Daily iForex Report by epicresearch 31th May 2013

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ListFree.org (Press Release) - Friday, May 31st, 2013

HEADLINE
• USD/JPY Reverses on a Dime, at Session Highs; EUR/USD Rejected at $1.3000
• Dollar Risks Tumble If QE3 Taper Talk Or Capital Market Don’t Catch

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) was threatening a break below crucial May support, opening the door for further losses in the US Dollar against the Euro and the Japanese Yen especially, but on the back of a surprise report from Reuters, a solid daily Hammer has formed, suggesting that further gains for the world’s reserve currency – and recent darling – may be on the horizon.
The gist of the Reuters report is as follows: ‘Abenomics’ has dramatically altered investors’ risk tolerance, and at risk of missing out on the globe’s hottest equity market rally, Japan’s public pension fund is exploring altering its charter. Considering that Japan’s public pension fund – AUM of $1T – holds most of its assets in the form of JGBs, this is clearly a sign that the recent volatility in bond markets has been unnerving to say the least. In reaction to said news, Nikkei futures, which were hovering near the daily lows following the >-5% decline in the cash market overnight, rallied sharply, pulling up the USDJPY, away from session lows at ¥100.46 to as high as 101.70. While gains have eased – price was fighting near 101.50 at the time of writing – there’s another catalyst in the near-term future, which has likely kept the EURUSD’s advance at bay, with price hitting $1.3007 before reversing sharply.

TRADING TIPS
• BUY EURUSD
ABOVE 1.3010
TGT 1.3030/1.3050
SL 1.2980

• BUY USDJPY
ABOVE 101.65
TGT 101.80/102.00 SL
101.30

• BUY GBPUSD
BELOW 1.5100
TGT 1.5080/1.5060
SL 1.5130

ANALYSIS
HOURLY EURUSD CHART

OPEN: 1.2947
HIGH: 1.3006
LOW: 1.2933
CLOSE: 1.2977

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

ANALYSIS

HOURLY USDJPY CHART

OPEN: 100.95
HIGH: 101.53
LOW: 100.47
CLOSE: 101.25

• USDJPY LOOKS UPWARD
• TREND: BULLISH
• STRATEGY: BUY ON DIPS
• MACD => .04(BULLISH SIGNAL)
• RSI =>59(BULLISH SIGNAL)

ANALYSIS

HOURLY GBPUSD CHART

OPEN: 1.5130
HIGH: 1.5198
LOW: 1.5113
CLOSE: 1.5153

• GBPUSD LOOKS DOWNWARD
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD => .000(BEARISH SIGNAL)
• RSI =>43(BEARISH SIGNAL)

HOURLY EURGBP CHART
OPEN: 00.8556
HIGH: 00.8568
LOW: 00.8545
CLOSE: 00.8563

• EURGBP LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD =>.00005(BEARISH SIGNAL)
• RSI => 57(BEARISH SIGNAL)

HOURLY USDINDEX CHART

OPEN: 83.6280
HIGH: 83.6860
LOW: 83.2370
CLOSE: 83.3610
• USDINDEX LOOKS DOWNWARD
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD =>-.0291(BEARISH SIGNAL)
• RSI =>46(BEARISH SIGNAL)

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