Weekly technicals- Spot forex- 15th- 20th April 2013

EUR/USD- Previous week- 1.2973

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1.3138

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1.2961

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1.3111

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0.94%

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EURUSD

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1.3090

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1.3030

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1.2775

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$1.2775-1.3275

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Trading Call –

EURO ended the week with gains of 0.94%, extending the 1.33% gains of the previous week, versus the greenback, in a volatile week which saw the pair sliding below $1.3000 before pulling back to end the week above $1.3100.
The pair closed above the bottom of the medium term bullish channel with supports at $1.3090, after 3- weeks and could continue its bullish momentum towards $1.3175- 1.3275
Crucial supports placed at $1.3030- 1.3090 and as long as the supports are held, the trend remains bullish. If the pair closes below the supports, the near- term trend would revert to bearish and the pair could test $1.2750 – 1.2775 followed by the November lows of $1.2650- 1.2675.

Buy the pair on dips between $1.3030- 1.3090 with a stop and reverse below $1.3000. Alternatively initiate long positions in the EURO above $1.3200

Short, medium and long- term trend- Bullish
Short EUR/ USD
At $1.3000 with a stop at $1.3050 for a profit target of $1.2800
Also at $1.3175 with a stop at $1.3200 for a profit target of $1.3100

Long EUR/USD-
At $1.3050 with a stop at $1.3000 for a profit target of $1.3160.
Also at $1.3200 with a stop at $1.3160 for a profit target of $1.3275

GBP/USD- Previous week-

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1.5304

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1.5500

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1.5610

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$1.5200- 1.5600

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Trading Call –

Pound Sterling ended the week with gains of 0.05%, versus the greenback, inching towards resistances at 1.5425- 1.5500
The pair ended the week above the bottom of the medium term bullish channel with supports at $1.5290 after slipping below it briefly and as long as the supports are held, Sterling could rally to $1.5425- 1.5500; top end of the near- term bullish channel.

Crucial supports placed at $1.5300- 1.5325; bottom end of the medium term bullish channel, close below which, Sterling could skid to $1.5200 very quickly

Buy the pair on dips between $1.5275- 1.5325 or at the break of $1.5525

Short and medium term trend – Bullish; Long term trend – Bearish
Short Sterling-
At $1.5500 with a stop loss at $1.5525 for a profit target of $1.5350.

Long Sterling-
At $1.5300 with a stop at $1.5250 for a profit target of $1.5475
Initiate long positions also at $1.5525 with a stop at $1.5485 for a profit target of $1.5600

 

USD/JPY- Previous week-

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97.84

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99.94

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97.83

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98.38

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0.86

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0.88%

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USDJPY

Supports-

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97.55

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96.60

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96.25

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Resistances-

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99.40

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100.60

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101.35

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97.50- 101.50

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Trading Call –

The greenback ended the week with gains of 0.88%, versus the Japanese yen, slipping from the highs of close to 2.5%, after hitting fresh 44- month highs. The pair also stopped short of breaching the 100 yen mark and could attempt the levels again this week, as long as supports at 96.00- 96.25 hold.

Major near- term resistances are placed at ¥99.40- 99.50, close above which the pair could rally ¥100.60- 101.35, which could also be the near- term upside for the pair.

Crucial supports are placed at ¥97.50- 97.75. As long as the pair does not close below, the near- term trend will continue to be bullish. Close below and the pair could slide to ¥96.00- 96.25.

Near, medium term trend- Bullish; Long term trend- Bearish
Short US dollar-
At ¥100.60 with a stop at ¥101.50 for a profit target of ¥99.00
Also at ¥101.25 with a stop at ¥101.75 for a profit target of ¥99.00

Long US dollar-
At ¥97.50 with a stop at ¥97.00 for a profit target of ¥99.25

Pls. Note: Uncertain volatility can result in losses on profitable positions. Kindly place trailing stop losses if the trades are profitable by more than 50% from the initiated value.