Alternative scenario: Below 1.024 look for further downside with 1.0185 & 1.0155 as targets.
Comment: intraday technical indicators are mixed and call for caution.
EURUSD
TTrading preference: Short positions below 1.4110 with targets @ 1.3950 & 1.3900 in extension.
Alternative scenario: Above 1.4110 back with the rising trangle
look for further upside with 1.4160 & 1.42 as targets.
Comment: the pair remains under pressure
and is approaching its next support as the RSI is weak.
Prices Stuck inbetween 200DMA and 90DMA
Fundermentals News
NFP Report to Show Another Strong Month of Job Gains
Economists may have gotten ahead of themselves the past few releases, calling for stronger job growth numbers than the economy managed to produce, though February did show a rather robust 192K jobs created.
The expectations for March therefore are being kept close to February’s figure, with the consensus forecast of economists calls for payrolls to rise 201K, and the unemployment rate to remain around the 8.9% level.
The news that the economy is adding that many jobs will be an important step for the Federal Reserve’s FOMC – the panel in charge of setting monetary policy. Fed Chairman Bernanke has said that the committee needs to see “a sustained period of stronger job creation” before it feels confident in planning an exit strategy from its current loose monetary policy.
If in fact Trichet thinks that inflation is set to remain above 2% – the ECB’s target inflation for price stability – then it could mean the ECB would be more aggressive in tightening its monetary policy.
Expectations are for a rate hike in April of 25 basis points, but futures trading now shows the market pricing in a 34% chance of a 50 basis point hike at the next ECB meeting. Futures also show expectations that the ECB will hike rates by 125 basis points over the next 12 months.
While there hasn’t been an indication that the ECB is ready for a series of rate increases, Trichet’s concern about the durability of higher inflation suggests that he may be setting the market up for just that.
GBPUSD
TTrading Preference: Short positions below 1.6055 with targets @ 1.575 & 1.5350 in extension.
Alternative scenario: Above 1.6100 look for further upside with 1.62 as targets.
Comment: the pair remains within a bearish channel and is challenging its support.
Be/co We are so close to the pervious support now
turned Resisitnace senitment can change very quickly
and what was is no longer what is
USDCAD
TTrading Preference: Long positions above 0.978 with targets @ 0.9845 & 0.9865 in extension.
Alternative scenario: Below 0.978 look for further downside with 0.973 & 0.9705 as targets.
Comment: the break above 0.9810 is a positive signal that has opened a path to 0.9845
as Price pull back into Bullish BAT support Zone trying to extablissh a bottom
personall i would like price to stay above the 21 DMA but
if i am reall aggressive i could initate a light trade in the support zone .
USDCHF
TTrading Preference: Long positions above 0.9155 with targets @ 0.9235 & 0.9275 in extension.
Alternative scenario: Below 0.9155 look for further downside with 0.9115 & 0.907 as targets.
Comment: the pair is pulling back on its support ahead of a rebound.
USDJPY
TT preference: Long positions above 81.3 with targets @ 82 & 82.4 in extension.
Alternative scenario: Below 82.09 look for further downside with 81 & 80.65 as targets.
Comment: the pair stands above 55DMA and apporachjing 200DMA resistance.
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