stockpro
08-05-2009, 01:11 PM
Fri, 08th of May, 2009
May 08 Market Commentary and Technical Levels
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push higher yesterday, topped at 1.3467 but the
bullish power seems limited as the price closed lower at 1.3387. If we
look from longer time frame point of view on daily chart below, the
price is now ready to challenge the major trendline resistance. The
trendline should be a strong resistance to keep the major bearish trend
intact, but once it is violated to the upside, we might be at the
beginning of bullish scenario in long term outlook. Immediate support
is seen at 1.3333 followed by 1.3250 area. Initial resistance at 1.3467
(yesterday's high). Break above that area could trigger further bullish
momentum towards 1.3580 area. CCI in neutral area on h4 chart.
http://i41.tinypic.com/fk9ydt.jpg" alt="" border="0
EURUSD Daily Supports and Resistances:
S1= 1.3270
S2= 1.3153
S3= 1.3055
R1= 1.3485
R2= 1.3583
R3= 1.3700
GBPUSD Outlook
The GBPUSD failed to continued it's bullish scenario yesterday. On
hourly chart below we can see that after unable to stay consistently
above 1.5159 resistance area, the pair whipsawed to the downside and
break the trendline support but still closed above 1.5000. The bias
remains neutral in nearest term but the fact that the trendline support
has been violated should give more downside pressure today. Movement
below key support area 1.5000 – 1.4940 could trigger further bearish
scenario towards 1.4850 area. Immediate resistance is seen at 1.5100.
http://i41.tinypic.com/kbqgeb.jpg" alt="" border="0
GBPUSD Daily Supports and Resistances:
S1= 1.4906
S2= 1.4799
S3= 1.4655
R1= 1.5157
R2= 1.5301
R3= 1.5408
USDJPY Outlook
The USDJPY had a bullish momentum yesterday. On h4 chart below we can
see that the “flag” formation gave us a valid bullish signal when
breakout to the upside. The bias is bullish in nearest term but we need
consistent move above 99.55 resistance area before targeting 100.50.
Immediate support is seen at 98.77 area. Break below that area will
take us into no trading zone. CCI in neutral area on hourly chart.
http://i42.tinypic.com/2pzh15j.jpg" alt="" border="0
USDJPY Daily Supports and Resistances:
S1= 98.33
S2= 97.57
S3= 96.89
R1= 99.77
R2= 100.45
R3= 101.21
USDCHF Outlook
The USDCHF made another indecisive movement yesterday formed another a
Doji formation on daily chart. On h4 chart below we can see that the
pair has been moving in rectangle area of 1.1430 – 1.1245 since April
29. The bias remains neutral in nearest term. Break from the rectangle
should give us clearer direction. CCI in neutral area on h4 chart.
http://i44.tinypic.com/zyhrt.jpg" alt="" border="0
USDCHF Daily Supports and Resistances:
S1= 1.1229
S2= 1.1158
S3= 1.1064
R1= 1.1394
R2= 1.1488
R3= 1.1559
Have a great day!
May 08 Market Commentary and Technical Levels
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push higher yesterday, topped at 1.3467 but the
bullish power seems limited as the price closed lower at 1.3387. If we
look from longer time frame point of view on daily chart below, the
price is now ready to challenge the major trendline resistance. The
trendline should be a strong resistance to keep the major bearish trend
intact, but once it is violated to the upside, we might be at the
beginning of bullish scenario in long term outlook. Immediate support
is seen at 1.3333 followed by 1.3250 area. Initial resistance at 1.3467
(yesterday's high). Break above that area could trigger further bullish
momentum towards 1.3580 area. CCI in neutral area on h4 chart.
http://i41.tinypic.com/fk9ydt.jpg" alt="" border="0
EURUSD Daily Supports and Resistances:
S1= 1.3270
S2= 1.3153
S3= 1.3055
R1= 1.3485
R2= 1.3583
R3= 1.3700
GBPUSD Outlook
The GBPUSD failed to continued it's bullish scenario yesterday. On
hourly chart below we can see that after unable to stay consistently
above 1.5159 resistance area, the pair whipsawed to the downside and
break the trendline support but still closed above 1.5000. The bias
remains neutral in nearest term but the fact that the trendline support
has been violated should give more downside pressure today. Movement
below key support area 1.5000 – 1.4940 could trigger further bearish
scenario towards 1.4850 area. Immediate resistance is seen at 1.5100.
http://i41.tinypic.com/kbqgeb.jpg" alt="" border="0
GBPUSD Daily Supports and Resistances:
S1= 1.4906
S2= 1.4799
S3= 1.4655
R1= 1.5157
R2= 1.5301
R3= 1.5408
USDJPY Outlook
The USDJPY had a bullish momentum yesterday. On h4 chart below we can
see that the “flag” formation gave us a valid bullish signal when
breakout to the upside. The bias is bullish in nearest term but we need
consistent move above 99.55 resistance area before targeting 100.50.
Immediate support is seen at 98.77 area. Break below that area will
take us into no trading zone. CCI in neutral area on hourly chart.
http://i42.tinypic.com/2pzh15j.jpg" alt="" border="0
USDJPY Daily Supports and Resistances:
S1= 98.33
S2= 97.57
S3= 96.89
R1= 99.77
R2= 100.45
R3= 101.21
USDCHF Outlook
The USDCHF made another indecisive movement yesterday formed another a
Doji formation on daily chart. On h4 chart below we can see that the
pair has been moving in rectangle area of 1.1430 – 1.1245 since April
29. The bias remains neutral in nearest term. Break from the rectangle
should give us clearer direction. CCI in neutral area on h4 chart.
http://i44.tinypic.com/zyhrt.jpg" alt="" border="0
USDCHF Daily Supports and Resistances:
S1= 1.1229
S2= 1.1158
S3= 1.1064
R1= 1.1394
R2= 1.1488
R3= 1.1559
Have a great day!