Forex Flash: Bund momentum turning bullish for weekly interval – RBS

Bund prices have met the full target from the inverse head and shoulders pattern (144.94- 145.00 region), which also marks a Fibonacci retracement from December-January move. In particular, “This the region where we like to take profits and wait for a consolidation within the 143.70 – 145.20 region to be completed. Weekly momentum is turning bullish, as indicated by the slow stochastic oscillator. Overall, we favor taking profits at the target area and waiting for a dip to reload longs.” suggests Technical Markets Strategist Dmytro Bondar at RBS.

Feb 26, 2013

Forex: USD/JPY above 92.00

The European opening pulled the USD/JPY back to the 92.00 level after going to as low as 91.41 earlier. The pair is trading mostly sideways above the handle. As of writing, the market is quoting around 92.20, which served as support during most of February.

Forex: GBP/USD back to 1.5200 after comments from BoE officials

Contrary to most European currencies, the British Pound strengthened against the greenback as it corrects from the sharp sell off seen lately after hitting as low as 1.5074. The GBP is also acting as a safe haven against Euro troubles as Italy faces political uncertainty after yesterday's election results.