Technical Analysis 20/04/2010 of FXCBS

Tuesday April 20 , 2010

Previous session overview

The euro dollar pair traded in a narrow range consolidating between a low of 1.34580 and a high of 1.35012, while it is currently trading around the level of 1.34612.

The pound dollar pair traded in a narrow range recording a low of 1.52896 and a high of 1.53428, while it is currently trading around the level of 1.52934.

Finally, the U.S. dollar against the Japanese Yen is fluctuating between a high of 92.702 and a low of 92.382 while it is currently trading around 92.604.

Market Expectations

EUR/USD :Today, we expect to the pair euro against the U.S. dollar to move downwards towards the target of 1.34080 then 1.33350, Stochastic indicator supports these expectations, stability of trading below the level of 1.35250 is necessary to achieve these expectations.

http://www.fxcbs.com/newsletter/images/EURUSD.gif

GBP/USD :The pair sterling against the U.S. dollar fluctuated around the support level at 1.53250 with the emergence of negative signals through Stochastic indicator , which makes us expect the downward trend for the pair to the target 1.52450 and then to the level of 1.51700.

http://www.fxcbs.com/newsletter/images/GBPUSD.gif

USD/JPY :We expect a bearish intraday trend today; targets initially 91.650 and require the four-hour candlestick closing to remain below 93.000. Determined Indicators support this expectation in addition to the stability of trading below the moving average 50.

http://www.fxcbs.com/newsletter/images/USDJPY.gif

Senior Analyst / Ali Hasan /FXCBS

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