| DAILY DAILY FX FORECASTS BY FX DREAM |
FXDREAM EUR/USD
Date: Thu, 4 May 2006 13:10:05
Resistance levels: 1.2630/1.26701.2690
Support levels: 1.2550/1.2515/1.2470
EUR/USD has fallen slightly ahead of ECB Meeting and Trichet Press Conference at 15:30 GMT. Unfortunately,our Long position has been stopped at 1.2585 without any profit nor loss. There is strong Support in the 1.2555-50 area. Until price is above this levels, there are still chances of a rally towards 1.2650 and 1.2668 yesterdays highs. Price may be supported by Trichet comments and hopes about June rates hike. First minor Resistance comes at 1.2630. On downside, breakout below 1.2555 may open territory for deeper retrace towards 1.2470-60 in the next couples of days.
Strategy-neutral.
FXDREAM GBP/USD
Date: Thu, 4 May 2006 13:10:05
Resistance levels: 1.8435/1.8480/1.8590
Support levels: 1.8350/1.8315/1.8210
GBP/USD has risen after strong fundamental data from UK earlier today. Further rise towards 1.8475 previous high and 1.8500 is not ruled later today. Price is well supported by 1.8350 key Support. First immediate Resistance comes at 1.8435. On the other side, fall below 1.8350 is required as a sign for pullback towards 1.8210 and lower in the next days, before the next up wave towards 1.8590. There is crucial Support around 1.8315.
Strategy-neutral.
FXDREAM USD/JPY
Date: Thu, 4 May 2006 13:10:05
Resistance levels: 114.20/114.80/115.45
Support levels: 113.60/112.90/112.30
USD/JPY has found difficulties to pass through 114.20 area, as it was suggested. The uptrend in short term remains intact, until price is above 113.70. Later today USD/JPY may squeeze higher towards 114.50-80 region. On downside, reversal back below 113.70 may cause range bound trade between 113.20 and 113.70 today.We will stay Long , trailing stop-loss higher to 113.65.
Holding USD/JPY Long at 113.65,Stop-loss-113.65,Take profit-114.40(114.80)
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