Technical Analysis 23/03/2010 of FXCBS

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Tuesday March 23 , 2010

Previous session overview

The euro dollar pair is trading between 1.35700 levels and 1.35100 levels recording a high of 1.35691and a low of 1.35141, having the union currency trading around 1.35152.

The pound dollar pair recorded a low of 1.50525 and a high of 1.51119, having the royal currency trading around 1.50602.

Finally, the dollar yen pair is trading between the high of 90.379 and a low of 90.060, while the pair is currently trading around 90.331.

Market Expectations

EUR/USD :The Euro against U.S. dollar failed yesterday to settle below the level of 1.34850, as a result the pair shifted to the level of 1.35750 to get rid of the determination which is showed through the indicators, Stochastic appears saturated in the procurement process which may lead the pair to re-test stability below the level of 1.34850, and therefore we expect a bearish movement for the pair during today’s session.




GBP/USD : Stochastic for the pair sterling against the U.S. dollar appears saturated in the procurement process on the chart for four hours, which may lead to a bearish trend for the pair during the trading today , and we expect that the pair starts the fifth bearish wave (Fifth Elliott wave )during the trading today .




USD/JPY :The major confliction between the stochastic could point to a bullish rebound and between the RSI indexes that seems to have failed in building a base above 50 points. From here, we shall stay neutral for some time until insuring signs emerge for the direction. Any trading between 91.000 and 89.750 will leave the pair in a sideway direction.




Senior Analyst / Ali Hasan /FXCBS

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