Forex Daily Analysis - Friday, May 30th

Daily Forex Outlook: USD/JPY - By Karoll Financial House
I think that the last week's movement was a bullish triangle in the position of wave B and the current rise is wave C. The reached high 105.86 already fulfilled the minimum requirement for the length of wave C but I am still not sure that there will be no more highs because of the corrective retreat from 105.86. A possible resistance level is 107.00 while the support level is 104.10. I prefer to be currently neutral but I will look for an entry level for a short position next week. >>

FX Thoughts for the Day - By Kshitij Consultancy Services
Decent Support at 1.9695 on the 4-hour chart. While this holds, the Pound could move back up towards 1.9869, the projected Max High on the Daily Chart. A fall below 1.9695 can test 1.9670, possibly 1.9645. >>

Elliott Wave and Fibonacci Predictions: EUR/GBP - By Capital Forex Group
Hey, I am back, I have a 4h chart for EUR/USD, and to be honest, I am a little worried about this short trade on EUR/GBP, so I will not jump in with 1 but only with 1/3 of the position... Ok, the next possible move on EUR/USD is 1,5600, so I will definitely look for short trades in this zone... we are waiting on wave II of big blue C, somewhere between 38,2% and 50% of wave I... >>

British Pound Holding Critical Support - By DailyFX
From a technical point of view, the focus is on the GBPUSD this morning. The pair has held above yesterday's low at 1.9673 and mabe forming a triple bottoms of sorts that will lead to a break above 1.9850. >>

Daily Technical Strategist - By FXTechstrategy
EUR could be heading for a fourth day of consecutive downside losses having weakened and closed lower Thursday extending its decline off the 1.5817 high(May 27'08 high).While the pair was seen testing the 1.5460 low and trading below the 1.5510 level, its April 03'08 low in early morning today, >>

Technical Analysis Daily: USD/JPY - By iFOREX.bg
Although the positive trend for the US Dollar against the Japanese Yen has renewed, the test of the 105.80 resistance level puts the currency couple in neutral position within the consolidation channel. Next resistance upwards is given at the 106.70 level, followed by 107.70. First support for today is expected at yesterday's bottom 105.55. Next support further down is expected at the lower limit of the consolidation at 103.60, the break of which would open potential drop towards 102.90. >>

Currency Technical Report - By FX Greece
TRADING EUR/USD : Our strategy yesterday proved correct, as the lower targets we had set were reached. Today we remain bearish, trying sell positions at any retracement towards 1.5550-60 area with close stops and first target the previous lows, followed by the area of 1.5440. >>

Elliott Wave and Fibonacci Predictions: EUR/GBP - By Capital Forex Group
Hey money makers, I am very early today to inform you about my next trade on EUR/GBP. Looks like we have a flat correction in wave (iv), especially cause we have a 3 wave move in wave a and new lows with wave b, so now I am expecting five wave move up to make this flat complete…My short orders will be from 0,7878 – 0,7890 with only half of the positions, with stops above black wave iv…after 15 pips move will trail my stops to entry zone with next target at current lows. If you have any thoughts to trade this one, then I also suggest to turn on CNBC channel, cause as you know we have a lot of news today, which could turn market against us…I will also paid attention on 30 minute stochastic before jump short... >>

Technical Analysis Daily: GBP/USD - By iFOREX.bg
The short term picture for the Sterling remains neutral after the continuation of the narrow range consolidation. The British Pound descended significantly against the US Dollar yesterday from 1.9822 to 1.9686, which are the first resistance and support levels respectively for the currency couple today. We need to see break of either levels to see where the trend will be heading next. If the negative sentiment continues, next support is expected at 1.9620, followed by 2.9540. In upward direction next resistance level today is expected at 1.9930, followed by 2.0000. >>

Daily Forex Analysis - By FOREXYARD
Yesterday the Greenback was in a rally against its rival currencies after the release of Prelim GDP q/q data and the hawkish comments by members of the Federal Reserve regarding a possible increase in the interest rate this year. The greenback's rally was also supported by weakness in oil prices. Around 15:54 GMT, the USD was traded as low as 1.5484 at the New York Market from its 1.5586 open rate, reaching its highest value since May 20. The GBPUSD also fell from 1.9803 to 1.9724 with its lowest value at 1.9672 after the announcement of the UK House Prices, whom fell 2.5%, the biggest fall since 1991 in the UK house price survey. >>

Forex Technical Analysis - By DeltaStock Inc.
Downtrending nicely from 1.5761, having corrected the previous slide with the rebound to 1.5541, the pair is still out of the oversold zone and has the potencial to target the 1.5418 support before entering larger corrective phase. Intrady's resistance comes at 1.5496, followed by the crucial 1.5541. We expect to see further drowning to 1.5418 and reverse to follow for a rebound to 1.5591. >>

Forex Depth Analysis: EUR/USD - By Finotec Group
The dollar rallied broadly on Thursday as a report showed the U.S. economy grew in the first quarter at a faster pace than previously estimated and as hawkish Federal Reserve comments boosted expectations for an interest rate increase later this year. >>

Daily FX Report - By Varengold Bank
Good morning from wonderful Hamburg. It is Friday and all traders are looking for the weekend. The time is running fast and with the next month the first half of 2008 is over. In Hamburg should be nice weather at the weekend so we have good conditions to have a fine barbecue. We wish all readers of the Varengoldbank's Daily FX Report a nice weekend. >>

Technical Analysis for Crosses - By Crown Forex
The Pound continued to gain against the Yen after the pair managed to breach the critical resistance at 207.63 which provided the pair with strong momentum to reach the 208.99 which pushed the pair back, the pair now needs to consolidate for a while in order to gather more upside momentum that can lead the pair to breach the 208.99 and head towards the 211 target, while the 207.63 should provide the pair with strong demand but if that level was breached stronger demand is seen around the 206.49 >>

FX Technical Analysis - By Mizuho Corporate Bank
Comment: Dropping through a fat Ichimoku 'cloud' and on its way to our next target at 1.5400. Prices should try and hold above 61% retracement support at 1.5485 this morning but note that momentum is about to turn bearish so if not today then early next week expect a break below here. >>

Forex Technical Analytics - By FOREX Ltd
The assumed test of the key supports has been confirmed but the relative rise of bearish activity revealed by OsMA indicator did not dispose to immediate realization of the pre-planned buyers' positions. OsMA trend indicator having marked the existent minimal advantage of bearish party gives grounds to choose corresponding planning priorities for today but taking into account general technical picture of considerably low parties' activity we are still presuming a possibility of range movement of the rate for today. >>

EURUSD, AUDUSD, EURCHF Daily Outlook - By E-Forex
The greenback recovery continued on yesterday, recovereing its recent losses. Fibonacci support at 1.5490 managed to halt the Euro decline for now but it feels heavy and the support may break easily. Bearish momentum on short term studies is supportive for more downside action if 1.5490 breaks. Below 1.5490 next important support comes at 1.5360. On the upside, near term resistance emerges at 1.5455 then 1.5610. Current quote is 1.5502 @06:18 GMT >>

Technical Analysis for Major Currencies - By Crown Forex
The European currency has reached to a 61.8% the last level of retracement on Fibonacci, plus reaching to a major weekly and daily trend lines, while the currency started to be a bet over sold and started to give signs for a reversal and new targets for the upside wave, the first will be at 1.5618 then at 1.5720 over the short term. >>

Forex Technical Update - By Rcpl Forex
Euro breached the 1.5500 for the first time in 3 weeks as it tested the bids of 1.5485 on the back of increasing unemployment and deteriorating Eurozone consumer confidence. However later regained its losses and closed at 1.5511, the daily and 4-hrly stochastic are in the oversold region showing some buying pressure but upmove will be well contained at 1.5626 (100 & 21 4-hrly EMA & 38.2 % retracement ).(Eur/Usd-1.5537). >>

Technical Analysis Daily: EUR/USD - By iFOREX.bg
The Euro descended significantly against the US Dollar yesterday again, from 1.5662 to 1.5488, which are the first resistance and support levels respectively for the currency couple today. If the negative trend continues, next support is expected at 1.5430, followed by 1.5350. In upward direction next resistance for today is expected at 1.5750, the break of which would lead to next target 1.5815. >>

Pro FX Commentary: USDCAD - By Global Forex Trading
We are closer to breaking the last minor swing high at 0.9951 and yesterday's dip to 0.9867 looks as if it was a Wave b correction. Thus a break above 0.9951-54 would suggest a 161.8% projection in Wave c to the 1.0069 level. Take care as this could cause a pullback. However, overall it could mean that we have seen the major low at 0.9817. >>

Daily Technical Analysis - By FX Instructor
Yesterday, EURUSD short term bearish momentum continued. The pair reached my short target at 1.5550, even further, bottomed at 1.5485 and closed at 1.5510. My model remains short, targeting 1.5410. CCI already in oversold area on 4h chart, so a minor upside pullback might happen today. Immediate resistance is seen at 1.5550. >>

FX Technical Commentary - By Easy Forex
Euro 1.5515 - Initial support at 1.5486 (May 29 low) followed by 1.5410 (May 6 resistance). Initial resistance is now located 1.5664 (May 29 High) at followed by 1.5761 (May 28 high).
Yen 105.55 - Initial support is located at 104.61 (May 29 low) followed by 103.89 (May 28 low). Initial resistance is now at 105.88 (May 29 high) followed by 106.65 (Feb 28 high). >>

Forex and Dow Jones Recommended Levels - By FXtechtrade
Today's support: - 1.5465 and 1.5432(main), where correction is possible. Break would give 1.5413, where correction also may be. Then follows 1.5389. Break of the latter would result in 1.5364. If a strong impulse, we would see 1.5322. Continuation will give 1.5305 and 1.5284. >>