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Home Forex Forex Trading Updates and Views Sterling trading and other forex technicals
Sterling trading and other forex technicals PDF Print E-mail
Written by Sam Coventry   
Tuesday, 13 July 2010 08:34
A roundup of some key views of the forex trading markets.

Sterling trading

Delta index the forex spread betting providers have flagged up the GBP USD rate as having witnessed an MACD crossover. As a result they have called a Sell on GBP USD at 15031 with a stop loss at 15188 and an initial target at 14727.

Easy Forex say:

"Initial support at 1.5000 (Psychological level) followed by 1.4857 (Jun 25 low).

"Initial resistance is now at 1.5242 (38.2% retrace of 1.6878-1.4231) followed by 1.5391 which is the April 30 high."

Dollar trading


Delta Index have also flagged an MACD on USD JPY.

"Signal: Buy @ 8854, Stop 8750, Initial target 9054," say Delta.

The online forex trading providers Easy Forex have also hinted at USD JPY as being a potential trade. But, Easy Forex believe that USD JPY is in fact a sell:

"The USD JPY pivot point is at 88.85 with a preference to enter Short positions at 88.80," says Easy Forex.

To work around the issue of where the Yen is headed against the US Dollar, GFT, the forex spread betting providers suggest the fundamentals surrounding the pair are perhaps more important than the technicals.

GFT's Boris Schlossberg explains:

"The setback for Prime Minister Naoto Kan’s government indicates that that his ambitious agenda to reduce deficit spending may now be thwarted as the country enters into a period of political turmoil.

"Japan’s carries the largest debt to GDP ratio in the G-3 universe and although the country is able to finance its spending needs internally, Mr. Kan has been making the case that the current deficit spending trends are structurally unsustainable.

"As a result of fundamental issues, the Japanese yen is down against the U.S. dollar in currency trading. Even though the yen is generally considered safe and stable, the mounting debt is a cause for concern, as it is in other developed nations right now."

The EUR USD pivot point is at 1.2550 with a preference to enter into Long positions at 1.2560

And for another trade idea why not have a look at the Brent Crude chart.

"MACD Crossover. Signal: Buy @ 7436, Stop 7266, Initial target 7769," say Delta.


Last Updated ( Tuesday, 13 July 2010 08:37 )