GBP is gaining strength against Euro since last two days due to lesser than forecast shrink in Manufacturing and Construction PMIs of UK as well as expected cut in their interest rate by ECB.
EURGBP is trading near 0.8450 level with the important support level of 0.8445.
Looking from the current level, EURGBP indicates the immediate support of horizontal line near 0.8445, breaking which 0.8408 would be the next level to watch (April low or bottom of the retracement level of 0.8747- 0.8408 move).
If the pair trades...
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Technical Analysis
AUD/USD: Technical Outlook
May 02, 2013 - 10:11
Seven month low Australian Building Approvals and weaker Manufacturing PMI at China, top consumer of Australia, forces Australian currency to weigh down against USD.
AUDUSD is moving for the second daily loss resulting it to trade near 1.0234, just above the ascending trend line connecting the lows of 0.9581 and 1.0213. Break of which may result Australian Dollar to lose significant strength towards support levels.
On weekly chart, AUDUSD has been trading in a range within the ascending triangle since May 2012. The 50 week-SMA...
GOLD: Current outlook
May 02, 2013 - 09:57
The recovery was capped ahead of the 1500.00 resistance. Now we expect to see a bearish resumption towards the 1300.00 level, with a break below to open a door for a medium-term downside rally ahead of the 1000.00 level. Only a clear break and consolidation above 1500.00 would negate this scenario and confirm the uptrend towards the 50-Day SMA by 1530.00, the 100-Day SMA by 1590.00 and the 200-Day SMA by 1650.00.
Edward Smith, technical analyst of company Admiral Markets.
At any use of the analytical material taken...
USD/JPY: Current outlook
May 02, 2013 - 09:53
The pair almost reached the 95.80-96.50 support area, right where the 50-Day SMA resides. Breaking below this area would extend declines towards the 92.50-93.30 support area, right where the 100-Day SMA resides, or the 90.00 level. Meanwhile, should the pair hold above the 95.80-96.50 support area, we would see a new surge towards the strong 100.00 resistance. A break and consolidation above this level would expose the next long-term upside target by the 110.00 resistance.
Edward Smith, technical analyst of company...
EUR/USD: Current outlook
May 01, 2013 - 09:12
The pair reached the 1.3200 resistance. A clear break above this level would confirm the medium-term upside run towards the next resistance by the 1.3340, right where the 61.8% FIBO retracement level of the latest 1.3710-1.2745 downside rally resides, and ultimately ahead of the 1.3710 high. However, should the pair hold below 1.3200, we would see a new decline towards the key support by the 200-Day SMA, with a daily close below to accelerated declines towards the 1.2660 support.
Edward Smith, technical analyst of...
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