Bank Recommendations-Aussie dollar heading for USD parity
Finotec | Jul 27, 2008 08:00PM ET
AUD/USD: "We remain bulls while over the $0.9700/.9655 area of support, looking for a move towards $1.00."
JP MORGAN
AUD/USD: "We remain bulls while over the $0.9700/.9655 area of support, looking for a move towards $1.00."
AUD/CHF: "Breaking up through the channel/flag resistance zone and potentially seeing a move to test and break the weekly 1.0080-1.0135 franc resistance."
EUR/JPY: "We are back to the previous highs and with the short term studies so overbght and some divergence we can see a pullback developing before heading to 171/175 yen."
USD/JPY: "We are testing channel resistance at 107 yen and need to see a break to confirm this will be the leader of JPY crosses higher. Otherwise we look for EUR, AUD etc to jump into the driving seat for further JPY cross strength in the week ahead."
SEB
EUR/USD: "The recent entrenched type of market looks like a near-term narrower following the +$1.60 rejection and indicates there is at least one more leg left on the downside - below $1.5805 would confirm. Above $1.59 would be more of a limbo, while above $1.5950 would complete a three-wave only correction to the south and argue for fresh highs."
USD/JPY: "Closed high enough Friday to keep the pressure up for a move through last week's high and to hold the Jul high of 107.75 yen hostage. Local support looks strong around the 106-handle but to stop working it from the long side 104.75 need to be taken out."
EUR/JPY: "The highest session/weekly close on file must mean something and a miracle is needed to spare the July high of 169.70 yen. But afterwards there is possibly some correction/consolidation to do given the growing sense of a bearish divergence developing in the hourlies."
EUR/SEK: "The downmove has drawn some decent volume Thursday/Friday and while holding below 9.4950 crowns it looks like the correction has momentum for 9.4150/00. Above 9.4950 would mark the end of a 'three-wave only' corrective structure and aim back at/above the recent high."
EUR/NOK: "At least as long as 8.0225 crowns holds there is an upside case to build on, and if successfully taking out the early April high of 8.11 there are reasons to pencil in an extension towards the March high of 8.1750."
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