Technical analysis - Page 443

The private Oil data yesterday showed an unexpected draw in inventories of -2.028M and we await data this afternoon to support that view. There is also Canadian Trade, Building Permits and PMI data being released today. USDCAD advanced to trend.

The GBPJPY pair is retesting is rising trend line resistance today at 147.842 which is also the level of its 200 period MA in this 4 hour chart. There has been a spectacular selloff from the 150.000 level all the.

• Copper broke resistance zone • Further gains are likely Copper recently broke the resistance zone located between the key resistance level 3.180 (which has been steadily reversing the price from the start of March) and the 61.8% Fibonacci correction.

The Euro is strengthening after comments by ECB speakers have hinted that the central bank may look to announce an end to Quantitative Easing (QE), possibly as early as at the June meeting. Coordinated comments made by Praet, Hansson, and.

• EUR/USD broke resistance zone • Further gains are likely EUR/USD recently broke the resistance zone lying between the resistance level 1.1720, resistance trendline of the daily down channel from April and the 38.2% Fibonacci correction of the previous downward.

The Australian Dollar (AUD) dripped after the Reserve Bank of Australia (RBA) held its interest rate steady at the record low of 1.5%. The RBA is waiting for signs of wage growth which should improve consumer spending and support inflation..

• NZD/USD rising inside impulse wave (3) • Further gains are likely NZD/USD has been rising in the last few trading sessions inside the impulse wave (3) which started earlier from the support zone lying between the major support level.

GBPUSD The GBPUSD pair has dropped into support at 1.32000 and rallied out last week to touch the high at 1.33982 close to the 1.34000 level. This sets up a 200 pip trading range for the moment. The topping pattern.