Forex Technical indicators 11.06.2007
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Moving Average:
Crossing of two moving averages and closing price is below the short term moving averages
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RSI
RSI in a downtrend approaching the 30% line
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MACD
MACD crosses two lines and pointing downwards
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Bollinger
Bollinger gives us a bearish signal after closing the candle below the lower band
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Bollinger Band and RSI
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Fundamentals:
The Euro dropped against the yen on Wednesday after the European Central Bank gave no clear indications about the outlook for interest rates beyond 2007 while global equity market weakness broadly lifted the Japanese currency.
The yen was on track for the largest daily increase against the euro and U.S. dollar in about two months, with investors exiting risky trades funded by borrowing cheap in yen after seeing stock markets around the world weaken. The ECB lifted its benchmark lending rate to 4 percent, but the quarter percentage point hike had been well telegraphed and failed to boost the euro, which has been rising along with European interest rates over the last year. While ECB President Jean-Claude Trichet said liquidity remains ample and inflation risks remain tilted to the upside, he added the ECB does not intend to alter its 2008 inflation forecast. “Some investors were expecting too much out of the ECB's announcement. They wanted an aggressive indication about further rate hikes, but in the end, the ECB did not offer that," said David Durrant, chief strategist at Julius Baer Investment Management in New York. The euro fell around 0.5 percent from late Tuesday to 163.37 yen. It had risen to a record high on Tuesday of 164.62, according to electronic platform EBS.
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Moving Average and MACD
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