Daily Forex Analysis - May 9, 2008
USDJPY Analysis.
USDJPY pulls back to as low as 103.40. Further fall to 103.00 area to reach the next short term cycle bottom on 4-hour chart is expect and the next cycle bottom is nearing. As long as 102.67 support holds, we’d expect up trend to resume and rise above 105.70 previous high resistance is still in favor.
EURUSD Analysis.
EURUSD is in down trend. The bounce from 1.5284 is treated as correction to the down trend. As long as 1.5594 resistance holds, we’d expect down trend to resume and deeper decline to 1.5000 area is still possible after correction.
USDCAD Analysis.
Being contained by previous low support at 0.9987, USDCAD rebounded from 0.9998. The rise from 0.9998 is treated as consolidation to the down trend. Deeper decline to 0.9900 is still in favor after consolidation. Key resistance is located at 1.0326, a break of this level will signal resumption of the long term up trend.
AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.9505 level on 4-hour chart. Sideways consolidation may be expected in the next few days. A break of 0.9541 key resistance will signal the resumption of the long term up trend. However, pullback below 0.9275 would more likely be seen and deeper decline to 0.9100 area is still possible.
USDCHF Analysis.
USDCHF is in consolidation to the up trend. As long as 1.0425 support holds, we’d expect up trend to resume and further rally to 1.0700 area is still possible in the next few days. Key support is now located at 1.0425, only break of this level will signal reversal to the up trend.
GBPUSD Analysis.
GBPUSD is in down trend. Deeper decline to retest 1.9337 (Jan 22 low) long term key support is now in favor. Initial resistance is at 1.9772, as long as this resistance holds, down trend will continue.
More long term forex analysis.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme
Leave a Reply
Other finance sites
Loans
All About Loans is designed to help you get the best loan available at the lowest interest rate possible. Apply for your loan online and receive a free quote.
Debt Management
Debt Management is a system which decides how much an individual or family can afford to pay their creditors each month.
bridging loan
National Credit specialists in bridging loads and credit, clear lending rates and great fast service. Easy loan application.
Bankruptcy Information
Do you need bankruptcy information. Our aim is to find the best way for our clients to avoid bankruptcy.
IVA Info
Need info about an IVA? See IVA Info UK. Free help advice and information on debt and IVA related issues.
Car Insurance
Check out this site for a comparison of car insurance rates..
Debt
Have you been struggling with mounting debt? There are a range of options for you to consider. Find out more online at The Debt Clinic.
Secured Loans In Uk
Visit this free resource site for all you need to know about secured loans.