20th of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
20 May 2011 – 8:00 GMT
Friday

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

AUDUSD 1.0717 caps recoveries.

EURUSD BEARISH The pair holds below 1.4389, focus is on the downside with initial support at 1.4121 ahead of 1.4048/21 support area.

USDJPY NEUTRAL The pair pulled back yesterday from 82.23 to close below the open. Break above the level would expose 82.55; near-term support is at 80.94.

GBPUSD BEARISH Stalled above 1.6091; break below this would lead to 1.6046 and 1.6000. Initial resistance is at 1.6288.

USDCHF NEUTRAL Only a break below 0.8706 would signal resumption of the bear trend. Near-term resistance is at 0.8951.

AUDUSD BEARISH While resistance at 1.0717 continues to cap recoveries, a break below 1.0506 would expose 1.0443,

USDCAD BULLISH If support at 0.9600 is intact, break through 0.9759 initial resistance would expose 0.9794.

EURCHF BEARISH Rise above 1.2702 would put odds in favor of a reversal. Initial support lies at 1.2534 ahead of 1.2485.

EURGBP NEUTRAL Violation of 0.8858 would favour upside, while a pullback through 0.8757 would open 0.8674.

EURJPY BEARISH Break of 117.60 would certainly hurt the ongoing bear trend. If the level holds, expect decline towards 115.23 and 114.29.


SCHEDULE

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A. White
Analyst at Fibosignals.com


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