igtfx Technical Analysis Cadjpy Nzdjpy

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IGTFX technical analysis:
The EUR could increase to 0.9064 versus the GBP.

The GBP weakened for a sixth day versus the USD on concern that political uncertainties will hamper efforts to reduce the U.K. financial debt situation. The USD rose to 1.4928. Furthermore against all off its other most traded counterparts, the GBP made losses and continued its weak trend. The GBP lost after polls showed that Britain may have its first minority government since 1974 and ahead of a report forecast to show that a recovery in consumer confidence stalled in February. The EUR could increase to 0.9064 versus the GBP. In the Year 2010, the GBP declined 7.6% against the USD and 2.3% versus the EUR. The AUD traded near its strongest level in a week versus the USD after the Reserve Bank of Australia raised its benchmark interest rates from 3.75% to 4.00%.

The JPY fell as the Asian stocks followed gains in the U.S. after consumer spending topped economists estimates. U.S. consumer spending rose 0.5% in January. The median forecast was for an increase of 0.4%.


CAD/JPY

IGTFX REPORT
With the ending of February, the CAD recovered from its downward movement against the JPY and started a bullish trend. Currently, the currency pair is trading near its resistance around 85.65. With its first attempt, the CAD failed to cross this level. Now it could be that the prices will rebound. IGTFX REPORT The MACD may indicate a pull back with a breakthrough of the signal line from the top in the next few days. Next support could be around 83.30.

NZD/JPY

IGTFX REPORT
As you can see, the NZD could recover from its bearish trend at the end of February versus the JPY. IGTFX REPORTS Now it remains to be seen if the currency pair will cross its important Fibonacci Retracement level at 62.53 (50%). In the middle of February as the prices crossed this level, the NZD rose to 64.58. The MA Oscillator may support a slight upward trend.