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Old 05-03-2012, 11:54 PM
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Default Daily Forecast: May 04

EURUSD Forecast
The EURUSD was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 1.3094 but whipsawed to the upside and closed at 1.3153. The bias is neutral in nearest term. Immediate resistance remains around 1.3200. A clear break above that area could trigger further bullish pressure testing the upper line of the descending triangle (located around 1.3250/70) which remains a key resistance and a good place to sell with tight stop loss above the triangle. On the downside, we need a clear break and daily close below 1.3094 to continue the bearish scenario retesting 1.3000 strong support area. Overall there are no changes in my technical outlook. As long as stays inside the triangle price remains in consolidation phase but still within a major bearish outlook and I still prefer to sell on rallies. Fundamental focus today will be on US NFP data.



GBPUSD Forecast
The GBPUSD was indecisive yesterday made a Doji on daily chart. There are no changes in my technical outlook. The bias is neutral in nearest term. Overall price is still in a bullish phase after broke above 1.6000 but as long as stays below 1.6250 further bearish correction remains potential especially if price able to make a clear break below 1.6150 testing 1.6100 – 1.6000 region. On the upside, we need a clear break and daily close above 1.6250 - 1.6300 to continue the bullish scenario testing 1.6350 – 1.6470 region. Fundamental focus today will be on US NFP data.



USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term. 80.23 – 79.52 area remains a good place to buy with tight stop loss below 79.52. On the upside, a clear break and daily close above 80.60 could trigger further bullish scenario testing 81.80. I still prefer a bullish scenario at this phase expecting bullish reversal continuation after bounced from the record low.



USDCHF Forecast
The USDCHF was volatile but indecisive yesterday made a Doji on daily chart. There are no changes in my technical outlook. The bias is neutral in both nearest and medium term and I still prefer to stand aside for now. Immediate resistance is seen around 0.9170 – 0.9200. Immediate support is seen around 0.9100 followed by 0.9050.



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