AFB Daily Technical Levels 2013-03-20 – FindYourFX.com

Euro on hold while market awaiting ECB
EUR/USD … 1.2885

Market managed to obtain fast rebound yesterday after Cypriot Parliament rejected the Bank levy while market back to under drop pressure today awaiting for the ECB meeting in Frankfurt to decide whether to provide liquidity to Cyprus Banks or not .
  The 1.2920 resistance level managed to stop any advanced for the Euro while above this level market will be able to test 1.2960-90 resistance zone .
  Market entered our targeted zone 1.2670-1.2870 while we still seeing the market able to continue the drop to test the 1.2670 zone before any good rebound may find away .
  Support at 1.2840-55 where below this zone market will push for more drop toward 1.2670 , while as long as market sustain trades above 1.2840 the rebound toward 1.2960-90 will still have the chance
  Short term strategy: flat
  Daily Trend: Down
  Weekly Trend: UP
  Pound broke below 1.5066 indicating more drop
  GBP/USD … 1.5030

  The pound managed to broke below 1.5066 before MPC meeting while investors speculating that BOE will push for more QE even with Inflation above 2% target at there meeting today.
  Market acted in advanced and pushed the Cable to break below 1.5066 which opened the way toward 1.4920-60 zone and maybe for continues drop below 1.4830
  We will keep trades we sold from 1.5065 even with MPC meeting ahead.
  Watch the MPC meeting vote as it may drive the market for rebound
  Short term strategy :keep trades we sold from 1.5065 on hand , target 1.4920 , stop loss above 1.5145
  Daily Trend: Down
  Weekly Trend: Down
  Dollar/Yen on side trading
  USD/JPY … 95.38

  The Dollar/yen fell under to pressure forces , while the BOJ says that must fasten the increasing in there QE program which maintain pressure for the Yen to weaken , from another hand the Euro-region situation spurred demand for haven which place pressure for Yen to advance.
  Those 2 forces are pressuring over the Yen for opposite direction which mean that dollar/yen may maintain trading between 96.25 and 92.00 for the next short-run period.
  For the short run market facing resistance around 95.75 where as long as market sustain trades below this level another drop toward 94.30-50 may happen , while above 95.75 market will head to face 96.25 resistance swing
  Short term strategy :flat
  Weekly Trend: UP
  Weekly Trend: UP
  Oil set trading zone 90.00-97.50
  Crude Oil (CL_3J) … 94.10

  Oil went for drop movement as Cyprus situation spur region turmoil and back the Euro debt crises back to surface again.
  Technical analysis sees market support continue at 91.90 where as long as market holding trades above this level the uptrend will continue
  Market went yesterday for fast drop on Cyprus vote delay as market start to pessimistic about the current situation.
  Oil still holding trades above 91.90 which backing up the market while indicators still showing ability for another test for the 91.90-92.30 support zone
  As long as market sustain trades above 91.90 the uptrend will sustain , below 91.90 market may head for another drop by time toward 90.25-50
  Short term strategy flat
  Daily Trend: Down
  Weekly Trend: UP
  Gold hold foot on safe haven demand
  Gold … 1610.60

  The Gold still holding foot trading inside resistance zone 1604.00-1620.00 while market re-considering Cyprus situation over Europe-region.
  Market facing resistance at 1620.00 and 1625.50 where as long as market holding trades below those levels market will face drop pressure by time , above 1625.00 market will have chances for more advance toward 1645.00
  Short term strategy : place long(buy) order at 1555.00-1570.00 zone , stop loss below 1522.50
  Daily Trend: Down
  Weekly Trend: Down
  Dow rally still ongoing on better than expected US data
  Dow Jones (3M) … 14430

  Market managed to hit another historical high last Friday on US jobs data before retreating on bets that Fed bank will reduce and easing the QE program .
  While Mr. Bernanke hints of holding the long-run securities until maturity sending another hit for the dollar and another hint for sustain the low-record interest rate for this year which will enhance the demand for equity market
  Technical support at 14340 and 14290 where as long as market holding trades above this level the uptrend rally will continue
  Market faced drop gap open market while so far Dow trying to cover the gap prices toward 14395-14440 zone (already done)
  Short-Term Strategy : flat
  Daily Trend: UP
  Weekly Trend: UP

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