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14 Mar 2013
Forex Flash: Near Term Technical Snapshot shows bearish bias - Scotiabank
Camilla Sutton and Eric Theoret, FX strategists at Scotiabank have taken a look across the market and highlighted their clearest market views.
Starting with USD/CAD, they have mixed sentiment and see resistance remaining at the 9 day MA at 1.0279. Further they see that the MACD is bearish. Looking to EUR/USD, they hold a bearish view and see 2013 lows. they highlight the key Fibo level at at 1.2877, with the 200D MA at 1.2867 below. Shifting to GBP/USD they are again bearish and feel that as momentum fades they are looking for a breach of the 9D MA at 1.4988 for a shift in sentiment. Finally, they move to USD/JPY and comment that they are bullish on the pair as it approaches the 96.71 high. Overall they feel that signals are continuing to suggest at further upside.