Market Analysis – Dollar wimps out, Gold trading in
a range and USDZAR still struggling
Last week’s trading
session just comes to show you that the U.S. isn’t as strong as it once was.
The dollar tanked last Thursday against all of the major currencies and is
still struggling. With economic factors to blame it’s still not clear how much
further the dollar stands to lose. Currencies are being traded by an economy’s
weakness rather than one country’s strength against another. Yesterday, one of
the largest financial ratings company, Standard and Poor Co., upgraded the
U.S.’s credit rating from a ‘negative’ to ‘stable’. Although the news had no
bearing on the currency yesterday, let’s see with more news coming out at the
end of the week if the USD can regain it’s previous strength
Gold has also been
very week not breaking above $1,420 range and retracing to the bottom of the
range of $1,380 range. Which leads us to the USDZAR, which has been struggling
with the depreciating price of GOLD and constant strikes. Technically, the pair
is trading near resistance and could break higher.
Technial Trading Gameplan
EUR/USD
|
RESISTANCE
|
R1: 1.32895
|
R2: 1.33171
|
R3: 1.33894
|
|
SUPPORT
|
S1: 1.32466
|
S2: 1.32238
|
R3: 1.31808
|
USD/JPY
|
RESISTANCE
|
R1: 99.808
|
R2: 101.701
|
R3: 103.381
|
|
SUPPORT
|
S1: 96.724
|
S2: 94.618
|
R3: 92.633
|
USD/ZAR
|
RESISTANCE
|
R1: 1.27297
|
R2: New Highs
|
R3: New Highs
|
|
SUPPORT
|
S1: 9.29803
|
S2: 8.87830
|
R3: 8.75602
|
|
RESISTANCE
|
R1: $1,398.28
|
R2: $1,409.58
|
R3: $1,422.94
|
|
SUPPORT
|
S1: $1,372.58
|
S2: $ 1,359.56
|
R3: $1,341.41
|
S & P Futures
|
RESISTANCE
|
R1: 1,656.71
|
R2: 1,672.17
|
R3: 1,684.71
|
|
SUPPORT
|
S1: 1,622.97
|
S2: 1,599.50
|
R3: 1,533.84
|
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