Technical Analysis 16/04/2010 of FXCBS

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Friday April 16 , 2010

Previous session overview

The pair euro against U.S. dollar traded in a narrow range during the Asian session, the highest level was at 1.35846, and the lowest was at 1.35322, the pair trading now around the level of 1.35407.

The pair sterling against the U.S. dollar also traded in a narrow range during the Asian session, the lowest price for the pair was at 1.54120 and the highest price was at 1.55059, the pair now trading around the level of 1.54170.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the highest level at 93.141 and the lowest level at 92.592 , the pair trading now around the level of 92.647.

Market Expectations

EUR/USD
:The pair euro against the U.S. dollar can cover the price gap which was achieved previously, we expect today that the pair will touch the support level at 1.34800 then turns up to the level 1.36250, Determined indicators show saturation in sales, which leads us to expect that that, stability of trading above the level of 1.34800 necessary to achieve those expectations.



GBP/USD :The level of 1.53800 is strong support for the pair sterling against the U.S. dollar, the pair approaching to get rid of the negative signs that are shown through the determined indicators. Therefore today we expect an upward trend to the level of 1.55450 then to the level of 1.56350, closing a four hour over the level of 1.53800 necessary to achieve these expectations.




USD/JPY
:The pair U.S. dollar against the Japanese Yen stabilized below the 50 MA make us expect a bearish intraday direction that will start with a clear breach for the mentioned support targeting 91.550, this requires a stable trading below 93.620.


Senior Analyst / Ali Hasan /FXCBS

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