The BoE's minutes pushed the pound upwards

23 April, 2015

Euro
Negative attitude towards the euro was determined by the reinforcing fears that Greece could default. According to the Eurozone government messages negotiations between Athens and its international creditors have resumed again. The pair was able to find support around 1.0610-1.0630 above which the pair recovered to the resistance around 1.0770-1.0790. After this level testing it declined to 1.0715. In general, the pair is in the consolidation phase, trading in the formed range.
The support levels are 1.0610-1.0630, and the resistance levels are 1.0770-1.0790.
MACD is in a neutral territory.

Trading recommendations
The euro needs the confident rebound above the resistance around 1.0900-1.0920 for the upward correction continuation. Until then, downside risks towards 1.0610-1.0630 will be preserved.


Pound
Initially the pound fell against the dollar and then again increased and finally it was able to strengthen. There was no interesting UK economic data statistics, instead of it we received the Bank of England interest rates last meeting minutes publication. The decision was taken unanimously.
The pair pound/dollar was under pressure and declined to the support near 1.4880-1.4900, after the level testing the pair was able to return to the resistance near 1.4980-1.5000. The pair demand on the dips increased the pound chances for the psychological level of 1.5000-1.5020. This level was broken upwards.
The support levels: 1.4980-1.5000 and the resistance levels: 1.5100-1.5120.
The MACD indicator is in a positive territory.

Trading recommendations
The pair’s inability consolidate above 1.5000 can trigger profit-taking with the following decrease. The support loss near 1.4980-1.5000 may lead to a decrease towards 1.4880-1.4900.


Yen
The pair dollar/yen grew at the yesterday's session. The Japan March trade balance has been recorded with a surplus the first time for nearly three years. The foreign trade surplus amounted to 229.3 billion yen which is attributed to the oil prices decline that registered the imports decrease in financial terms and the yen weakness strengthened the exports competitiveness. The pair alternately tested the support around 119.05-119.25 and the pair rebounded upwards.
The support levels: 119.05-119.25, and the resistance levels: 120.20-120.40.
The MACD indicator is in a positive territory.

Trading recommendations
The dollar has to rise up and consolidate above 120.20-120.40 for the growth resumption, until then the downside risks towards the 116th figure are preserved.

Ruban Sergey
Analyst of «FreshForex» company


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Range 1.5586-1.5651

Daily chart: the pair continues to be a wide flat range within the envelope Bollinger (1.5417-1.5711). Expectations: touching zone 1.5586 and rising to 1.5651...

We do not expect much volatility today

The daily chart: it is likely that flat status of ADX forecast to the Pound the day with a low volatility. We expect a calm trading around the middle Bollinger band (1.56)...

Flat day

Daily chart flat state of ADX and Bollinger envelopes say that the pair will spend the day (and the nearest time) within the present range: the upper envelope (123.39-125.17)...


Target is at 125.17

Daily chart: the upper Bollinger band rose even higher - at 125.17 and now this mark is an actual target for growth. So, we wait for growth to 125.17, but in the area of 124.47 we can probably meet turbulence and a possible rollback...

We shall buy to 125.09

Daily chart: the pair has predictably broken Inside bar up and now is moving to the upper Bollinger band (125.09) (125.09)...

Looking for short signals from resistance 1.1140 or 1.1224

Daily chart: the Euro preserves a growing tendency and continues to rise to the upper Bollinger band (1.1224), which, given the state of ADX, is likely to be corrected downwards to the middle band (1.10)...


Weekly review: gold, S&P500, Brent oil

Monthly chart: scenario of reversal is justifying itself. Northern marks are still achievable, but the bullish momentum has depleted to a notable extent...

Support is possible around 1.0789

Daily chart: Euro is still forced down. Currently the target is 1.0789 (the bottom Bollinger band). Somewhere you meet a significant support for a correction and as a result new sales area to move on trend...

Weekly review of S&P500 index, oil and gold

Monthly chart: bulls bolted off to work on the upper Bollinger band (2190.6), but ADX is persistent in its decline, so we are waiting for a downward reversal...

  


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