Technical analysis for May 13, 2010

The anticipated test of key supports has been confirmed with conditions for implementation of the pre-planned buying positions. OsMA trend indicator, having marked preserved fall in activity of both parties, does not deliver additional arguments favoring either holding or closing open long positions. Therefore, considering open long positions, the target levels remain at 1,1140/60, 1,1200/20, 1,1250/60 and (or) further break-out variant up to 1,1300/20, 1,1360/80, 1,1420/40. The alternative for sales will be below 1,0980 with the targets of 1,0920/40, 1,0860/80, 1,0800/20.

GBP

The estimated test of key supports has been confirmed with condition for implementation of the pre-planned buying positions. OsMA trend indicator, having marked weak activity of bullish party, adds to some risks regarding open long positions. Nevertheless, taking into account absence of clear grounds for correction of earlier designed trading plans, the targets for open buying positions will be 1,4880/1,4900, 1,4960/80, 1,5040/60 and (or) further break-out variant up to 1,5100/20, 1,5160/80, 1,5240/60. The alternative for sales will be below 1,4700 with the targets of 1,4640/60, 1,4560/80, 1,4500/20.

JPY

The estimated test of key resistance range levels has been confirmed with conditions for implementation of the pre-planned short positions. OsMA trend indicator, having marked fall in activity of both parties as a result of the previous trading day, suggests preservation of earlier set target levels for open short positions. Namely, attainment of 92,60/80, 92,00/20 levels and (or) further break-out variant up to 91,40/60, 90,80/91,00, 90,20/40. The alternative for buyers will be above 94,20 with the targets of 94,60/80, 95,20/40.

EUR

The anticipated rise of from key supports for implementation of the pre-planned buying positions has not accurately been confirmed, but preserved fall in activity of both parties, suggests preservation of earlier designed trading plans practically unchanged. Namely, we can assume probability of rate return to 1,2560/80 supports, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term buying positions, on condition of the formation of topping signals the targets will be 1,2640/60, 1,2700/20, 1,2780/1,2800 and (or) further break-out variant up to 1,2840/60, 1,2920/40, 1,2980/1,3000. The alternative for sales will be below 1,2500 with the targets of 1,2440/60, 1,2380/1,2400, 1,2300/20.