Daily Forecast : May 12

Filed in Gold, Gold Bullion prices, silver by on May 11, 2010 0 Comments

EURUSD Forecast: The EURUSD continued its bearish momentum yesterday. On h1 chart below we can see that the minor bullish channel has been violated to the downside which potentially end the bullish correction at this phase. The bias is bearish in nearest term especially if price break below 1.2590 support area targeting 1.2523/00 key support level. Initial resistance at 1.2730. Break above that area could trigger another upside pullback testing 1.2800 region but overall the main scenario should remain bearish. GBPUSD Forecast: The GBPUSD attempted to push lower yesterday, bottomed at 1.4719 but further bearish pressure was rejected after political coalition of Conservative-Liberal Democrat made a new administration, brought the pair higher, topped at 1.5003 but this bullish momentum was short lived as price is now moving lower around 1.4892 at the time I wrote this comment. Price also no back below the major trendline support indicating bearish view. The bias is bearish in nearest term testing 1.4800 area. Immediate resistance at 1.5000. Another break above that area could trigger further bullish momentum testing 1.5100 region. USDJPY Forecast: The USDJPY didn’t make significant movement yesterday. On h1 chart below we can see that price still move below the minor trendline resistance indicating limited bullish momentum so far. The bias remains neutral in nearest term. We need a clear break above the minor trendline resistance to continue further bullish momentum towards 93.75 and 94.70. Immediate support at 92.00 – 91.71 area. Break below that area could trigger further bearish pressure re-testing the major trendline support. USDCHF Forecast The USDCHF didn’t make significant movement yesterday. The bias is neutral both in nearest and medium term as price still trapped in range area of 1.1175 – 1.0888. Immediate support at 1.1045. Break below that area could trigger further bearish pressure testing 1.0950 region. Initial resistance at 1.1175. Consistent move above that area should trigger further upside pressure re-testing 1.1250 region. Have a great day!

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Daily Forecast : May 12

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