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Reserve Bank of Australia cut its benchmark interest rate by 0.25% to a record low of 2.75% in order to stimulate the economy.
Since May 2012, AUDUSD has been trading between the triangle on weekly chart (connecting the highs of 1.1079 and 1.0598 and lows of 0.9581 and 1.0115).
AUDUSD is trading near 1.0190 level, below the lower trend line support of the triangle near 1.0230. If the pair sustains the breakdown of mentioned trend line forming a part of triangle, the quote is expected to witness liquidation towards support levels.
On lower...
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Technical Analysis
EUR/JPY: Technical Outlook
May 06, 2013 - 16:45
Japanese Yen kept on showing weakness due to expectations that Bank of Japan will continue taking aggressive monetary measures to counter slowing inflation.
EUR/JPY is close to cross the descending trend line covering the highs of 131.11 and 130.33.
If the pair sustains breakout above 130.50 level, the next resistance level would be near 131.11, April month high.
If the pair successfully trades above 131.11 level, than it may trade for the longer term target near 138.20 which is 161.8% Fibonacci expansion of 119.10-131.11 move.
On...
USD/CAD: Current outlook
May 06, 2013 - 12:45
The pair did not manage to hold above the 1.0080-1.0100 support-turned-resistance area, which contains the 100-Day SMA and the 50.0% FIBO retracement level of the 0.9814-1.0341 upside rally, so we expect to see an additional decline towards the 0.9990-1.0010 key support area, which contains the 200-Day SMA and the 61.8% FIBO retracement level of the 0.9814-1.0341 upside rally, and from where the bullish resumption could take place. However, a clear break below the 0.9990-1.0010 key support area would confirm a shift in a structure...
USD/JPY: Current outlook
May 06, 2013 - 12:14
The pair made a turnaround by the 95.80-97.00 support area, right where the 50-Day SMA resides, and in a short-term will likely retest the strong 100.00 resistance. A break and consolidation above this level would expose the next long-term upside target by the 110.00 resistance. However, should the pair hold below 100.00, we would see a new corrective decline below the 95.80-97.00 support area towards the next 92.50-93.70 support area, right where the 100-Day SMA resides, or the 90.00 level. Meanwhile, breaking below 90.00 seems...
GBP/USD: Current outlook
May 03, 2013 - 11:48
The pair found some support by the 100-Day SMA at 1.5500 and in a short term will likely continue the uptrend towards the key 1.5750-1.5800 resistance area, which contains the 200-Day SMA and the 61.8% FIBO retracement level of the1.6380-1.4830 downside rally. However, a break below the 100-Day SMA would accelerate declines towards the 1.5200-1.5230 support area, right where the 50-Day SMA resides, and from where a bullish resumption could take place. Meanwhile, a break and consolidation below the 1.5200 support would negate the...
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