BBH - Serious technical damage on the foreign currencies being inflicted

BBH - "The euro is falling through the uptrend drawn off last July (Draghi-induced) lows.   It comes in just below $1.3200 today.  The next technical target is near $1.3070-80.  Sterling has been pushed well through our $1.53 target and is now trading at 31-month lows.  It has bounced off the $1.5130 area, but the $1.5250 area looks set to cap corrective upticks.  The Canadian dollar is no match for the greenback.  A trend line drawn off the 2011 and 2012 high comes in near CAD1.0230 now.  A push through there can see an accelerated move.  The Australian dollar saw this week's losses extended, but support was again seen near $1.0225 (seen on February 12 too).  The dollar is heavier against the yen and has generally failed to sustain post-G20 gains.  It has not traded below its 20-day moving average since the election was called in mid-November. It comes in now near JPY92.80."

Views: 37

Tags: BBH, Forex Price Action

Comment

You need to be a member of FXstreet.com Forex Social Network to add comments!

Join FXstreet.com Forex Social Network

Meet Real Traders Like Yourself!:

Come Join our Forex MeetUp Groups...

Amplify Trading 20% OFF

© 2013   Created by FXstreet.

Badges  |  Report an Issue  |  Terms of Service