Daily Market Technicals 14/03/2001

We had a very quiet trading session today during Asian hours. USDJPY traded in a tight 119.64-119.97 range. Rumors that an Asian central bank had placed large bids above 119.50 to protect an option at 119.20 were substantiated by the early price action that had USDJPY attempting to break below 119.60 several times only to retreat to the current high at 119.97. EURUSD was also exceptionally quiet trading in a .9138-.9155 range. EURUSD was taken to its lows from reported EURJPY sales by Japanese hedgers. USDCHF drifted aimlessly most of the session taking its cue from EURUSD. GBPUSD was also lifeless trading in 1.4480-.1.4500 band with no notable new or flows to drive price action. NZDUSD and AUDUSD continued to show no signs recovery since last weeks rate cut by the RBA. for dollars. EURUSD fell from 0.9300 to 0.9280. AUDUSD and NZDUSD slid alongside the EURUSD, as did the Cable. 

EUR-USD

Wait Reaction Towards 0.9230/60 Zone

Resistance:0.92500.92300.9200

Support:0.91220.90760.9017

Holds a neutral tone as oversold hourly tools lend support above the 0.9120 level. However, Tuesday's breakdown from the 0.9200/10 support see bears regaining control and upticks are seen providing selling opportunity. Above the 0.9200 level see additional resistance at 0.9250/55 area and approach of this latter seen as sell. Only return above this would see bulls regaining control.

GBP-USD

Target 1.4450 Sell at 1.4550 Stop at 1.4610

Resistance:1.46161.45771.4550

Support:1.44481.44351.4392

Downside seen vulnerable though expect the 1.4435/50 area to support as oversold hourly tools see scope for corrective bounce. However, upticks should see the 1.4570/1.4600 area back as resistance and unless regained will keep bears in control. Negative daily tools weigh and favour selling interest on upticks into the 1.4570/1.4600 resistance and stops placed just above this.

USD-JPY

Target 120.68 Buy on dips Stop at 119.00

Resistance:121.15120.68120.20

Support:119.62119.31119.04

Bounce from the 119.60 support has seen upticks to test the 120.20 resistance on hourly chart. Look for break above this to open the 120.68 high to retest and see scope to 121.00/15 area. Downside is seen protected while the 119.00/30 support keeping focus on buying strategy. Only setback below the 119.00 level would put bulls on hold and see stronger pullback towards 118.00 level.

EUR-CZK

Target 35.50 Long at 34.80 Raise stop to 34.50

Resistance:35.32035.10034.950

Support:34.40034.35034.150

Has eased back ahead of 35.00, though look for the pullback as a buy opportunity with the 35.50 stop level still intact. Overall the inability to overcome the 34.15/00 support area last month saw buy stops triggered at 34.80. Note that 34.00 was a key psychological support area on synthetic weekly charts between Jul-98 and Jan-99. On the upside above 34.90/35.00 targets 35.50.

www.nicorp.org