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Forex - Gold Signal

EUR/USD

 2/22/2012 7:13:00 AM

 Signals buy

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GBP/USD

 2/16/2012 7:40:00 AM

 Signals buy

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USD/CHF

 2/15/2012 2:07:00 PM

 Signals sell

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GOLD

 12/27/2011 11:35:00 AM

 Signals buy

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Forex News
Markets started off the session tepid despite Greece's new bailout agreement being reached; the common currency has also failed to surge ahead on the news remaining cautious against both the dollar and yen (high for the Asian session of $1.3249 and ¥105.98). Most likely this is because the prospect of reaching an agreement was already priced into the markets given there were only two outcomes and rhetoric continued to be mostly unified about the want for Greece to remain in the EU.
The pair found strong support around the retest level of 125.75 and then rebounded to the upside, where the pair started the session positively despite the negativity seen on momentum indicators over daily basis. In general, we expect the intraday upside move to continue today, targeting mainly 127.30 and then 128.40, noting that a breach of 125.75 means that the pair will return inside the ascending correctional channel and could trigger a downside movement over intraday basis.
The highlight on the Asian data front was the release of China flash manufacturing PMI estimates for February from HSBC, which showed a slight improvement from January’s Lunar New Year-affected data. The index rose to 49.7 but it still marked the fourth month in a row it stayed below the key 50 contraction/expansion threshold. Note we still have distortions from the timing of the Lunar New year celebrations and the survey was taken before last weekend’s reserve ratio requirement cut.
The USD weakened in a quiet session yesterday, but found some support around the 100 day moving average at 78.80. The focus remains very much on Europe, but the Greek deal seen yesterday is not quite enough to generate real risk positive enthusiasm. This will probably require more strong global data, and the light calendar today suggests another range-bound performance.
The choppy price behaviors are still seen on different time frames for the EUR/USD pair. Moving to the four-hour chart, we will see a recent violent recovery above SMA 50 following the previous four-hour aggressive downside move. But actually, we are witnessing a second technical retest for the previous broken uptrend line that carried the movements from 1.2625 zones while RSI 14 approaches overbought areas. The contrarian between stability above moving averages and stability below the trend line forces us to stay aside today.
Greece succeeded in securing a second bailout that would prevent the debt-mired nation to collapse into default next month after reaching a deal with private sector bondholders and ECB accepted to distribute its profits from bond purchasing.
default
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