The pair has built a local bottom at 1.5283 and has advanced well to 1.5571. Technical indicators are reversing and divergent. The 50- day SMA is currently projected at 1.5631.
The corrective construction from 1.5361 has resulted in renewing the downtrend, reaching low at 1.5283. Unfortunately there is no a reliable support all the way down to 1.50 , so the expected reversal will be confirmed only above 1.5601 resistance. Yesterday the pair managed to break through the crucial 1.5437, reaching high at 1.5571. From the recent peak, a consolidation is unfolding downwards, that should be limited above 1.5467 before breaking above 1.5571, towards 1.5712. Short-term traders should have in mind, that untill 1.5601 resistance is intact, the downtrend from 1.6020 is to be considered unvioleted. Today's strategy : Stand aside.
resistance
support
intraday
intraweek
1.5571
1.5807
1.5712
1.60-sentiment
intraday
intraweek
1.5467
1.50
1.5283
1.4467
USD/JPY
Daily Analysis
13 May2008 Current level - 103.71 The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are rising slowly and the upmove is dynamically supported at 102.36. The inner structure of the rise is by all means a corrective one, so from a larger point of view the overall downtrend from 124.14 is not over yet.
We still expect a downtrend to emerge, for a break below the 99.86 dynamic support, en route to 95.75. Nevertheless the uptrend on the lower time-frames is still intact, so only below 100.82 will be confirmed, that the outlook is totally bearish for 95.75. Nice sell-off from last week's high at 105.59 and it has broken below the rising dynamic support, projected at 104.03, so there is a reason to believe, that probably the whole corrective structure since 95.75 is already over. Our intraday target at 102.68 was fulfilled with 102.63, so now a consolidation is unfolding, aiming at 104.12 and 104.45, with the purpose to correct the sell-off from 105.59. Stay on the long side with targets above 104.12 and a risk-limit at 103.47. More broadly speaking, we will be ready to sell 104.26 if seen, with a stop at 104.49 and targets below 103.36.
resistance
support
intraday
intraweek
105.36
106.31
105.68
108.31
intraday
intraweek
103.21
100.82
102.68
95.75
GBP/USD
Daily Analysis
13 May2008 Current level- 1.9571
The pair has reversed at 1.9337 and the technical indicators are rising and convergent. Trading is situated between the 50-day MA, projected at 1.9741 and the 200-day SMA, at 1.9925.
With the recent low at 1.9441 the downtrend from 1.9773 was confirmed to be completed, but there is still not enough info about the larger trend from 2.0397. Yesterday's sharp rise tested again the dynamic resistance at 1.9647-56 and failed to break above, so currently a consolidation is unfolding limited above 1.9489. Untill the pair stays below 1.9647-56 the overall bias remains negative and there is a risk of one more attempt downwards, to 1.9412-31. Today's strategy : Stand aside
resistance
support
intraday
intraweek
1.9633
1.9961
1.9963
2.0192
intraday
intraweek
1.9489
1.9338
1.9412
1.9196
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