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4 May 2016

EUR/JPY: long way to go before a recovery - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair advanced for a third consecutive day, posting a daily high of 123.49 before ending the day just above the 123.00 figure.

Key Quotes:

"Demand for the Japanese yen continues to be nonexistent in spite of a risk-averse environment, as speculators remain side-lined on fears the BOJ may intervene the market.

The short term picture for the pair is neutral-to-bullish, as in the 1 hour chart, the price has managed to extend above a horizontal 100 SMA, currently around 122.40, while the 200 SMA stands at 123.90, providing a strong resistance in the case of further advances.

In this time frame, the technical indicators lack directional strength, with the RSI indicator turning slightly lower around 58 and the Momentum stuck around its mid-line.

In the 4 hours chart, the technical indicators hold within positive territory, but also lacking directional strength, whilst the price is well below its moving averages, indicating there's still a long way to go before talking about a steeper recovery."
May 4, 2016

NZD/USD: challenging major support line below 20 dma

NZD/USD is currently trading at 0.6875 with a high of 0.6941 and a low of 0.6859.
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May 4, 2016

EUR/USD steady, hovering around 1.1500

EUR/USD completed almost an entire day moving sideways in a small range between 1.1470 and 1.1510. It spiked higher to 1.1528 after US economic data but quickly pulled back. The pair consolidated all day, after yesterday’s decline when it pulled back from multi-month highs that reached above 1.1600. Price bottomed during the American session at 1.1465 but a few minutes after it was trading back near the 1.1500 area.
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