31st of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
31 May 2011 – 8:00 GMT
Tuesday

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


TECHNICAL DATA

EURUSD NEUTRAL Move above 1.4346 has exposed resistance at 1.4442, while support at 1.4257 holds.

USDJPY BEARISH Support is at 80.64, break below this would expose 80.34. Initial resistance is at 82.00.

GBPUSD BULLISH Rise through 1.6517 has exposed resistance at 1.6584 ahead of 1.6661. Near-term support is at 1.6450.

USDCHF BEARISH Initial support is at 0.8465; break of this level would pave the way for further downside towards 0.8400. Resistance lies at 0.8663.

AUDUSD BULLISH Break above 1.0794 is required to confirm the bull trend, while support lies at 1.0609.

USDCAD BULLISH Pull back through 0.9724 has exposed support at 0.9675. Initial resistance is at 0.9787 ahead of 0.9816.

EURCHF BEARISH Clearance of 1.2099 would expose next support at 1.2000. Resistance is at 1.2360.

EURGBP BEARISH Decline through initial support at 0.8657 would open 0.8611. Resistance lies at 0.8752.

EURJPY NEUTRAL Break of 116.38 has turned the model to neutral and exposed resistance at 117.24. Support is at 115.21.


SCHEDULE

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

A. White
Analyst at Fibosignals.com

DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.