Technical Analysis 29/04/2010 of FXCBS

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Thursday April 29 , 2010

Previous session overview

The pair Euro against U.S. dollar traded in a narrow range during the Asian session between the highest level at 1.32399 and the lowest level at 1.31844, the pair trading now around the level of 1.32267.

The pair sterling against the U.S. dollar traded in a narrow range during the Asian session between the highest level at 1.52077 and the lowest level at 1.51470, the pair trading now around the level of 1.51490.

Finally the pair U.S. dollar against the Japanese Yen traded in a very narrow range between the highest level at 94.174 and the lowest level at 93.852 , the pair trading now around the level of 93.912.

Market Expectations

EUR/USD :The pair Euro against the U.S. dollar tries to retest again the resistance level at 1.32650, determined indicators may be able to help it to breakthrough this level to the level 1.33750, so we expect a bullish trend for the pair during the trading today, but with reference that the general trend for the pair is still down in the long term.



GBP/USD :We expect for the pair Sterling against the U.S. dollar to decline further today to the level of 1.50850, closing the four hours candlestick below the level of 1.51990 is necessary to achieve this expectation.




USD/JPY :Signs of a bearish technical pattern are still appearing on the pair U.S. dollar supported by negative signs drawn from momentum indicators. So we expect a bearish trend over an intraday basis, where its actual activation point will be the breach of 92.850




Senior Analyst / Ali Hasan /FXCBS

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