EUR/JPY stabilizes, might reiterate bullish reversal

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I will propose measures to stabilize financial markets, using the instruments at our disposal right now."
- Mariano Rajoy, Spain's Prime Minister (based on CNBC)

Pair's Outlook

The single European currency slumped yesterday against Japan's yen but today it is attempting to stabilize. If a bullish reversal occurs, 101.58 (55-day SMA) might become the first resistance level for bulls. If a bullish momentum holds further, a path towards 102.15 (R1 Weekly; Upper Bollinger band) and 104.55/65 (100-day SMA; R3 Weekly) will be open.

Traders' Sentiment
Sentiment on EUR/JPY, remains bullish as each of the types constitutes 71% of the market and for now the 17-nation currency is the most popular relative to its major counterparts. A completely different situation is observed with orders placed on the pair as the vast majority (78%) of orders are short.
© Dukascopy Bank SA
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Actual Topics

Wed, 27 Jun 2012 14:50:59 GMT

AUD/USD bounces from 55-day SMA, aims at 1.0118

AUD/USD added to gains compared to yesterday as the pair bounced from the 55-day simple moving average. Thus, if bullish momentum intensifies, 1.0118 (61.80% Fibo) will be the first target among investors. A breakout here would expose next resistance levels at 1.0179 (R1 Weekly) and 1.0215/20 (100-da SMA; R1 Monthly).

Wed, 27 Jun 2012 09:28:28 GMT

USD/CHF to undergo a bearish correction

A rally above 0.9600 remains shallow, as the bullish move was short-lived and not distinct. Therefore we may expect dips to extend down to 0.9554/31 or even 0.9503/0.9497, as suggested by values of most daily technical indicators. The longer term outlook, however, remains bullish, implying that worth of the Greenback is expected to increase within the next few months.

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