EUR/USD momentum indicators may be at disconcerting levels, but are not
rolling over (to provide a negative warning) as gains continue to hold
above February’s 1.3710 high, says Australia and New Zealand Banking
Group (ANZ).
"Concern should be pushed aside and the rally could push through an
interim retracement of 1.3835 to a series of measured moves in the
1.3950-1.4050 area. This more positive profile should still be seen in
the context of EUR/USD defining the upper bounds of a much broader
trading (consolidation) range," ANZ projects.
"Therefore any signs of faltering should be closely monitored in case
of an unwinding of the series of rebounds off 1.3100. Ideally 1.3650-90
should provide support and a fall below 1.3565 would be needed to
suggest a period of larger retracements," ANZ adds.
In GBP/USD , ANZ notes that the momentum indicators may be at high levels, but they are still positively skewed.
"This would also suggest that the uptrend is fully intact and should
allow for a full test of 2012’s 1.6380 high within potential measured
moves to 1.6750-75 and possibly even 1.7075," ANZ projects.
"Although sound gains appear likely, this is still considered to be a
redefining of a broader trading range, albeit pushing the range higher.
The push into the longer term “sell” zone also needs to be addressed and
current gains need to be monitored closely in case of any signs of
faltering," ANZ adds.
Sunday 27 October 2013
EUR/USD A Push To 1.40 S/T Cable Approaching L/T Sell Zone
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