Fri, 08th of May, 2009
By Setyo Wibowo (email@example.com)
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.
EURUSD Daily Supports and Resistances:
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 â€“ 1.4940 could trigger further bearish scenario towards 1.4850 area. Immediate resistance is seen at 1.5100.
GBPUSD Daily Supports and Resistances:
The USDJPY had a bullish momentum yesterday. On h4 chart below we can see that the â€œflagâ€ 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.
USDJPY Daily Supports and Resistances:
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 â€“ 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.
USDCHF Daily Supports and Resistances:
Have a great day!