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IGTFX technical analysis

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1 IGTFX technical analysis on Wed Mar 17, 2010 5:16 am

IGTFX technical analysis, The Federal Reserve extended its low-borrowing-cost policy once again and higher prices for raw material affected parts of the FOREX market especially the higher yielding assets. IGTFX technical analysis Enjoy the report and have a nice trading day. IGTFX
IGTFX. The Federal Reserve kept the federal funds rate target for overnight loans between banks near zero and repeated its pledge to keep it there for an “extended period”. IGTFX The Fed also said that the emergency measures to prop up the housing market will end as planned this month. IGTFX After this decision the JPY climbed near to a one-week high versus the USD on concern the Bank of Japan will abstain from significant easing measures. IGTFX The EUR/JPY opened the Asia session higher and may head for a second winning day as the rating agency Standard & Poor’s affirmed its BBB+ long-term rather A-2 short-term credit rating for Greece. IGTFX The GBP/AUD raised more than 130 pips yesterday as U.K. stocks strengthened and a new poll eased concern that the election this year won’t produce a clear winner.IGTFX

IGTFX The CAD rose to the strongest level in almost two-years against the USD. IGTFX It climbed as much as 0.6 percent at its highest level as gold and crude oil gained. IGTFX Raw materials account about half of Canada’s export sales.

IGTFX The CHF strengthened against 12 of its 16 most active traded counterparts as the government raised its forecast for 2010 growth amid improved consumer spending. IGTFX The State Secretariat for Economic -IGTFX- Affairs said the Swiss gross domestic product may expand 1.4 percent this year. The USD/CHF declined yesterday from 1.0619 at its opening to 1.0534 at its lowest level. IGTFX

IGTFX Also the AUD gained versus the JPY as well as the USD as raw material prices increased. IGTFX The AUD/USD touched a two-month high while the AUD/JPY traded nearly unchanged around 83.00 level during the early Tokyo trading hours. IGTFX The NZD, as well a commodity-linked currency, IGTFX climbed to a six-week high against the USD yesterday but as a report showed this morning that New Zealand’s consumer confidence declined for a second quarter it came under pressure and lose some of its earlier gains. IGTFX

IGTFX Daily Technical Analysis - Our Focus Currencies for Today

[SIZE="5"]USD/JPY [/SIZE](2 Hour)

IGTFX Since the middle of January the USD/JPY has been trading close to a bearish trend line. IGTFX After the USD reached its lowest level at the end of February the currency pair started a recovery phase close to a bullish trend-line as you can see in the picture. IGTFX A rising Momentum may indicate further bullish movements near to the resistance around 90.82. IGTFX

[SIZE="5"]EUR/JPY[/SIZE] (2 Hour)

IGTFX The EUR/JPY broke through its mid-term bearish trend-line after it fell to the 120.00 level last month and crossed the third Fibonacci fan at last. IGTFX But the falling positive DMI and an ADX at such a low level could indicate that the bulls have not enough assistance to cross the next resistance at 124.48. IGTFX If the currency pair will fail to cross it may decline near to the next support around 123.67 rather its bullish-line. IGTFX

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