support levels: 1.3070 1.2956 1.2832
Euro Briefing
EUR/USD above the averages. The broad 1.2950-1.3250 range prevails though and until it's broken choppy mkts & short term range traders will prevail.
Power crisis: Pakistan government bans airconditioners
Caretaker Prime Minister Mir Hazar Khan Khoso decided to impose the ban in all government departments and offices, an official statement said.
Khoso directed authorities to introduce a new dress code for government employees to help them cope with the lack of airconditioning.
The dress code includes white or light coloured shirts and trousers or shalwar-kameez with waist coat.
As a special concession, government employees will be allowed to come to work in "shoes without laces" or "sandals without socks", the statement said.
The ban on airconditioners will come into force on May 15 and continue till "there is substantial improvement in the energy situation".
The Prime Minister's House has already stopped using airconditioners as part of an austerity and conservation drive.
"The measure reflects the resolve of the government to manage the power crisis by management of demand," the statement said.
Authorities were given seven days to implement the ban.
Khoso expressed hope that provincial governments, private institutions and the people would cooperate with his government for energy conservation.
He appealed to people to adopt energy conservation in their homes and workplaces to minimise power cuts.
Power outages have increased across Pakistan with the steady rise in summer temperatures.
There are eight hours of power cuts in Islamabad while many rural areas go without electricity for upto 18 hours a day.
Wednesday, 8 May 2013
EUR/USD In 90 Pip Range This Week So Far
EUR/USD Open 1.3075 High 1.3132 Low 1.3067 Close 1.3077
On Tuesday Euro/Dollar traded within 65 pip range. The European currency appreciated from 1.3067 to 1.3132 yesterday, matching the positive money flow sentiment at around +16%, closing the day at 1.3077. This morning the Euro is trading quietly, with movements at the lower half of yesterday's range for now.
On the 1 hour chart quotes are back into the range trading, while on the 3 hour chart the downward channel has turned into wide trading scope. Break above the nearest resistance and yesterday's top at 1.3132 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3067, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2955.
Today's focus is on Germany Industrial production at 10 GMT.
Quotes are moving just above the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term neutral pressure. The value of the RSI indicator is neutral and calm, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Euro Briefing
suggest sellers lurk. Solid bids still sit near 1.3050 & ahead of 1.3000. If those are cleared, the Apr 24 low comes into play. A break there suggests a test of the April low is due.
Tuesday, 7 May 2013
Trading Signals: EUR/USD intraday: under pressure
Our preference: SHORT positions below 1.3115 with 1.3035 & 1.299 as next targets.
Alternative scenario: The upside breakout of 1.3115 will open the way to 1.315 & 1.318.
Comment: the RSI is capped by a declining trend line, the pair stands below its resistance and remains under pressure.
Monday, 6 May 2013
Mersch to EUR: Live long and prosper
Trading Signals: EUR/USD intraday: under pressure
Our preference: SHORT positions below 1.315 with 1.3075 & 1.3035 as next targets.
Alternative scenario: The upside breakout of 1.315 will open the way to 1.318 & 1.322.
Comment: the pair stands below its new resistance and remains on the downside as the RSI is badly directed.