5th of August 2011 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
5 August 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 1.0391 support.

EURUSD BEARISH Break of 1.4069 signals resumption of bear trend; initial support lies at 1.4014 ahead of 1.3837, a key low from Jul 12. Resistance is at 1.4372.

USDJPY NEUTRAL The pair rallied yesterday to define a high of 80.24; a clear break above this level would favour further gains. Support lies at 76.97.

GBPUSD BULLISH Move above 1.6440/76 resistance area would expose 1.6547. Near-term support lies at 1.6211, a break here would hurt the current uptrend.

USDCHF BEARISH Pressure is on 0.7610, a break of which would expose 0.7500. Resistance is at 0.7802.

AUDUSD BEARISH Fall through 1.0526 has triggered a bear trend; support is at 1.0391, a key low, a move below this level would expose 1.0289. Resistance is at1.0786.

USDCAD BULLISH Rise through 0.9779 has turned the model bullish; clearance of 0.9885 would expose 0.9913. Support lies at 0.9603.

EURCHF BEARISH Initial support lies at 1.0500, a push below would expose 1.0319. Resistance is at 1.1205.

EURGBP BEARISH Break below 0.8611, a key low, would extend losses towards 0.8590. Near-term resistance is at 0.8750.

EURJPY BEARISH The cross witnessed strong gains yesterday, but later pulled back to close near the open. Our focus now is on 110.30 where a break would expose 108.71. Resistance is at 114.18.


A. White
Analyst at Fibosignals.com

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