Monday, June 1, 2009
May 31 Market Commentary and Technical Levels
Mon, 31th of May, 2009 EURUSD Outlook The EURUSD continued it’s bullish scenario on Friday. On h4 chart below we can see that after break above key resistance level at 1.4050 the pair topped at 1.4168 and closed at 1.4156. The bias is bullish in nearest term targeting 1.4220 but we seem to have strong resistance around 1.4173 area (50% Fibo Retracement of 1.6037 – 1.2327). Break above that area could trigger further bullish momentum. However CCI in overbought area and heading down on h4 chart suggesting a potential downside rebound testing 1.4075/50 support area. Break below that area could lead us into no trading zone.
EURUSD Daily Supports and Resistances: • S1= 1.3997
GBPUSD Outlook After some consolidation movement last week, the GBPUSD continued it’s bullish scenario on Friday. On hourly chart below we can see that after break above 1.6000 key level the pair topped at 1.6198 and close at 1.6186. The bias is bullish in nearest term targeting 1.6290. However, we seem to have a good resistance area at 1.6198 (Friday and November 5th 2008 high). We need a consistent movement above that area to confirm further bullish scenario. CCI in overbought area and heading down suggesting a potential downside rebound testing 1.6130 - 1.6090 support area.
GBPUSD Daily Supports and Resistances: • S1= 1.6002
USDJPY Outlook The USDJPY failed to continued it’s bullish momentum on Friday. On h4 chart below we can see that the pair failed to stay above 96.60 key level and then had bearish momentum, bottomed at 95.00 and closed at 95.32. The bias is bearish in nearest term targeting 94.50 but remains neutral in medium term. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 95.90 resistance area. Break above that area could lead us into no trading zone.
USDJPY Daily Supports and Resistances: • S1= 94.56
USDCHF Outlook The USDCHF continued it’s bearish scenario on Friday. On hourly chart below we can see that after break below 1.0810 area the pair had bearish momentum, bottomed at 1.0654 and closed at 1.0667. The bias is bearish in nearest term targeting 1.0565 area. However CCI just cross the -100 line up on hourly chart so watch out for a potential upside rebound testing 1.0730 area. Break above that area could lead us into no trading zone.
USDCHF Daily Supports and Resistances: • S1= 1.0594 Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading |
