Khongwir Trading Services

Khongwir Trading Services Trading services in India

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16/05/2013

The latest GDP data from Japan reflected the still huge task facing the authorities. Headline growth was better than expected, the economy expanding 0.9% in the first quarter of the current year, but deflation was more entrenched, with the deflator declining 1.2% YoY. Still, this is the picture of the economy before the announcement of a doubling of the monetary base, made early last month. The other indicators seen so far have been a little more encouraging, with Japanese corporates seeing the benefits of the weaker yen, which has had longer to feed through and there are also early signs that wages are starting to adjust upwards, a key factor in breaking the deflationary psychology that has gripped Japan for much of the past twenty years. The firmer dollar stance has helped, with the dollar index within a whisker of making a near 3 year high yesterday. More of the same is on the cards for USDJPY ahead.

16/05/2013

Today EUR/USD has support and resistance at 1.2840 and 1.2926. The rate is accompanied by strong support at 1.2827 and by 1.2939 as strong resistance.

If EUR/USD breaks out and closes below 1.2820 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.2946 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.2853 and at 1.2913, a SELL position. In this case both targets should be located at the level of 1.2883.

15/05/2013

The British pound falls hard in these hours because an inflation report is released on Wednesday and it is speculated that present negative signs, driving away the possibility that the BoE will increase interest rates and, in turn, can cut them in the near future. Technically, this pair approaches the daily fractal support 1.5212 area during the month of March and April. So we believe that this area will be an opportunity to buy the pair only if there is a technical rebound with target at 1.5427.

15/05/2013

This morning in the American session the euro has been falling after the German ZEW index data. It seeks new lows at 1.2930, key support area, with its break it would accelerate its low for the rest of the day. The daily fractal of 1.2878 will be the next support for the pair if the 1.2930 level is broken. On the other hand, this week we expect the pair will be trading between 1.2930/2880 support and 1.3030 resistance. The technical indicator is showing a possible rebound in the area of 1.2930.

14/05/2013

The Australian budget is presented later this morning and as we wrote about yesterday (“Crunch time for the Aussie?”), the fiscal situation is one of the reasons that the shine has come off the Aussie recently. Central banks have doubled their reserve holdings of “other currencies” (in which the Aussie is included) in recent years, partly based on the relatively better fiscal backdrop that the Aussie offers compared with the dollar, euro and yen. The government were forecasting a budget surplus for the current year, but falling tax revenues (in part from the mining sector) have undermined that ambition. Compared to most of the Eurozone, things in Australia are still looking strong on the budget side. But today is about adjusting to a new reality, especially with as growth in China moderates and the balance shifts more towards services. The upside is looking that bit tougher for the Aussie from here.

14/05/2013

Please, pay attention to the levels of support 3 (100.99) and resistance 3 (102.03). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

14/05/2013

Today EUR/USD has support and resistance at 1.2942 and 1.3028. The rate is accompanied by strong support at 1.2929 and by 1.3041 as strong resistance.

If EUR/USD breaks out and closes below the 1.2922 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3048 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a buy position at the level of 1.2955 and at 1.3015, a sell position. In this case, both targets should be located at the level of 1.2985.

14/05/2013

USDJPY: Please pay attention to the levels of support 3 (101.36) and resistance 3 (102.41). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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