07 October 2010 print this article The dollar traded near a 15-year low against the yen tekstombrydningsfunktionen growing expectations the Federal Reserve will extend credit easing steps to maintain THE U.S. recovery.The euro was close to an eight-month high against the greenback as yields on Treasury securities traded near the benchmark at least since January 2009 and before data forecast shows a deteriorating U.S. job market.The Australian dollar approached a record after a Government report showed the nation added more jobs than economists expected. "There is no clear evidence that the decline in U.S. yields will stand as economic data continues to be the worse, "said Tomohiro Nishida, a Tokyo-based foreign currency dealer on the Chuo Mitsui Trust & Banking Co., a unit of Japan's seventh largest banking group."This will weigh heavily on the dollar. "
Trading Tactics
A clear uptrend could be a possibility to buy EUR/USD.
A buyer point is on the 1.3949; Pivot point is the take profit of 1.4040; formerly support is stop-loss 1.3.900
A selling point is on the 1.3820;Fibonacci 38.2% is the take profit of 1.3700;The pivot point is the stop loss at 1.3880
Technical:Euro breaks the former resistance level upwards and can continue the great uptrend.A back higher move could configure a test of 1.4040
To strengthen our analysis; we use many other indicators, starting with the MACD (moving average convergence divergence); we notice the histogram MACD has a bearish direction; RSI (Relative Strength Index) and the momentum is in an uptrend; stochastic oscillator provides an offensive signal.
* Analysis is for information purposes only and does not constitute advice in any form. trading of financial products provides a high degree of risk to your capital and it is possible to lose more than your original investment.
By Finotecs professional analyst,
dealingdesk@finotec.com
EUR/USD (per hour chart)
07 October 2010
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