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IGTFX technical analysis

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1 IGTFX technical analysis on Mon Mar 15, 2010 5:54 am

IGTFX technical analysis, We’re proud to provide you with more important news and information related to the FOREX markets. on IGTFX mt4 We wish you a good start into the new trading week and successful trades.

Market Review – Fundamental Perspective
IGTFX mt4 The EUR started friendly into the new trading week and climbed near to a five week high versus the JPY as speculation the European Union may bail out Greece boosted demand for the 16- nation currency. IGTFX mt4 A Vienna-based newspaper reported that the Finance Ministers of the EU strapped a 55bln euro emergency package for Greece. IGTFX mt4 While the industrial output in the Euro- Zone strengthened with the strongest pace since the statistics began in 1990, IGTFX mt4 Eurostat reported Friday. IGTFX mt4 The industrial production rose 1.7 % from December. IGTFX mt4 Also the USD/JPY opened higher and rose near to a three-week high during the early Tokyo trading hours on concern that the Bank of Japan will take extra monetary-easing measures at its two-day policy meeting starting tomorrow. IGTFX mt4 Japan’s Prime Minister said last week that the government needs to stop the currency rising adding signs that the government rather the BoJ will intervene against its own currency. IGTFX mt4 “The currency is under pressure from growing expectations the Bank of Japan will ramp up quantitative easing to put an end to falling consumer prices”, said John Kyriakopouloa, head of currency strategy at National Australia Bank in Sydney.

Moody’s Investors Service told today that the U.S. as well as the U.K. moved “substantially” closer to losing their AAA credit ratings as the cost of servicing their debts rose. IGTFX mt4 Both countries will spend more on debt service this year than any other top-rated country.

New Zealand’s performance of service index climbed 0.6 points in February the Bank of New Zealand said today.

The USD declined against the CAD to the lowest level since July 2008 on speculation that the higher than expected increase in job creations lead Canada’s central bank to raise its key interest rates earlier. IGTFX mt4 Canada’s unemployment rate fell to 8.2% while economists expected 8.3%.

The NOK fell versus nine of the 16 most important counterparts after Norway’s Prime Minister pledged to curb the use of oil revenue in the 2011 budget to ensure interest rates stay low as the economy emerges from recession.
[SIZE="5"]USD/JPY[/SIZE] (4 Hour)

After the USD touched its lowest level on 4th of March the currency pair began to recover. IGTFX mt4 In order of this the USD crossed the 61.8% Fibonacci level around 90.71. IGTFX mt4 But it doesn’t seem that the bulls have enough power for further gains. IGTFX mt4 It remains to be seen if the support around 90.62 could be strong enough.

[SIZE="5"]EUR/JPY [/SIZE](4 Hour)

Since the end of February the EUR/JPY has been trading in a bullish trend-channel and touched its resistance level around the 125.24 at last. IGTFX mt4 It seems that the currency pair may change-over in a short consolidation phase and we maybe have to allow some profit takings. IGTFX mt4 But as long as the trend-channel won’t be broken the EUR could be able to attack the 125.24 level again.

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