Mon, 18th of May, 2009
By Setyo Wibowo (email@example.com)
The EURUSD had a significant bearish momentum on Friday. Like I said in my weekly summary on Saturday, we must pay attention to the â€œhead and shouldersâ€ formation which technically indicating a potential bearish reversal scenario. Beside the â€œnecklineâ€ we also have trendline support seen on h4 chart below as key support area. Break below that area could trigger further bearish momentum targeting 1.3300 in nearest term. Immediate resistance at 1.3525. Break above that area could lead us into no trading zone. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
The GBPUSD failed to continue the bullish momentum on Friday. The pair bottomed at 1.5132 and closed at 1.5165. The bias is bearish in nearest term testing 1.5050 area but remains neutral in medium term indicated by triangle formation seen on h4 chart below. Immediate resistance is seen at 1.5200. Break above that area could lead us into no trading zone. CCI just cross the -100 line up on hourly chart so watch out for a potential minor upside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY continued it’s bearish momentum on Friday. On hourly chart below we can see that after failed to break above 99.55 key resistance area, the bearish momentum seems unstoppable. The bias is bearish in nearest term targeting 94.50 and 94.00 area. CCI in oversold area and heading up on h4 chart so watch out for potential upside rebound testing 95.50 support area. Break above that area could lead us into no trading zone.
USDJPY Daily Supports and Resistances:
Finally the USDCHF had a breakout from the ranging area of 1.1104 â€“ 1.1004, even further, break above key level 1.1160. The bias is bullish in nearest term but we seem to have important resistance area around trendlineÂ as shown in h4 chart below. Break above the trendline should trigger further bullish momentum. Immediate support is seen at 1.1160. Initial resistance at 1.1300. CCI about to cross the 100 line down on hourly chart suggeting a potential minor downside pullback.
USDCHF Daily Supports and Resistances:
Have a great day!