Oil Technical Analysis

Forex We have seen a small recovery in the US Dollar in the last few hours in Asia today. The Euro (1.4795) is trading lower, compared to a high near 1.4878 on Friday. USDCHF (0.8682) has rebounded from an early morning dip to 0.8625. The Cable (1.6670) has come off from an early morning rise to 1.6738. USDJPY (81.64) is up sharply from a low near 81.00. The Aussie (1.0920) has dipped from a high of 1.1011. Markets Many Asia-Pacific markets are closed today. Of the ones that are open, Australia is down 0.50%, while Indonesia is up 0.28%. Korea is up a handsome 1.45%. India may open mixed today. On Friday, the Sensex and Nifty had closed at 19135.96 and 5749.50 respectively. They may open mixed today. Commodities Commodity prices have tumbled in the early Asian session today. Thin volume due to holiday in some markets and a triggering of stop loss is the probable reason for this sharp fall this morning. Gold (1547.90) has come off from...

Euro Initial support is at 1.4329 (38.2% retrace of 1.4021-1.4520) followed by 1.4291 (Apr 8 low). Initial resistance is located at 1.4520 (Apr 12 high) followed by 1.4579 (Jan 13, 2010 high) Yen Initial support is located at 82.55 (Apr 1 low) followed by 82.37 (Mar 30 low). Initial resistance is at 85.16 (Apr 11 high) followed by 85.53 (Apr 6 High). Cable Initial support is found at 1.6183 (61.8% retrace of 80.70-85.53) followed by 1.6091 (Apr 5 low). Initial resistance is at 1.6428 (Apr 8 high) followed by 1.6516 (Dec 7 2009 high). Australian Dollar Initial support is at 1.0390 (Apr 12 low) followed by the 1.0315 (Apr 6 low). Initial resistance is at 1.0584 (Apr 8 high) followed by 1.0600 (1.0412 plus 1.0289-1.0508). Gold Initial support is now at 1445 (Apr 12 low) followed by 1430 (Apr 5 low). Initial resistance is at 1478 (Apr 11 high) followed by 1480 (Big Figure). Oil Initial supportis now at 108.00 (Intraday Support) followed by 106.00 (Intraday Support). Initial resistance is at...

Forex The Dollar failed to keep its strength as weak US jobs data and an increase in US PPI reversed the greenback's direction in the US session yesterday. The Euro (1.4472) has risen back to 1.4500 from 1.4365. However, it is still sees strong resistance in 1.4500-25 region and is keeping chances of a reversal within the current uptrend. The USDJPY (83.53) has bounced back above the 200 DMA (83.44) and it will have to be seen whether it can manage to close above this 200 DMA for the week. The EURJPY Cross (120.88) has risen from the last week's low of 119.18 and is keeping the overall bullish sentiment intact. The Cable (1.6340) has found strong support in 1.6250-30 region and while above this support region the broader outlook is bullish for a possible rise to 1.6600 or maybe higher; on a strong break above its resistance at 1.6425. The Dollar-Swiss (0.8933) is continuing to trade below 0.9000 and remains bearish...