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> Forex 26th Of June
Arnaud
post Jun 26 2008, 5:55
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Hello!

Yesterday EUR JPY moved exactly as I expected. There is a great trend on this pair.

Today in our economic calendar:

12:30 GMT: in the USA. The Gross Domestic Product annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. It is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.

12:30 GMT: in the USA. The Core Personal Consumption Expenditure released by the US Bureau of Economic Analysis is an average of the amount of money the consumers spend in a month on durable goods, consumer products, and services.. It is considered as an important indicator of inflation. A high reading is bullish for the USD, while a low reading is bearish.

Yesterday the FED announced their interest rate decision: 2%. USD moved down but didn't break strong support.
EUR USD, GBP USD, USD CHF, USD JPY are still in a large range
The trend on AUD USD is weak
USD CAD didn't fall as I expected

Today the statistics could reverse the short term trend, USD could move up, I don't wait for a great movement.

What else?
EUR JPY, uptrend should continue until 170.20 (100 pips). The probability of a reverse is low.
GBP JPY, as every day we have the resistance at 213.20, and after nothing until 214.50

And you?
Cipher
post Jun 26 2008, 8:05
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EURJPY seems overbought on hourly, 4hr and daily charts ....
u think it still have the power to go 100 more pips up?
Arnaud
post Jun 26 2008, 8:53
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I think EUJPY can consolidate or continue the trend. As I said I don't think it will reverse today.
The risk of a long position is low.
Arnaud
post Jun 26 2008, 13:00
Post


QUOTE (Arnaud Jeulin @ Jun 26 2008, 6:55) *
Today the statistics could reverse the short term trend, USD could move up, I don't wait for a great movement.


Ok, it was not a reverse but a great move down on USD.

What's the new target?
EUR USD next resistance at 1.5830 (100 pips)
GBP USD 1.9880/1.9900 and nothing else before 2.0160 (300 pips)
USD CHF next support at 1.0200 (80 pips) and nothing else before 0.9800 (480 pips)
USD JPY strong support at 107.10/107.40

I have a last support/resistance before a 300/500 pips movement on GBP USD and USD CHF. Stay tuned.
Arnaud
post Jun 26 2008, 20:13
Post


QUOTE (Arnaud Jeulin @ Jun 26 2008, 14:00) *
USD JPY strong support at 107.10/107.40


Not strong enough

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