Thursday, May 14, 2009
May 14 Market Commentary and Technical Levels
| by: Setyo Wibowo FxInstructor EUR/USD Outlook The EURUSD bullish momentum was paused yesterday. The pair attempted to push higher, topped at 1.3721but further upside scenario was rejected as the pair whipsawed to the downside, hit the bottomed at 1.3566and closed at 1.3598. Technically we have potential further downside correction indicated by double topformation around key resistance 1.3736and daily CCI almost cross the 100 line down. Immediate support is seen at 1.3550area. Break below that area could trigger further bearish correction towards 1.3400. Please click here to see the chart. EURUSD Daily Supports and Resistances: S1= 1.3535 S2= 1.3473 S3= 1.3380 R1= 1.3690 R2= 1.3783 R3= 1.3845 GBP/USD Outlook The GBPUSD was corrected lower yesterday. The pair bottomed at 1.5086and closed at 1.5152. This fact lead me into conclusion that we are now in no trading zone area. We seem to have strong resistance around 1.5370area, which is a key level at this phase. Immediate support is seen at 1.5050area. Break below that area could trigger further bearish momentum and could be a potential warning of bullish scenario failure in longer term. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure. Please click here to see the chart. GBPUSD Daily Supports and Resistances: S1= 1.5049 S2= 1.4946 S3= 1.4806 R1= 1.5292 R2= 1.5432 R3= 1.5535 USD/JPY Outlook USDJPY had another bearish momentum yesterday. On daily chart below we have "Head and Shoulders" formation. The neckline has been violated to the downside, so technically this fact should lead us into further bearish outlook. The bias remains bearish in nearest term testing 94.10area. CCI in oversold area and about to cross the 100 line up on hourly chart so watch put for a potential upside rebound testing 96.15area. Please click here to see the chart. USDJPY Daily Supports and Resistances: S1= 94.73 S2= 94.18 S3= 93.21 R1= 96.25 R2=97.22 R3= 97.77 USD/CHF Outlook The USDCHF made indecisive movement yesterday, formed a Dojiformation on daily chart. On hourly chart below we can see that the pair still trapped in rectangle area between 1.1104 - 1.1004. The bias remains neutral in nearest term. Daily CCI in oversold area and heading up suggesting a potential upside rebound. Break above 1.1104could trigger further bullish pressure testing key level 1.1160area. Please click here to see the chart. USDCHF Daily Supports and Resistances: S1= 1.1075 S2= 1.1085 S3= 1.1074 R1= 1.1076 R2= 1.1087 R3= 1.1077 Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading |
posted by Matbank at 9:55 AM
