| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Wed, 31 May 2006 13:10:01
Resistance levels: 1.2905/1.2922/1.2970
Support levels: 1.2840/1.28001.2765
EUR/USD has rejected below 1.2905 yesterday high after quiet morning European session. Now price meets first immediate Support at 1.2840. Breakout lower may extend downmove down to 1.2800 later today. On the other side, breakout above 1.2905 is needed as a sign for resumed uptrend towards 1.2970 and 1.3000. We have FOMC minutes from May 10 later today at 18:00 GMT. We still prefer the uptrend towards 1.3000 in longer term. Fall below 1.2840, however, will mean range trade between 1.2900-1.2700 may be seen ahead of Fridays Jobless Numbers.
Buy EUR/USD at 1.2905,Stop-loss-1.2870,Take profit-1.2970(1.3000)
FXDREAM GBP/USD
Date: Wed, 31 May 2006 13:10:01
Resistance levels: 1.8810/1.8885/1.8960
Support levels: 1.8735/1.8700/1.8640
GBP/USD has consolidated down below 1.8850 earlier today. Price is aiming towards 1.8735 (50 % retracement ) and 1.8700 key Support. It is likely to hold and another 5th up wave towards 1.8885 may be seen later today and tomorrow. We prefer to stay away.
Strategy-neutral.
FXDREAM USD/JPY
Date: Wed, 31 May 2006 13:10:01
Resistance levels: 112.70/112.90/113.35
Support levels: 111.60/110.90/110.30
USD/JPY has bounced higher back above 112.00 after 111.53 dip earlier today. Strong Resistance in the 112.70-90 region. It is likely to hold later today and flop down towards 111.60 may be seen. Breakout below 111.60 first important Support is needed as a sign for further downmove towards 110.85. On the upside, rise above 113.00 may be bulish signal for further rally towards 113.80 in longer term.
Sell USD/JPY at 112.85,Stop-loss-113.20,Take profit-112.20(111.60)
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