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EURUSD moved nicely higher yesterday after the ECB press

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eur-usd-analysisEURUSD went well higher yesterday just after the ECB press meeting that finally sent EURUSD out of the range. Therefore, we consider that Euro will maintain higher within current wave (v) towards 1.3680. When those levels are examined we need to be aware of a bearish reversal in minimum three legs. Depending on Elliott Wave Principle, after every five waves move correction takes place. But break of 1.3500 price level will suggest that in Euro there is already top in place.

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USD/INR (Dollar Rupees): This is just the beginning or start to fall from here?

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dollar_rupees_usdinr Dollar Rupees (USD/INR) from last week to rallied almost 5% and from lows of 57.66 to high at 60.17. USDINR last closed at 59.77 with gains of 0.0625 paise. It’s overall trend still upward. Today USDINR is looking weak and it can touch 59.56-59.45 but when it breaks 59.65. If Dollar Rupees open upwardly then wait for 59.79 either buys at opening bell. It will hit 59.85-59.89-59.94 above.

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EUR/USD – support at 1.3159 has been broken

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eurusd-moneymunch
The support at 1.3159 has been broken.
• EUR/USD has broken to the downside out of
its horizontal range between the support at
1.3159 and the resistance at 1.3308. Further
short-term weakness is favoured as long as the
hourly resistance at 1.3191 (intraday high) holds.
Supports are given by the rising trendline and
1.3041 (13/12/2012 low).
• The higher low in July 2012 (compared to July
2010) and the recent new high above the strong
resistance at 1.3172 suggest an improvement of
the underlying trend. A strong resistance is at
1.3487 (24/02/2012 high).

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Japan Market Following in US Footsteps

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Japan is following in the footsteps of the man who laid the groundwork for the greatest global inflationary operation of the modern era. We see the Yen in the top panel of the chart below forming a similar pattern to that which USD made from 2000 to 2002 as an epic bubble in credit expansion was being fomented in the US.

japan-market-folow-usa

The similarity in the charts (with a decade stagger) is striking and it is probably no coincidence that Japan has chosen to leverage its currency – which had been chronically strong since the 2007 beginnings of the US-triggered global financial meltdown – just as the US did with the once strong ‘King’ dollar in and around 2001.

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