DAILY MARKET COMMENTARY
24 May 2011 – 8:00 GMT
Tuesday
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Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
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TECHNICAL DATA
EURUSD focus on 1.3903.
EURUSD BEARISH The pair bounced back from the 100 day moving average at 1.3969 yesterday. Overall focus is on downside with initial support at 1.3903 ahead of 1.3855. Resistance is at 1.4147.
USDJPY NEUTRAL Need a break above 82.23 and 82.55 to trigger the bull trend; near-term support is at 81.32.
GBPUSD BEARISH Decline through the 1.6091 has exposed 1.6046, while initial resistance lies at 1.6239.
USDCHF NEUTRAL 0.8951 and 0.8706 mark the near-term directional triggers.
AUDUSD BEARISH Break of 1.0506 has shifted focus to 1.0443 and 1.0390. Near-term resistance is at 1.0657.
USDCAD BULLISH Upside potential; the pair targets 0.9828/49 resistance area. Initial support is at 0.9724.
EURCHF BEARISH Recovery has resistance at 1.2500. While the level holds, expect the cross to continue its loss towards 1.2324 ahead of 1.2297.
EURGBP BEARISH Support is at 0.8655/26 area. Initial resistance is at 0.8800.
EURJPY BEARISH Focus is on 113.42/00 area ahead of 110.54, while resistance holds at 117.24.
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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