Forex Daily Analysis - Wednesday, May 28th

Technical Market View - By FX Greece
AUD consolidates after breaking the important resistance level of 0,9500. In order for the trend to continue, resis-tance at 0.9650 should be broken upwards. First support is found at 0,9540-50 area, followed by the area of 0,9480-00. A move below those levels will indicate the upward trend reversal... >>

Daily Forex Outlook: GBP/USD - By Karoll Financial House
The chart shows my working count for cable. I think that there is a good chance today's rise to be the beginning of wave 3 up for a move above 2.04. With an eye on this idea I exited the previous short position earlier today and turned long. A rise above 1.9848 will be a confirmation for my idea. A key support is today's low 1.9702 >>

Dollar Advances but There is No Evidence of a Major Turn - By DailyFX
The US dollar has advanced across the board but there is no evidence that the greenback is at the forefront of a larger bullish move. Support in the EURUSD is in the 1.5570/1.56 zone. Expectations are now for a spike through 105.70 in the USDJPY to complete a triple combination correction from 95.72. >>

Elliott Wave and Fibonacci Predictions: EUR/GBP - By Capital Forex Group
Hey traders, finally I must say... EUR/GBP went in our direction... I entered short at 0,7960 with stops above wave (II) high. I closed the half of the position at 0,7935 and trailed my stops above blue wave ii... As you can see, price break the low of wave (I) and also the trend line support, so now this support should react like resistance, so this means new low in the near future... well, only if resistance holds. My next target is 0,7898, cause here is wave iii equal to wave i, because wave iii mustn't be shorter of wave i. However my likely target is far away, around 0,7820. Extreme target must say. I am also watching GBP/JPY, where GBP broke the 206,54 high, so this could push GBP much higher and EUR/GBP much lower... >>

FX Thoughts for the Day - By Kshitij Consultancy Services
The Pound is looking particularly vulnerable to a fall, initially towards 1.9650, the projected Max Low for the Day. But, that Support is also liable to break, leading to a possible fall towards 1.9565. A rise past 1.9850 is now needed to negate the chances of a fall. >>

Technical Analysis Daily: USD/JPY - By iFOREX.bg
The US Dollar climbed against the Japanese Yen today from 103.90 to 104.77. But the trading of the currency couple still remains within a range but it is now close to the upper consolidation point 104.77, which is also the first resistance today. First support for today is expected at today's bottom 103.90. Next support further down is expected at the lower limit of the consolidation at 103.15, the break of which would open potential drop towards 102.50. In upward direction next resistance is given at the 105.40 level, followed by 106.00. >>

Forex Analysis & Today's Strategy - By Finexo Ltd.
The USD managed to punch a bit stronger in places yesterday, most notably against EUR and CHF, though action remains fairly muted across the board. The obvious trigger for the USD move was a 4-dollar drop in the price of crude oil, the largest fall in the price since March. Gold also went into a freefall yesterday, registering an 18-dollar drop. CAD, NOK and AUD were far more resilient than one might have anticipated in such circumstances, as presumably the growth-positive aspects of the energy sell-off were weighed as heavily as the negative implications for these currencies' current accounts. It appears we would need both demand-related commodity weakness and an equity sell-off to give these currencies a one-two punch. >>

Currency Technical Report - By FX Greece
TRADING EUR/USD : Our scenario remains the same as in our last analysis. We keep our posi-tions small and buy positions could be tested at 1.5670-80 retracements only if we intend to buy again in the area of 1.5630-40, with stops below 1.5600. If 1.5800-20 is reached, sell positions will be attempted with stops above 1.5835. A clear break of 1.5820 will be followed with buy positions until the area of 1.5900, levels where bears should appear... >>

Daily FX Report - By Varengold Bank
Yesterday was an exiting day for the commodity trader because metals and energies made a hart landing after the release of the US consumer prices and the Home sales. But also currencies had a choppy trading yesterday in comparison to the holiday trading on Monday. >>

Technical Analysis Daily: GBP/USD - By iFOREX.bg
The short term picture for the British Pound remains neutral as the 1.9850 level brought the currency couple back to 1.9720, which are the first resistance and support levels respectively for today. If the positive sentiment continues, next resistance is expected at 1.9930, followed by 2.0000. In downward direction next support today is expected at 1.9620, followed by 1.9540. >>

Forex Technical Analysis - By DeltaStock Inc.
The pair has built a local bottom at 1.5283 and has advanced well beyond 1.5571. Technical indicators are rising and divergent. The 50- day SMA is currently projected at 1.5631.
We think that the consolidation pattern from 1.5814 is already completed with yesterday's 1.5664 and the road to 1.5961 is clear. Intraday minor resistance can be found below 1.5818, but the overall bias is positive and we expect the pair to challenge 1.5889 and eventually 1.5961.
Today's strategy: Buy at 1.5742-48 with a stop below 1.5708 and target at 1.5811. Buy again on a break above 1.5818. >>

Forex Technical Analytics - By FOREX Ltd
GBP - The assumed test of the key support range has been confirmed but the relative rise of bearish activity and weakness of consequent bullish counteraction did not dispose to realization of the pre-planned buyers' positions. At present taking into account the preservation of some advantage from sales, we assume a possibility of insignificant rate correction to the range of 1.9770/90, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term sales on condition of formation of topping signals the targets will be 1.9710/30, 1.9640/60 and/or further breakout variant up to 1.9580/1.9600, 1.9520/40. An alternative for buyers will be above 1.9860 with the targets 1.9900/20, 1.9960/80, 2.0000/20. >>

Technical Analysis for Crosses - By Crown Forex
GBP/JPY - The Pound managed yesterday to rise against the Yen to continue the upside wave that have been initiated over the short term, yet the pair couldn't breach the 206.26 resistance level, today the same level will stand in the pair's way to acquire the set target at 206.80, while the 204.04 still offers strong demand for the pair and represents the pivot point for the upside wave. >>

Technical Analysis for Major Currencies - By Crown Forex
EURO - The European currency declined yesterday to a key support level at 1.5660 in a slight retracement to update the overbought status for the currency, yet the pair is still in an ascending channel that is leading it higher and higher with a first target at 1.5950, where this channel will be breached below 1.5990. >>

FX Technical Analysis - By Mizuho Corporate Bank
Comment: Almost a 'bearish engulfing' candle yesterday adds weight to our view that we are forming an interim top against the 75% retracement level. Late today expect a test of the 9 and 26-day moving averages at 1.5642 and 1.5627.
Strategy: Sell at 1.5715, adding to 1.5800; stop above 1.5825. Short term target 1.5600, probably 1.5400. >>

Forex Technical Update - By Rcpl Forex
Euro: Euro remained under pressure as it dipped to a low of 1.5682 from the highs of 1.5818 yesterday. Although the daily charts are extremely overbought, the 4-hourly is moving towards the oversold region. On the downside 1.5638 is an important support (21 Daily EMA & 100 4-hourly EMA). Initiate longs around these levels targeting 60 pips.(Eur/Usd-1.5705). >>

Daily Technical Strategist - By FXTechstrategy
Having hesitated and digested its run off the 1.5283 low (May 09'08), EUR weakened on Tuesday trading to as low as 1.5672. While additional downside losses can not be ruled out judging by its overbought condition which is yet to properly unwind, such weakness is expected to target and probably hold above the 1.5593 level, its May 06'08 high where a breakdown if seen could see the pair head further lower towards the 1.5360/41 area, its May 02'08/Mar 24'08 lows/.382 Ret (1.4438- 1.6018 rally) and then its May 08'08 low at 1.5283.Conversely,recovering from its Tuesday losses should open up upside risk towards its May 22'08 high at 1.5813 initially followed by the 1.5895/I 5912 area, its Mar 31'08 high/April 10'08 high ahead of its YTD high at 1.6018.Overall,medium and longer term trend remain to the upside implying that any nearer to shorter term weakness is seen as corrective. >>

Technical Analysis Daily: EUR/USD - By iFOREX.bg
The Euro descended significantly against the US Dollar yesterday because of the oil prices rise, from 1.5816 to 1.5667, which are the first resistance and support levels respectively for the currency couple today. If the negative trend continues, next support is expected at 1.5600, followed by 1.5530. In upward direction next resistance for today is expected at 1.5890, the break of which would lead to next target 1.6000. >>

Pro FX Commentary: EURUSD - By Global Forex Trading
This morning's move down to 1.5663 appears to complete a minor Wave v from the 1.5817 high in Wave Fc of a flat correction from 1.5812. If so then this should be the end of Wave x and thus we should now see a final ABC move higher to complete a triple three. The first Wave a should reach back to the 1.5817 area followed by a correction in Wave b and followed by Wave c to the 76.4% retracement in Wave (b) at 1.5845 at least. This will be approximate. >>

Daily Technical Analysis - By FX Instructor
Yesterday the Greenback recovered against Euro. EURUSD slumped, bottomed at 1.5671 and closed at 1.5678. The pair had a sharp decline after touch 1.5818, which seen as a double top formation with 22/05/2008 high at 1.5813. My model is mixed with downside bias. Immediate support seen at 1.5660. Initial resistance at 1.5750. CCI in neutral area on daily chart. >>

Forex and Dow Jones Recommended Levels - By FXtechtrade
EURUSD - Today's support: - 1.5644 and 1.5615 (main), where correction is possible. Break would give 1.5592, where correction also may be. Then follows 1.5565. Break of the latter would result in 1.5542. If a strong impulse, we would see 1.5526. Continuation will give 1.5512 and 1.5488. >>

FX Technical Commentary - By Easy Forex
Euro 1.5685 : Initial support at 1.5631 (May 21 low) followed by 1.5504 (May 20 low). Initial resistance is now located at 1.5814 (May 22 high) followed by 1.5846 (76.4% retracement 1.5284-1.5814)
Pound 1.9755 :
Initial support at 1.9684 (May 22 low) followed by 1.9614 (May 21 low). Initial resistance is now at 1.987 (76.4% retracement of 2.00027-1.9363) followed by 1.9881 (50% retracement 2.0398-1.9393). >>