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Finotec News Archive - August 22 2007

Bank Recommendations

On the charts aiming for a sustained breakdown through $1.36 to leave a double top in place, with $1.3350 still open on a simple swing target.

Buki Ben Natan
22 August 2007

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EUR/USD: "On the charts aiming for a sustained breakdown through $1.36 to leave a double top in place, with $1.3350 still open on a simple swing target. See if the $1.3660/80 resistance zone can cap, while failure to break below $1.36 would worry USD bulls."

AUD/USD: "The AUD vs. the USD the 0.85 zone is capping, a slow grind in the AUD towards 0.8230/8170 should be seen."

NZD/USD: "The NZD saw retail sales slump, high rates biting home? Aiming for the NZD to be dragged towards 0.72 near term, then towards 0.70 below this in time."

NICOLE ELLIOTT, MIZUHO CORPORATE BANK

EUR/USD: "Little to add as we continue consolidating below the all-time high at 1.3853. August's pullback is the same size as the late July one, so we might be forming an A, B, C-type correction. The euro is slightly oversold."

USD/JPY: "Trading surprisingly `heavily' despite the large `spike lows' against the 117.20 yen and potential `double bottom'. We still feel prices will hold above here this week, possibly squeezing back up to 119.84."

GBP/USD: "Frayed nerves as Cable trades at the lowest level since the 6th of July. We expect an interim base to form somewhere between here and 2.0000."

EUR/JPY: "Unable to bounce from the 160.00 yen area (which has been a big surprise for us). Possibly it might do a bit better today. The euro is slightly oversold against the yen."

Finotec Analysis Team
22 August 2007

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Event Date

Consumer Spending m/m(EUR)	21.11.2008 07:45
Manufacturing PMI(EUR)	21.11.2008 08:00
Services PMI(EUR)	21.11.2008 08:00
Manufacturing PMI(EUR)	21.11.2008 08:30
Services PMI(EUR)	21.11.2008 08:30
Manufacturing PMI(EUR)	21.11.2008 09:00
Services PMI(EUR)	21.11.2008 09:00
Italian Retail Sales m/m(EUR)	21.11.2008 09:00
Core CPI m/m(CAD)	21.11.2008 12:00
CPI m/m(CAD)	21.11.2008 12:00

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