IGTFX technical analysis 08-03-2010

[igtfx.research]

IGTFX technical analysis , The repeatedly experience of cold and snowy weather this weekend has broken all hopes . Anyway, we hope you had a great weekend and wish you a successful trading week.

IGTFX reports The EUR gained against the USD and JPY as expectations climbed that the EU will support Greece. The EUR gained for a second day against the JPY after French President Nicolas Sarkozy said that the Euro region is ready to rescue Greece. IGTFX reports The European currency gained versus 12 of the 16 major currencies before a report today expects German industrial output climbed 1 percent in January after falling 2.6 percent the previous month. IGTFX reports The EUR/JPY reached its high at 123.80 after opening the week at 123.08 and a gain of more than 200 pips on Friday. IGTFX reports The EUR/USD gained for a second day as well. IGTFX reports The pair opened the week at 1.3619 and reached its daily-high at 1.3692.

IGTFX reports The JPY fell versus 15 of its 16 major counterparts as Asian shares extended a global stock rally, which curbed demand for the JPY as a refuge currency. IGTFX reports Today, the Nikkei 225 Stock Average headed for its biggest two-day gain in three months while the MSCI Asia Pacific Index of regional shares rose 1.6 percent. IGTFX reports The AUD/JPY climbed for a second day after touching a high at 82.50. IGTFX reports The NZD/JPY climbed to 63.45 before pulling back to 66.33.

AUD/USD

IGTFX reports As you can see, the AUD/USD has been moving along a bullish Fibonacci fan. IGTFX reports After touching the middle line of the fan during the past trading days, the market pulled back and reached the upper level of the fan, which is close to the first weekly pivot resistance. IGTFX reports While the RSI also signals an overbought market, we could expect a pullback towards the middle line of the Fibonacci fan.

USD/JPY

Since February, the USD/JPY has been moving inside a bearish pitchfork channel. IGTFX reports After the market touched the middle of the pitchfork several times, it turned back and reached the top of the fork, trading below the resistance level at 90.80. As you can see, the MACD could signal further gains for the pair. IGTFX reports as If the pair breaks the resistance of 90.80, it may continue its bullish movement.