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发表于 2008-5-20 06:25
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EUR/USD - Bullish above 1.5700, Targeting 1.6000
EURUSD began last week range-bound between the highest close of the previous bullish run near 1.5730 and the 1.5900 double top. Markets reacted strongly to the marginally better ISM manufacturing survey, giving the Greenback impetus to rally and take the pair down to the upward-sloping trend line established in early February. Last Friday’s NFP report crushed the dollar bulls’ wishful thinking, and further downside failed to materialize. Current price action is very reminiscent of February’s orderly ascent along the trend line, with consistent bullish days separated by shallow bearish Hammer candlesticks. We continue to hold the view that EURUSD is set to test 1.6000.
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GBP/USD - Bearish against 2.00, Targeting 1.9860
We remained flat on sterling last week as we looked for the pair to show a confirmation of directional bias. The current picture looks decidedly bearish, with a downward-sloping resistance trend line capping recent upside retracements. The strongest support looks to be the 61.8% Fibonacci retracement of the 02/20-03/13 rally at 1.9758. Price action has repeatedly bounced higher from this level, working through preceding Fib levels at 2.0002 and 1.9880, setting a lower high and with every try. In the near term, we expect the pair to test this level again with a potential break targeting as low as 1.9360.
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