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Currency Majors Technical Analysis
Fri, May 16 2008, 05:00 GMT
European Session
EUR/USD - Euro Dollar
1,5488. EUR USD is in a range between 1,5400 and 1,5570. EUR USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. Oscillators are neutral. The price should continue to move in 1,5400 / 1,5570 range. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,5500 - 1,5570
Supports
1,5400 - 1,5370
more information on EUR/USD - Euro Dollar Click Here
GBP/USD - British Pound Dollar
1,9480. There is an horizontal range between 1,9425 and 1,9500. Support and resistance are given by Bollinger bands. GBP USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. Bollinger bands are flat. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. The price should continue to move in 1,9400 / 1,9525 range. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,9500 - 1,9525
Supports
1,9460 - 1,9400
more information on GBP/USD - British Pound Dollar Click Here
USD/CAD - US Dollar Canadian Dollar
1,0012. USD CAD is in a range between 0,9990 and 1,0070. USD CAD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. The price should continue to move in Bollinger bands. The price should find a support above 0,9990. If the support is broken then the target will be 0,9750. We won't take a position.
Resistances
1,0020 - 1,0050
Supports
0,9990 - 0,9975
more information on USD/CAD - US Dollar Canadian Dollar Click Here
USD/CHF - Dollar Swiss Franc
1,0553. USD CHF is in a range between 1,0515 and 1,0600. USD CHF moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. ForexTrend 4H (Mataf Trend Indicator) is in a bullish configuration. The price should continue to move in 1,0515 / 1,0600 range. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,0600 - 1,0650
Supports
1,0515 - 1,0440
more information on USD/CHF - Dollar Swiss Franc Click Here
USD/JPY - Dollar Yen
104,68. USD JPY is in a consolidation after the last bullish movement. The volatility is low. ForexTrend 4H (Mataf Trend Indicator) is in a bullish configuration. The price should find a resistance below 105,50. The consolidation should continue. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
105,00 - 105,50
Supports
104,45 - 104,00
more information on USD/JPY - Dollar Yen Click Here
Published on Fri, May 16 2008, 05:00 GMT
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All Technical Analysis and resulting conclusions and observations are based upon historical chart formations and patterns. Therefore, observations are a function of each analyst’s interpretation of the charts. What has happened 75% of the times in the past per a particular chart pattern does not mean it will always recur in the future. It logically follows that historical precedent does not guarantee future results. Conclusions expressed in the technical analysis section are personal opinions of the analysts; and may not be construed as recommendations to buy or sell anything.Interested in forex trading? forex brokerage firms!
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