Wed, 13th of May, 2009
By Setyo Wibowo (firstname.lastname@example.org)
The EURUSD had a moderate bullish momentum yesterday. The â€œflagâ€ formation I showed yesterday gave us a valid bullish signal when violated to the upside (breakout). The bias is neutral in nearest term but remains bullish in medium term. Immediate support is seen at 1.3570 followed by 1.3470. Initial resistance at 1.3736 area. Break above that area could trigger further bullish scenario targeting 1.3900 area. CCI in neutral area both on hourly and h4 chart.
EURUSD Daily Supports and Resistances:
The GBPUSD continued it’s bullish scenario yesterday. The pair topped at 1.5349 and closed at 1.5268. On hourly chart below we can see that the trendline support has been a good support in this bullish scenario. The bias is neutral in nearest term but remains bullish in medium term. We might see another downside consolidation toward the trendline support today. Immediate support is seen at 1.5160 area. Break below that area could lead us into no trading zone. Initial resistance at 1.5349 (yesterday’s high) followed by 1.5470 area. CCI about to cross the 100 line down on h4 chart suggesting a potential minor downside pullback.
GBPUSD Daily Supports and Resistances:
As I had expected, the USDJPY continued it’s bearish momentum yesterday. The pair bottomed at 96.10 and closed at 96.41. On h4 chart below we can see that the pair is now ready to test the major trendline support. Break below the trendline should trigger further/bigger bearish scenario. The bias remains bearish testing 95.50 area. Immediate resistance is seen at 96.70/80 area. CCI in oversold area and heading up on h4 chart so watch out for a potential upside correction.
USDJPY Daily Supports and Resistances:
The USDCHF had a moderate bearish momentum yesterday. On hourly chart below we can see that the pair is moving in rectangle area between 1.1104 â€“ 1.1004 indicating consolidation after significant bearish movement. The bias is neutral in nearest term but remains bearish in medium 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!