17th of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
17 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

AUDUSD 1.0513 key support.

EURUSD BEARISH Break through 1.4048/21 support area would pave the way for a move towards 1.3903. Resistance is at 1.4340.

USDJPY BEARISH The pair holds below 81.34; while this level is intact focus is on the downside with initial support at 80.34 ahead of 80.00.

GBPUSD BEARISH Initial support is at 1.6128 Fibonacci level, break of this would expose 1.6091. Near-term resistance is at 1.6308.

USDCHF NEUTRAL Support lies at 0.8784, while resistance is at 0.8951 ahead of 0.9012.

AUDUSD BEARISH Pressure on initial support 1.0513, only a break here would confirm the bear trend and expose 1.0443. Resistance is at 1.0717.

USDCAD BULLISH Recovery pressures 0.9772, key retracement level; break of the level would expose 0.9800 and 0.9849. Near-term support lies at 0.9684.

EURCHF BEARISH Focus has shifted to 1.2485 ahead of key support at 1.2433. Resistance is at 1.2614.

EURGBP BEARISH Support is at 0.8674/55 zone; break through this would open 0.8618. Resistance lies at 0.8800.

EURJPY BEARISH Break below 113.42 would expose 113.00 key Fibonacci level. Near-term resistance is at 115.63.


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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