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Kamis, 17 Februari 2011

Dollar to Reach Six-Week Low on Triangle: Technical Analysis

By Monami Yui and Yoshiaki Nohara - Feb 18, 2011 8:19 AM GMT+0700. The dollar may fall to a six-week low against the yen as the pair remains in a “triangular consolidation” formation, Gaitame.com Research Institute Ltd. said, citing trading patterns. The U.S. currency has risen 2.7 percent this year and is likely to pare gains gradually as it trades in the triangle formed by two trend lines, said Daisaku Ueno, president of the unit of Japan’s largest online currency broker in Tokyo. The upper line connects the highs of 85.93 yen on Sept. 16 and 83.98 yen on Feb. 16, and the lower line joins the lows of 80.22 yen on Nov. 1 and 81.13 yen on Feb. 4, according to Bloomberg data. “As the currency stays in the triangle, it may be moving back into a range” between lower 81 yen and mid 83 yen, Ueno said. “The currency may go back to around 81 yen.”

The dollar traded at 83.38 yen as of 10:11 a.m. in Tokyo from 83.31 yen in New York yesterday. The greenback last traded below 81 yen on Jan. 3.

In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a security, commodity, currency or index.

To contact the reporter on this story: Monami Yui in Tokyo at myui1@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net

To contact the editor responsible for this Rocky Swift at rswift5@bloomberg.net

Resource : bloomberg.com

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