Daily i-Forex Report by www.epicresearch.co 29th May 2013

HEADLINE
• Forex: Yen Crosses Break Short-Term Congestion, USD Climb At Risk
• US Dollar Clings To Support But Downside Risks Remain

Dollar Looks for Fed Outlook Cues in Consumer Confidence Data
Looking ahead, a quiet economic calendar in European trading hours is likely to see traders looking ahead to May’s US Consumer Confidence data as the next key inflection point. Economists’ forecasts suggest the index will rise for a second consecutive month to reach the highest level in six months.
An increasingly firm link between the US Dollar and the 10-year US Treasury bond yield suggests the outlook for Fed policy is in focus. With that in mind, a supportive outcome may drive bets on a reduction in the size of monthly QE purchases and boost the greenback. US news-flow has tended to underperform relative to expectations since late March and technical positioning is worrisome, leaving the door open to the downside scenario.
The Japanese Yen declined in overnight trade, trading down as much as 0.8 percent on average against its leading counterparts. A singular catalyst for the selloff did not present itself, suggesting it likely amounted to a correction in the wake of three days of consecutive Yen gains that brought to the currency to the highest level in a month.

TRADING TIPS
• SELL EURUSD
ABOVE 1.2940
TGT 1.2960/1.2980
SL 1.2910

• BUY USDJPY
ABOVE 102.30
TGT 102.50/102.70 SL
102.00

• BUY GBPUSD
BELOW 1.5060
TGT 1.5040/1.5020
SL 1.5090

ANALYSIS
HOURLY EURUSD CHART

OPEN: 1.2934
HIGH: 1.2936
LOW: 1.2884
CLOSE: 1.2930

• EURUSD LOOKS UPWARD
• TREND : BULLISH
• STRATEGY: BUY ON DIPS
• MACD =>-.0004(BULLISH SIGNAL)
• RSI =>59(BULLISH SIGNAL)

ANALYSIS

HOURLY USDJPY CHART

OPEN: 101.14
HIGH: 102.30
LOW: 101.11
CLOSE: 101.99

• USDJPY LOOKS WARD
• TREND: BULLISH
• STRATEGY: BUY ON DIPS
• MACD => .04(BULLISH SIGNAL)
• RSI =>34(BULLISH SIGNAL)

ANALYSIS

HOURLY GBPUSD CHART

OPEN: 1.5108
HIGH: 1.5115
LOW: 1.5064
CLOSE: 1.5105

• GBPUSD LOOKS DOWNWARD
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD => .000(BEARISH SIGNAL)
• RSI =>54(BEARISH SIGNAL)

HOURLY EURGBP CHART
OPEN: 00.8561
HIGH: 00.8562
LOW: 00.8542
CLOSE: 00.8559

• EURGBP LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD =>.00005(BEARISH SIGNAL)
• RSI => 52(BEARISH SIGNAL)

HOURLY USDINDEX CHART

OPEN: 83.6640
HIGH: 84.0010
LOW: 83.6430
CLOSE: 83.7570
• USDINDEX LOOKS DOWNWARD
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD =>-.0291(BEARISH SIGNAL)
• RSI =>38(BEARISH SIGNAL)

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