Wednesday, May 13, 2009
May 13 Market Commentary and Technical Levels
| by: Setyo Wibowo EUR/USD Outlook The EURUSD had a moderate bullish momentum yesterday. The "flag" formation I showed yesterday gave us a valid bullish signal when violated to the upside (breakout). The bias is neutral in nearest term but remains bullish in medium term. Immediate support is seen at 1.3570followed by 1.3470. Initial resistance at 1.3736area. Break above that area could trigger further bullish scenario targeting 1.3900area. CCI in neutral area both on hourly and h4 chart. Please click here to see the chart. EURUSD Daily Supports and Resistances: S1= 1.3571 S2= 1.3495 S3= 1.3428 R1= 1.3714 R2= 1.3781 R3= 1.3857 GBP/USD Outlook The GBPUSD continued it's bullish scenario yesterday. The pair topped at 1.5349and closed at 1.5268. On hourly chart below we can see that the trendline support has been a good support in this bullish scenario. The bias is neutral in nearest term but remains bullish in medium term. We might see another downside consolidation toward the trendline support today. Immediate support is seen at 1.5160area. Break below that area could lead us into no trading zone. Initial resistance at 1.5349(yesterday's high) followed by 1.5470area. CCIabout to cross the 100 line down on h4 chart suggesting a potential minor downside pullback. Please click here to see the chart. GBPUSD Daily Supports and Resistances: S1= 1.5111 S2= 1.4954 S3= 1.4835 R1= 1.5387 R2= 1.5506 R3= 1.5663 USD/JPY Outlook As I had expected, the USDJPY continued it's bearish momentum yesterday. The pair bottomed at 96.10 and closed at 96.41. On h4 chart below we can see that the pair is now ready to test the major trendline support. Break below the trendline should trigger further/bigger bearish scenario. The bias remains bearish testing 95.50area. Immediate resistance is seen at 96.70/80area. CCI in oversold area and heading up on h4 chart so watch out for a potential upside correction. Please click here to see the chart. USDJPY Daily Supports and Resistances: S1= 95.73 S2= 95.05 S3= 94.01 R1= 97.45 R2= 98.49 R3= 99.17 USD/CHF Outlook The USDCHF had a moderate bearish momentum yesterday. On hourly chart below we can see that the pair is moving in rectangle area between 1.1104 - 1.1004indicating consolidation after significant bearish movement. The bias is neutral in nearest term but remains bearish in medium term. Break from the rectangle should give us clearer direction. CCI in neutral area on h4 chart. Please click here to see the chart. USDCHF Daily Supports and Resistances: S1= 1.1004 S2= 1.0954 S3= 1.0904 R1= 1.1104 R2= 1.1154 R3= 1.1204 Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading |
posted by Matbank at 8:53 AM
