CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

The euro has struggled to pick up any momentum

Article By: ,  Financial Analyst
January 4, 2011 3:24 PM

 

 

EUR/USD

Range: 1.3324 – 1.3378
Support: 1.3315
Resistance: 1.3450
Despite the strong recovery of the euro against JPY, AUD and CHF, the euro has struggled to pick up any momentum to rally against the Greenback and has spent most of the overnight session trading sideways between 1.3330 and 1.3375. The euro needs to extend gains and consolidate above 1.3380 to confirm further gains this week. With the next upside target at 1.3430, and above here at 1.3470 On the downside, immediate support lies at 1.3300, which is the 200EMA using the hourly chart. A break of this level should see the pair fall back to the 1.3250 level.

 

AUD/USD

Range: 1.0067 – 1.0171
Support: 1.0070
Resistance: 1.0230
After closing the year with strong gains across the board, the Australian dollar has failed to extend its rally in the first major trading session of the year. AUD/USD has lost well over 70 pips today, piercing the 1.0120 support level and trading as low as 1.0067. Perhaps this correction reflects a general worry in China’s efforts to cool its economy. Equally the impact of the severe national floods is still yet to filter through into Australian exports.

 

USD/JPY

Range: 81.61
Support: 81.50
Resistance: 82.70
The dollar’s decline from its 84.50 highs in mid-December has been contained at 80.90 lows as the pair has bounced up, favoured by growing optimism reaching levels above 82.00. The pair is currently testing resistance levels at 82.20, and above here, the next resistance lies at the 50-day MA 82.70. On the downside, support lies at 81.60 and below here at 81.20.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024