3rd of May 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
3 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

USDJPY 80.89/69 support.

EURUSD BULLISH Rise through 1.4905 would open up the way for further gains towards 1.5000. Support is at 1.4633.

USDJPY BEARISH Pressure on 80.89/69 support area, break through this would expose 80.00. Initial resistance lies at 82.28.

GBPUSD BULLISH A break above initial resistance at 1.6747 would expose 1.6878. Support lies at 1.6500.

USDCHF BEARISH Support is at 0.8600, move below this would expose 0.8569. Near-term resistance is at 0.8761.

AUDUSD BULLISH The pair targets initial resistance 1.1023, break here would open way to 1.1130. Support lies at 1.0852.

USDCAD BEARISH Break below 0.9446 would pave the way for weakness towards 0.9400. Resistance is at 0.9550/76 area.

EURCHF BEARISH As long as resistance at 1.2974 holds, look for a break of 1.2751/30 support zone which would expose 1.2624.

EURGBP BULLISH Focus is on key resistance at 0.8942, break of this would expose 0.9000. Support lies at 0.8847.

EURJPY BULLISH Pullback through 120.00 has exposed 118.50. While this level holds, expect recovery towards 121.00 and 121.84.


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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