| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Thu, 18 May 2006 13:10:01
Resistance levels: 1.2800/1.2835/1.2880
Support levels: 1.2690/1.2650/1.2560
EUR/USD has recovered up to 1.2800 in the morning European trade. Technically ,it was corrective wave B and now resuming the downmove towards 1.2690 and 1.2660 key Support is possible later today. We have fundamental news from USA at 12:30 GMT and Bernanke Speech at 13:30 GMT. On the upside, the uptrend is still intact in longer term, so pullback again towards 1.2830-35 strong Resistance also is not ruled out today. We will sell EUR/USD for a test of 1.2660 key Support later today. As soon as price reaches 1.2700, move stop-loss down to 1.2740 entry price.
Sell EUR/USD at 1.2740,Stop-loss-1.2770,Take profit-1.2690(1.2665)
FXDREAM GBP/USD
Date: Thu, 18 May 2006 13:10:01
Resistance levels: 1.8900/1.8950/1.9000
Support levels: 1.8840/1.8780/1.8730
GBP/USD has risen to 1.8900 earlier today,but break above 1.8910 is needed as a sign for retest of 1.9000 highs in the next couples of days. In short term, fall below 1.8840-35 immediate Support will push price lower towards 1.8780 and 1.8735 key Support later today. We may see choppy trade between 1.88 and 1.89 as well. We prefer to stay away.
Strategy-neutral.
FXDREAM USD/JPY
Date: Thu, 18 May 2006 13:10:01
Resistance levels: 111.25/112.20/112.80
Support levels: 110.60/110.00/109.60
USD/JPY has found trend Support around 110.60-50 as suggested and bounced higher towards 111.25 first Resistance. The bias remains bullish in short term and break above 111.25 will indicate further upmove towards 112.20-25 previous gap. In longer term, however, the sentiment remains bearish as soon as price is below 112.20 gap.
Buy USD/JPY at 111.25,Stop-loss-110.90,Take profit-111.95(112.25)
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