Mohammed Isah
06-12-2008, 12:45 PM
EURUSD: Downside Pressure Continues To Build.
EURUSD: Although a higher one-day close was registered Wednesday following its decline off the 1.5842 higher was seen wiping out those gains in early morning trading today suggesting its weakness highlighted in our previous analysis could see it targeting its Jun 0508 low at 1.5364 with a loss of there extending further downside weakness towards its May 0808 low at 1.5283 ahead of its .50 Ret (1.4309-1.6018 high) at 1.5164.The daily and weekly studies remain supportive of this view. Upside objectives are located at the 1.5510 level, its April 0308 low and the 1.5593 level, its May 0608 high before the 1.5817 high, its May 2708 high. Decisively invalidating the latter will pave the way for a run at the 1.5895/I 5912 area, its Mar 3108 high/April 1008 high and next its YTD high at 1.6018.On the whole, EUR looks to weaken further and possibly trigger its short term decline started at 1.6018.
Support Comments
1.5360/41 .382 Fib Ret/Mar 2408 low/May 0208
1.5283 May 0808 low
1.5164 .50 Ret (1.4309-1.6018 high)
Resistance Comments
1.5510 April 0308 low
1.5593 May 0608 high
1.5817 high May 2708 high
1.5895/I 5912 Mar 3108 high/April 1008 High
GBPUSD: GBP Has Its Eyes On The Downside.
GBPUSD: Having reversed its Wednesday gains in early morning trading today,GBP remains vulnerable to the downside leaving its Jun 0508 low at 1.9460 as the next target with a break through there setting up the pair towards the 1.9360/35 area, its 2008 lows. Below here will activate its medium term downtrend and put pressure on the 1.9180 level, representing its Mar07 low. The daily RSI and Stochastics are negative and pointing lower suggesting further weakness. On the other hand, resistance begins at 1.9598 level, its April 1508 low at first and then the 1.9674/53 level, its April 2508 low/Aug 1707 high. Beyond there if seen will aim at the 1.9727/19 zone, its Mar 0508/April 0108 lows followed by the 1.9850 level, its May 2308 high and the 1.9963/ 2.0026 levels, its Feb 2708/April 21 & 2808 highs. All in all, GBPs medium term bearish structure continues to dominate.
Support Comments
1.9460 Jun 0508
1.9360/35 2008 lows.
1.9180 Mar07 Low
1.9045 1.272 Fib Ext
Resistance Comments
1.9598 April 1508 low
1.9674/53 April 2508 low/Aug 1707 high
1.9727/19 Mar 0508/April 0108 lows
1.9963/2.0026 Feb 2708/April 21 & 2808 highs
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This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
EURUSD: Although a higher one-day close was registered Wednesday following its decline off the 1.5842 higher was seen wiping out those gains in early morning trading today suggesting its weakness highlighted in our previous analysis could see it targeting its Jun 0508 low at 1.5364 with a loss of there extending further downside weakness towards its May 0808 low at 1.5283 ahead of its .50 Ret (1.4309-1.6018 high) at 1.5164.The daily and weekly studies remain supportive of this view. Upside objectives are located at the 1.5510 level, its April 0308 low and the 1.5593 level, its May 0608 high before the 1.5817 high, its May 2708 high. Decisively invalidating the latter will pave the way for a run at the 1.5895/I 5912 area, its Mar 3108 high/April 1008 high and next its YTD high at 1.6018.On the whole, EUR looks to weaken further and possibly trigger its short term decline started at 1.6018.
Support Comments
1.5360/41 .382 Fib Ret/Mar 2408 low/May 0208
1.5283 May 0808 low
1.5164 .50 Ret (1.4309-1.6018 high)
Resistance Comments
1.5510 April 0308 low
1.5593 May 0608 high
1.5817 high May 2708 high
1.5895/I 5912 Mar 3108 high/April 1008 High
GBPUSD: GBP Has Its Eyes On The Downside.
GBPUSD: Having reversed its Wednesday gains in early morning trading today,GBP remains vulnerable to the downside leaving its Jun 0508 low at 1.9460 as the next target with a break through there setting up the pair towards the 1.9360/35 area, its 2008 lows. Below here will activate its medium term downtrend and put pressure on the 1.9180 level, representing its Mar07 low. The daily RSI and Stochastics are negative and pointing lower suggesting further weakness. On the other hand, resistance begins at 1.9598 level, its April 1508 low at first and then the 1.9674/53 level, its April 2508 low/Aug 1707 high. Beyond there if seen will aim at the 1.9727/19 zone, its Mar 0508/April 0108 lows followed by the 1.9850 level, its May 2308 high and the 1.9963/ 2.0026 levels, its Feb 2708/April 21 & 2808 highs. All in all, GBPs medium term bearish structure continues to dominate.
Support Comments
1.9460 Jun 0508
1.9360/35 2008 lows.
1.9180 Mar07 Low
1.9045 1.272 Fib Ext
Resistance Comments
1.9598 April 1508 low
1.9674/53 April 2508 low/Aug 1707 high
1.9727/19 Mar 0508/April 0108 lows
1.9963/2.0026 Feb 2708/April 21 & 2808 highs
To receive this technical reportr and more please visit www.fxtechstrategy.com (http://www.fxtechstrategy.com)
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.