11th of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
11 May 2011 – 8:00 GMT
Wednesday

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Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
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TECHNICAL DATA

EURGBP 0.8714/00 support.

EURUSD NEUTRAL Initial resistance is at 1.4442, while support comes in at 1.4205 ahead of 1.4158.

USDJPY BEARISH A break below 80.00 would expose 79.57 and 78.83 next. Resistance is at 81.28.

GBPUSD NEUTRAL While resistance at 1.6464 holds, focus on initial support at 1.6271.

USDCHF BEARISH The pair remains heavy below 0.8893, keeping our focus on the downside. Initial support is at 0.8677 ahead of 0.8554.

AUDUSD BULLISH Break above 1.0878 would expose 1.0953 next. Support lies at 1.0697.

USDCAD NEUTRAL Initial resistance is at 0.9654, while support lies at 0.9505.

EURCHF BEARISH The cross bounced back through 1.2653 to expose 1.2748. Initial support lies at 1.2485.

EURGBP BEARISH Support is at 0.8714/00 zone, break of which would open 0.8655. Near-term resistance is at 0.8818.

EURJPY BEARISH Break through 114.80/16 area would signal scope for further downside towards 113.56. Initial resistance is at 117.60.


SCHEDULE

Please visit Fibosignals.com’s Economic Calendar for a schedule of market news and events.

A. White
Analyst at Fibosignals.com

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