Many feel Euro could sink even lower
Earlier today, the Euro hit its lowest level in nearly
four months. Greek politicians had failed in their
latest efforts to form a ruling coalition. Investors
remain concerned about the risk of Greece exiting the
Euro zone.
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Adrian Jones
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Hi Hendra
A new election has essentially been ensured, after
Greek coalition talks hit an impasse on Sunday.
Greece's radical leftist leader had spurned an
invitation from the president for a final round
of talks, which he had sought for today.
The standoff has resulted in renewed concern that
Greece could ultimately leave the Euro area, should
it renege on pledges to cut spending under the two
bailouts negotiated over the past two years. The
region's finance ministers are due to meet in Brussels
later today and may then discuss aid for Greece.
In Germany, Chancellor Angela Merkel's conservatives
yesterday suffered a crushing defeat in an election
held in Germany's most populous state. In fact, it was
their worst defeat in elections since World War II.
This result could embolden the left opposition to step
up attacks on Merkel's European austerity policies.
A report due today may show that industrial production
in the 17-nation Euro region has risen 0.5% in March
after a revised figure of 0.8% in February. As
compared to a year ago, output is predicted to have
decreased 1.4%.
In the view of many analysts, the Euro is likely to
head lower in the coming weeks, as they expect that
the European Central Bank (ECB) may eventually adopt
further monetary easing steps to support the region's
economy.
The Euro had earlier slipped to $1.2878, its lowest
level since the 23rd of January, and it fell 0.1% to
103.17 Yen.
The safe haven Dollar, on the other hand, has risen
broadly, as currencies sensitive to shifts in risk
appetite had come under pressure.
The U.S. Dollar had edged up 0.1% to the Yen to 79.98
Yen. The Greenback had been supported by Dollar buying
by Japanese importers and following Japanese Prime
Minister, Yoshihiko Noda, having told The Wall Street
Journal over the weekend, that all options were on the
table for dealing with the strong Yen. He stopped short
though, of saying that the currency was overvalued.
The Greenback earlier touched $1.0012 to the Aussie.
The Australian Dollar had declined even after the
People's Bank of China had announced that reserve ratios
will fall 50 basis points, effective from May 18th.
This is the third reduction in six months and is
significant for Australia, seeing that China is its
largest trading partner.
The People's Bank is expected to release an estimated
400 billion Yuan ($63.5 billion) for lending, to avert
the risk of a sudden slowdown in what is the world's
second largest economy.
All the best!
Adrian Jones
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This Small Town Farmer Wants To Teach You How
To Make A Very Good Living Trading Forex Using
A Simple To Understand System - Gratis Training Here
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Wesley
Govender
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EXOTIC TRADING
Greece Uncertainty Weighing Heavily On The Euro
Political leaders in Greece remain dead-locked in
their efforts to form a ruling coalition. This has
led to further speculation that the country may be
exiting the Euro Zone.
The Euro hit its lowest levels in nearly 4 months
and many analysts believe it is likely to head lower
over the next few weeks as the European Central Bank
may have to intervene and adopt further monetary
easing steps to support the EU economy.
The Japanese Yen was caught on the back foot against
the US Dollar, after opening slightly lower against
the Dollar in early trading on Monday.
=====================
News Watch For EURJPY
=====================
There are no High Impact news releases scheduled for
the EURJPY pair this week but look out for German
Economic Sentiment data due out tomorrow at 9am GMT.
===============
EURJPY Analysis
===============
The EURJPY got off to a slow start this week, barely
moving off the start line, but it should shake it off
as the major market players emerge. Let's take a look
at the lay of the land:
Click on Image to Enlargen
As you can see, the pair entered a range immediately
after we were taken out of our last profitable trade
entered on Thursday.
Right now my indicators are moving sideways but my
overall bias remains bearish as the bearish channel
remains intact.
Once the market does wake up we can expect to see
price eventually move out of the range. You will
notice that I inserted two blue horizontal lines
at the most recent swing low and swing high points.
These areas will serve as potential breakout levels
that we can monitor. Should price close below the
lower blue horizontal line we may look to enter a
Sell trade, provided that there is additional
confirmation from our indicators.
Targets for Sell trades include the lower bearish
channel trendline or the 102.200 support level.
On the other hand, should price close above the
upper blue horizontal line we may look to enter a
Buy trade, provided that there is additional
confirmation from our indicators of course.
Targets for Buy trades include the upper bearish
channel trendline or the 104.650 resistance level.
Right now, there's no telling when this pair will
spark to life but for the time being we have a good
idea of how to approach potential trades, so we can
check back again every few hours to re-assess the
state of play and act accordingly.
Take care and all the best for the week ahead.
Wesley
Senior Trader for World Class Trading Stars
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Who Trades Full Time And Makes A Lot Of Money
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Joshua Schultz
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The Cable looks to be slowly making it's way down to
the 1.6000 area as the pull back continues. We do
have some reason to believe that the market will move
on back up as we have hidden bullish divergence on the
daily chart. I'd like to see the market move back up
to 1.6300 to make a double top as a target.
Click on Image to Enlargen
On the 4 hour chart we see some more regular bullish
divergence even though it's very slight, my indicators
are starting to roll over on this time frame.
In the news today we don't have anything on the schedule
for either the Gbp or the Usd so we are free and clear
to take some action today.
Good luck and safe trading!
Josh
Senior Trader For Profit Day Trading
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Piet Swart Trades Full Time
He Makes A Lot Of Money Doing It
He Will Tell You Gratis How You Can Too Here
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Piet Swart
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This morning I am looking at the GBP/USD 1 hour chart. I
have two lines on this chart that's important today. If
we are wide awake then we could take 45 pips from the
market. My system shows me that we could expect an upward
movement of about 25 pips to the first target line area
at 1.61132. We could land another 20 pips when it pulls
back to the second target line area at 1.60927. This one
is a fine line and it will require a good balancing act.
So stay focused, be alert and never drop your guard.
Click on Image to Enlargen
Remember, trade with your head and not your "gutfeel".
Till next time.
Piet Swart
Forex Income Map
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