USD/JPY Puts in a Short-term Top

Fan Yang \ 9:37 AM 05/23/13

Top: The USD/JPY fell sharply during the 5/23 Asian-European session. It is establishing a top, but is challenged by some support factors during the 5/23 US session. We have a rising short-term trendline, a support pivot at 101.23, and the 101 handle. The market appears to have found some temporary support there, but there has not been buying on this dip. Support: The next support could be the 99.90-100 handle, which held USD/JPY flat for a month…

EUR/USD Fails to Extend Bearish Reaction and Rallies Above 1.29

Fan Yang \ 8:57 AM 05/23/13

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Reaction after Bernanke: The main event risk yesterday (5/22) was the Bernanke testimony in front of the Join Economic Committee. The reaction after it was a strong USD across the board. The EUR/USD fell sharply from around 1.30 but failed to reach 1.28 by the end of the session, and rallied back above 1.29 by the 5/23 US session…

GBP/AUD Forming a Double Top and Threatening a Rising Trendline

Fan Yang \ 8:32 AM 05/23/13

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Bullish market: GBP/AUD has been in a bull market since the beginning of April. The 4H chart shows that very clearly as price continues to makes higher highs and lows, remains above a rising trendline going back to lows from Apr. 10/11. The RSI has tagged 70 several times and held above 40. The moving averages are in bullish alignment..

GBP/USD Trades in a Falling Channel; Bounces off Support Pivot

Fan Yang \ 7:50 AM 05/23/13

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Support pivot: After a bearish push that followed softer UK inflation data and Bernanke’s testimony, the GBP/USD finally found support around a previous support pivot near 1.5025.The 4H RSI also resolved an oversold reading. Bearish: The market remains bearish as price action is still within a falling channel…

NZD/USD Technicals – Approaching Multi-Year Trendline

Oanda \ 2:44 AM 05/23/13

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Weekly Chart NZD/USD is moving lower in tandem with AUD/USD due to the rise in USD, which quickened its decline that was started 2 weeks ago due to a surprisingly dovish RBNZ who threatened to embark on rate cuts on top of revealing that they were actively intervening in the market. Governor Wheeler must be glad to see NZD/USD breaking the rising channel that has been in play since July 2012, with price heading towards the confluence between Kumo Bottom (senkou…

GBP/JPY Breaking Down Short-term Range Support

Fan Yang \ 10:35 PM 05/22/13

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Range: The 1H GBP/JPY hart shows a market that has been ranging since it found resistance at 156.76. It has ranged roughly from 154.90 to 156.76 since May 9. As we get into the 5/23 session, price has been anchored in a falling channel and is threatening to break down the range support. Momentum: The 1H chart shows that momentum has shifted…

USD/CAD Surges to a new 2013 High; 2012 High in Sight

Fan Yang \ 12:48 PM 05/22/13

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Strong rally in ranging market: The May rally in USD/CAD from 1.0010 has stalled around the 1.03 handle. However, it should be noted that looking at the bigger picture in the 4H chart, USD/CAD has not been trending. The moving averages show a choppy market that has not gained momentum to either side. The RSI’s travel from 30 to 70 also shows the market in sideways mode…

Reaction to Bernanke: USD-strength (EUR/USD, USD/JPY GBP/USD, AUD/USD)

Fan Yang \ 12:23 PM 05/22/13

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Bernanke: He defended QE, warning against premature tightening. But it looks like the turning point has already been reached. There is no talk of expanding QE measures, but rather a discussion on timing being too early. The market put on further USD strength after the testimony in front of the Joint Economic Committee. A lot of USD-crosses continue their recent trend. Because the timing of QE will depend on key economic data…

EUR/GBP has 0.8635 in Sight; Fractal Breakout Observed

Fan Yang \ 10:24 AM 05/22/13

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Breakout: The 4H EUR/GBP chart shows a market that is extending a breakout above a consolidation range roughly between 0.84 and 0.8515. The market is not trending, as reflected by the relatively flat moving averages in the 4H chart. The bullish outlook should probably be limited at the moment to the April high of 0.8635. A break above that then opens up further bullish outlook…

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