Technical Analysis 24/03/2010 of FXCBS

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Wednesday March 24 , 2010

Previous session overview

The euro dollar pair dropped recording a low of 1.34061 and a high of 1.35062, having the union currency trading around 1.34161.

Regarding the pound dollar pair, the pair recorded a low of 1.49568 and a high of 1.50455 the pair is currently trading at 1.49688.

Finally, the dollar gained against the Japanese yen recording a high of 90.653 and a low of 90.347, and the pair is currently trading around 90.600.


Market Expectations

EUR/USD :The pair euro against the U.S. dollar declined as we expected yesterday to close at the support level 1.33990 at the beginning of trading for this day, we expect today a further drop for the pair aimed initially at 1.33250, with the possibility of some minor corrections during the trade.




GBP/USD : Negative signals emerge from the Stochastic indicator for the pair sterling against the U.S. dollar parallel to the emerge of technical bearish features to the pair, as we mentioned in our report yesterday, we still waiting for the entry in the fifth wave downward according to the (Elliot Waves), We are waiting now a breakthrough for the level of support at 1.49560.



USD/JPY :The sideway trading continues, between 91.000 and 89.750 our expectations for today remain neutral until a breach of mentioned resistance and support occurs to insure the intraday direction, although we are leaning towards expectations of a bearish short tern direction.



Senior Analyst / Ali Hasan /FXCBS

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