Daily Technical Report By MIG Bank (July 5, 2011) - EUR/USD, EUR/CHF, GBP/USD, USD/JPY, Gold, Silver...

From now on I will be embedding technical research reports courtesy of MIG Bank on my blog. View the embedded PDF file after the jump. This report includes EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USD, GBP/JPY, EUR/JPY, EUR/GBP, EUR/CHF, US Dollar Index, Gold and Silver. Enjoy!

Today's technical analysis report has been supplied by MIG Bank, the first forex broker in Switzerland to become a Swiss bank. Click here to read the full report on their website.
"EUR/USD

EUR/USD (Source: MIG Bank)
Reactionary bounce under pressure into resistance at 1.4550/67.
  • EUR/USD’s reactionary bounce is losing momentum as it comes under pressure into key resistance at 1.4550/67 (a confluence of both the multi-week triangle pattern ceiling and 76.4%/78.6% Fib-08th June price swing).
  • We watch for this area to cap recent bullish gains for a return back into the lower boundary of this critical triangle pattern. Key downside trigger levels remain at 1.4148 (38.2% Fib-Jan 2011 uptrend) and 1.4000 (psychological).
  • A sustained close below 1.4000/1.3970 (Psychological/May swing low), will accelerate this impulsive (wave 3) into 1.3903/1.3895 (50% Fib/200-day MA), thereafter shifting prior upside trend-followers back into 1.3670 (61.8% Fib-Jan 2011 uptrend). Only a sustained close above the ”Trichet high” at 1.4653 and most importantly 1.4711/30 will lead us to re-evaluate.
  • Inversely, the US dollar index still needs to extend its recovery above 76.36 (23rd May high), to confirm a multi-month w-shaped base pattern for an extension into 77.01 and 78.03 (50%/61.8% Fib-Jan 2011 Decline). Further upside scope is also being supported by increased long positions on our COT liquidity, which has been positive for the last 4 weeks."



7/5/2011: Daily Technical Report by MIG Bank

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