The pair has built a local bottom at 1.5283 and has advanced well beyond 1.5571. Technical indicators are reversed and divergent. The 50- day SMA is currently projected at 1.5631.
After last week's peak at 1.5814the pair reversed , beginning a downtrend, that has already tested the 1.5683 support. That support is intact for now and could be tested once again. The overall bias is still positive and on the higher frames the uptrend is still on the run, targeting 1.5961.
Expect calm trading with a lack of significant moves, because of the Holidays in UK and USA. Today's strategy: Stand aside.
resistance
support
intraday
intraweek
1.5814
1.5961
1.5961
1.60-sentiment
intraday
intraweek
1.5683
1.5395
1.5629
1.5283
USD/JPY
Daily Analysis
26 May2008 Current level - 103.30 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.
As expected the pair rebounded from 102.68 support zone, reaching high at 104.38. We think, that this sharp rise from 102.73 is probably tha last wave begfore breaking below 102.68. Today' strategy:Stand aside.
resistance
support
intraday
intraweek
105.68
106.31
105.93
108.31
intraday
intraweek
102.68
100.82
101.92
95.75
GBP/USD
Daily Analysis
26 May2008 Current level- 1.9821
The downtrend from the 2.0397 local top is still intact and has reached a low at 1.9374. Technical indicators are reversed on the 4 h. chart and the trading is situated below the 50- and 200-day SMA, currently projected at 1.9819 and 2.0044.
As expected, the pair has accelerated its upward movement and reached local top at 1.9850. We think , that only a corrective rebound is unfolding from 1.9850 and it will remain limited above 1.9737 before the next leg upwards to 1.9963. Today's strategy : Stand aside.
resistance
support
intraday
intraweek
1.9810
1.9961
1.9850
2.0192
intraday
intraweek
1.9625
1.9338
1.9338
1.9196
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