Forex: EUR/SEK dips to session lows

FXstreet.com (Barcelona) - The Swedish krona is sharply appreciating against the single currency on Wednesday, partially trimming yesterday’s losses after the unemployment in the Scandinavian economy ticked higher during March.

According to Olivier Korber at Societe Generale, “EUR/SEK is currently attempting to break a downtrend resistance line which started at the last top in May… Confirmation of the break could open the door to 8.70 initially”.

At the moment, the pair is down 0.68% at 8.5818 with the next support at 8.5120 (MA100d) followed by 8.5050 (MA200d) and finally 8.4899 (high Feb.21).
On the upside, a breakout of 8.6489 (high Apr.24) would bring 8.6535 (high Feb.1) and then 8.7190 (2013 high Jan.21).

Apr 24, 2013

Forex Flash: Gilts face reversal – RBS

According to Dmytro Bondar, a Technical Strategist at RBS, “Gilts met the initial target of 119.93 but fell short of 120.52 and formed a major reversal candlestick pattern (higher high, lower low, lower close) known as an outside session. It changes the view and suggests that should the 20-day MA and 119.27 level be broken, there would be strong chances of turning bearish with targets of 119.00 and 118.61. A sustained price above 120.00 makes it constructive again.”

Forex: GBP/JPY testing the 152.00 level

The GBP/JPY has fallen off highs of 152.32 during the afternoon of European trading Wednesday. In recent moments, the cross has even lost its grip on the 152.00 level, testing the barrier, whilst recording 151.92/93 in these moments en route to a +0.26% advance.