Fri, 29th of May, 2009
By Setyo Wibowo (email@example.com)
After corrected lower in the last three days, the EURUSD had a bullish momentum yesterday. This is not a surprise for me since the medium outlook remains bullish. On h4 chart below we have rectangle formation (1.4050 â€“ 1.3850) indicating consolidation. Be patient. We are still in no trading zone in nearest term. Immediate resistance is seen at 1.3981 (yesterday’s high). Break above that area could trigger further bullish momentum testing key resistance level 1.4050. Break above that level should continue the bullish scenario towards 1.4173. Initial support at 1.3850 and 1.3736. CCI in neutral area on h4 chart.
EURUSD Daily Supports and Resistances:
GBPUSD made another indecisive movement yesterday. On daily chart below we can see that the pair has been showing no clear direction in the last four days. If we look at weekly chart, we will see a Doji formation during this week. I think we are still in no trading zone. However the medium outlook remains bullish. Key resistance level at 1.6000. Consistent movement above that area should trigger further bullish momentum. Immediate support at 1.5850 followed by 1.5750. CCI about to cross the 100 line down suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY had significant bullish momentum yesterday. The pair break above key level 96.60/70, topped at 97.22 and closed at 96.83. The price need to stay consistently above 96.60/70 area in order to continue it’s bullish scenario towards 97.90 area. Movement below 96.60/70 would lead us into no trading zone. CCI in overbought area and heading down on h4 chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
The USDCHF continued it’s bearish scenario yesterday, but still unable to move consistently below 1.0810 key support area. This fact keep us in no trading zone in nearest term. Break below 1.0810 could trigger further bearish momentum towards 1.0700 area. Immediate resistance is seen at 1.0870 â€“ 1.0910 area. CCI in neutral area on h4 chart.
USDCHF Daily Supports and Resistances:
Have a great day!