Daily Forecast : May 10

Filed in Gold, Gold Bullion prices, silver by on May 9, 2010 0 Comments

EURUSD Forecast: The EURUSD made a gap earlier today in Asian session, opened higher at 1.2920, bottomed at 1.2809 and traded around 1.2860 at the time I wrote this comment, still in a high volatile market. The bias is neutral in nearest term but still within a bearish context in longer term view. However, if the upside pullback able to consistently above 1.2930 we may see further recovery testing 1.3000 region. Immediate support at 1.2809 (current low). Break below that area could trigger further bearish pressure testing 1.2750 – 1.2700 region before re-testing 1.2500 area. GBPUSD Forecast: The GBPUSD attempted to push lower on Friday, bottomed at 1.4475 but whipsawed to the upside, closed at 1.4818 and keep moving higher around 1.4870 at the time I wrote this comment. 1.4500 – 1.4475 region can be seen as nearest term bottom so far as price retreat to the upside testing the trendline resistance (former support) but as long as price stay below the trendline, the major outlook remains to the downside. Immediate resistance at 1.4900. Break above that area could trigger further bullish momentum testing 1.5000 region. Initial support at 1.4760. Break below that area could trigger further bearish momentum testing 1.4680 before re-testing 1.4500 – 1.4475 region. USDJPY Forecast: The USDJPY has been moving in a high volatile market without clear direction since Thursday. Price so far able to move above the major trendline support indicating the major bullish scenario remains intact but I think we are in no trading zone now. Personally I tend to avoid a high volatile and unclear market. Immediate resistance at 93.75. Break above that area could trigger further bullish momentum testing 94.70. Initial support at 91.71 (current low). Break below that area could trigger further bearish pressure testing the major trendline support once again. USDCHF Forecast The USDCHF failed to continue its bullish momentum so far. In medium term outlook I am expecting a range area of 1.1250 – 1.0888 but nearest term bias seems more to the downside testing 1.0888. Break below that area could be a serious threat to the bullish scenario. On the upside, we need a consistent move above 1.1250 to continue the bullish scenario. I think I will stand aside for now and see further development. Have a great day!

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Daily Forecast : May 10

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