Daily Forecast : May 11

Filed in euro, Gold, Gold Bullion prices by on May 10, 2010 0 Comments

EURUSD Forecast: The EURUSD attempted to push higher yesterday, topped at 1.3093 but whipsawed to the downside, bottomed at 1.2758 and closed at 1.2784. On h1 chart below we can see that price is now testing the lower line of the minor bullish channel and struggling around the major weekly trendline support indicating critical technical phase. A violation to the minor bullish channel and another movement below the major trendline support could trigger further weakness for the Euro. Immediate support at 1.2715. Break below that area could trigger further bearish momentum targeting 1.2640 before re-testing 1.2500 region. Initial resistance at 1.2850. Break above that area could trigger another upside pullback testing 1.2900 – 1.3000 area but the main scenario remains bearish. GBPUSD Forecast: The GBPUSD slipped above the trendline resistance yesterday, topped at 1.5052 but whipsawed to the downside, closed lower at 1.4844 and now back below the trendline in a high volatile and indecisive market but this fact should keep the major bearish outlook intact. Immediate support at 1.4770. Break below that area could trigger further bearish momentum testing 1.4700 even 1.4550 – 1.4500 region. Initial resistance at 1.4920/30 region. Another upside pullback above that area could trigger bullish momentum testing 1.5000 – 1.5050 area. USDJPY Forecast: The USDJPY attempted to push higher yesterday, but as you can see on my h1 chart below the bullish pressure found a good resistance around the minor trendline resistance (yellow). The bias is neutral in nearest term. We need a clear break above the minor trendline resistance to continue the bullish

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Daily Forecast : May 11

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