EURUSD: Hitting Further Higher Prices With Attention On The 1.4719 Level
EURUSD: Fol
lowing its intra day reversal of losses to
close higher at 1.4669 on Tuesday, EUR was seen following through on those gains in early morning trading today challenging higher prices and targeting its strong resistance located at the 1.4719 level. If that level is tested and eventually gives way, further medium term incursions will be seen towards the 1.4875 level, its Sept 21’09 high with a violation of there creating scope for more upmove towards the 1.5082 level, its Aug 11’08 high. Its daily studies though in
overbought zone remain
bullish. To the downside, its immediate support lies at the 1.4634 level, Sept 11’09 high with a breach of there accelerating losses towards the 1.4514 level, the Sept 14’09 low followed by the 1.4446 level, its Aug 09 high where a reversal of roles is expected to turn EUR higher again. On the whole, with continued strength seen, EUR remains biased to the upside in the medium term for further upside gains.
GOLD: Pressured To The Upside, Eyes The 1,030.85 Level
GOLD: As a sharp rally through its recent high at the 1,011 level saw Gold maintaining its medium term uptrend triggered off the 781 level, its 2008 low today, pressure has started building on the 1,030.85 level where its all time high is located. We believe that while the commodity holds above its broken symmetrical triangle as well as its MT rising trendline drawn off the 781 level, possibility of a break through the 1,030.85 level and an eventual resumption of its longer term uptrend remains on the cards. If this scenario plays out, we should see a move further higher towards the 1,050 level and the 1,100 level. This view is supported by its weekly RSI which is now bullish and trending higher. On the other hand, if corrective pullbacks are triggered, we could see declines aiming at the 1,011 level where its minor support is located at first followed by the 989 level, its May high and then the 971.60 level, its Aug 08’09 high with a break below there pushing it lower towards its MT rising trendline currently at 931.00 where a cap is expected. On the whole, having continued to strengthen, Gold now has its focus on its longer term uptrend resumption.
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