Major Currencies Analysis – Daily 05.25.2010
Posted by adminEUR/USD
Current level – 1.2240
EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are descending, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3458 and 1.4206.
We still favor one more leg upwards to 1.2806 while 1.2140 bottom is intact, as the consolidation above that low has not yet met its time requirements. Our confidence however is low, because the intraday bias is absolutely negative with nearest resistance around 1.2368, followed by the crucial 1.2330.
Profit-taking affects gold curbing silver and platinum
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2268 | 1.2600 | 1.2140 | 1.20+ |
| 1.2330 | 1.3097 | 1.2140 | 1.1640 |
USD/JPY
Current level – 89.72
The pair is in a broad consolidation above 84.78 short-term low. Trading is situated below the 50- and 200-day SMA, currently projected at 92.60 and 91.06.
Still in the prolonged consolidation pattern above 88.93 and only a clear break above 90.83 will switch the bias to positive. Important on the downside is 89.21.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 90.83 | 95.50 | 89.21 | 88.01 |
| 91.90 | 97.79 | 88.95 | 83.45 |
GBP/USD
Current level – 1.4285
The pair is in a downtrend after peaking at 1.7042. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5057 and 1.5851.
While 1.4240 is intact, there is still a chance for one more bounce towards 1.4500 resistance area and even 1.4750. Intraday bias is negative with nearest resistance at 1.4306 and crucial level at 1.4340.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.4340 | 1.5050 | 1.4240 | 1.4135 |
| 1.4500 | 1.5393 | 1.4135 | 1.35+ |
About the Author
DeltaStock Inc. – Online Forex & Securities Broker
RISK DISCLAIMER: These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person’s reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.
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