Technical Analysis 4/05/2010 of FXCBS

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Tuesday May 4 , 2010

Previous session overview

The euro dollar pair is consolidating in a narrow range in the Asian session between the 1.32200 levels and 1.31718 levels recording a high of 1.32135 and a low of 1.31718.

Regarding the pound dollar pair, it rose slightly in the Asian session recording a high of 1.52647 and a low of 1.52124, having the royal currency trading around 1.52205.

Finally, the dollar continued to gain against the Japanese yen recording a high of 94.982 and a low of 94.525, while the pair is currently trading around 94.873.

Market Expectations


EUR/USD :The pair Euro against U.S. dollar fluctuated around the support level at 1.31900 since yesterday determined indicators show positive signs, which lead us to expect a bullish trend today for the pair to the level of 1.33500 then to the level of 1.3395; these expectations require stability of trading above the level of 1.31520.





GBP/USD
:Mixed trading for the pair sterling against the U.S. dollar, and mixed determined indicators, therefore we advise to monitor trading today and watch any breach to the support level at 1.52250 or any breach to resistance level at 1.52650 to determine the direction today.




USD/JPY
:The pair U.S. dollar against the Japanese Yen breakthrough the resistance level 94.850. Determined indicators show negative signs which may cause some volatility and downward correction before continuing a trip aimed at boarding 95.450.




Senior Analyst / Ali Hasan /FXCBS

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