16th of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
16 May 2011 – 8:00 GMT
Monday

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

EURUSD targets 1.4021.

EURUSD BEARISH Momentum is negative; the pair targets 1.4021 with next support at 1.3903. Resistance is at 1.4340.

USDJPY BEARISH While 81.85 continue to cap recoveries, a break below 80.34 would expose 80.00 and 79.57.

GBPUSD BEARISH Break of 1.6166 has exposed 1.6128 Fibonacci level. Near-term resistance is at 1.6308.

USDCHF NEUTRAL Recovery through 0.9000/12 would put odds in favor of a bull trend. Support lies at 0.8798.

AUDUSD NEUTRAL Break of 1.0537 has shifted our focus to 1.0513; a break below the level would trigger a bear trend. Resistance is at 1.0717.

USDCAD BULLISH Recovery through 0.9722 favors reversal. Next resistance is at 0.9772, while support is at 0.9600.

EURCHF BEARISH Initial support is at 1.2551, break of this would expose 1.2485. Resistance is at 1.2694.

EURGBP BEARISH Pressure on 0.8674/55 support zone; break through this would open 0.8618. Resistance lies at 0.8800.

EURJPY BEARISH Decline through 114.16 and 113.56 has opened up the way towards 113.00 key Fibonacci level. Resistance is at 115.54.


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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