| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Wed, 3 May 2006 13:10:01
Resistance levels: 1.2660/1.2690/1.2730
Support levels: 1.2590/1.2550/1.2515
EUR/USD has reached 1.2668 high again earlier today( just 2 pip away from our first target) .The rally towards 1.2730 has been caught by eased Unemployment data from EU. The bias in short term has turned to neutral. Until price is above 1.2600-1.2590 crucial Support region there are chances of a rise later today towards 1.2688. On the other side, fall towards 1.2555-50 also is not ruled out after Bernanke Speech at 15:30 GMT. Eventual retrace may take price lower to 1.2460 down swing level in the next days. In longer, however, the sentiment remains positive and we may target 1.2890 for the upcoming weeks. We will stay Long,trailing our Stop-loss order up to 1.2585 in order to avoid losses.
Holding EUR/USD Long at 1.2585,Stop-loss-1.2585(up from 1.2545),Take profit-1.2670(1.2720))
FXDREAM GBP/USD
Date: Wed, 3 May 2006 13:10:01
Resistance levels: 1.8480/1.8590/1.8660
Support levels: 1.8360/1.8315/1.8210
GBP/USD has reached 1.8478 new max high earlier today and bounced back towards 1.8360-50 strong Support region after EU Data Release. Until price is below 1.8435 first immediate Resistance,there is probability of deeper correction towards 1.8310 today after US Data and Bernanke Comments. In medium term we may see dip towards 1.8210 key Support till the end of the week,before the next upwave towards 1.8590 and higher.
Strategy-neutral.
FXDREAM USD/JPY
Date: Wed, 3 May 2006 13:10:01
Resistance levels: 113.90/114.80/115.45
Support levels: 112.90/112.30/111.60
USD/JPY has found strong Support in the 113.00-112.90 region earlier today and has risen towards 113.90. Rise above 113.60 will be technical sign for formed bottom and retrace towards 114.50-80 may be seen in the next couples of days. On downside, breakout below 112.90 is required as a signal for further dip towards 112.33 lows and even test of 112.00.In longer term, the sentiment remains negative and 109 target may be set for the upcoming weeks.
Buy USD/JPY at 113.65, Stop-loss-113.25, Take profit-114.40(114.80)
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