jeudi 19 mars 2015
Bullish Gold; Bearish EUR/USD With S/T Volatility - BofA Merrill
Posted on 18:36 by nice news
Evidence for a bullish turn in gold continues to build following yesterday’s Bullish Engulfing Candle and impulsive break of Mar-09 high and that points to a near term base and turn higher, notes Bank of America Merrill Lynch.
"NOW, watch 1195/1215 (7wk channel resistance and old 4m trendline support, now resistance). Through here confirms a bullish turn, targeting the jan-22 high at 1307 and beyond,"BofA argues.
"We remain bullish for 1307/1345," BofA adds.
Turning to FX markets, BofA notes that Yesterday’s moves were extreme as EUR/USD move for example was the largest since March-18 2009.
However, BofA thinks that these moves have so far failed to damage the strong Dollar bullish trend as specifically reflected in the the USD Index (DXY) bull trend and EUR/USD bear trend.
"From the perspectives of trend, momentum and pattern recognition, all three say to stay the course for the USD Index to 106 and EUR/USD to 1.0283 and potentially below," BofA projects.
"While choppy conditions could persist in the near term, as long as we remain below 1.1098/1.1127 in EUR/USD (old Jan-29 low and the 34d MA) and above 95.91 in the USD Index (34d MA), the trend is your friend," BofA advises.
"NOW, watch 1195/1215 (7wk channel resistance and old 4m trendline support, now resistance). Through here confirms a bullish turn, targeting the jan-22 high at 1307 and beyond,"BofA argues.
"We remain bullish for 1307/1345," BofA adds.
Turning to FX markets, BofA notes that Yesterday’s moves were extreme as EUR/USD move for example was the largest since March-18 2009.
However, BofA thinks that these moves have so far failed to damage the strong Dollar bullish trend as specifically reflected in the the USD Index (DXY) bull trend and EUR/USD bear trend.
"From the perspectives of trend, momentum and pattern recognition, all three say to stay the course for the USD Index to 106 and EUR/USD to 1.0283 and potentially below," BofA projects.
"While choppy conditions could persist in the near term, as long as we remain below 1.1098/1.1127 in EUR/USD (old Jan-29 low and the 34d MA) and above 95.91 in the USD Index (34d MA), the trend is your friend," BofA advises.
Bullish Gold; Bearish EUR/USD With S/T Volatility - BofA Merrill
Inscription à :
Publier les commentaires (Atom)
0 commentaires:
Enregistrer un commentaire