Technical Analysis 5/05/2010 of FXCBS

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Wednesday May 5 , 2010

Previous session overview

The euro dollar pair declined in today's Asian session to record a low of 1.29362 and a high of 1.29919, having the union currency trading around 1.29662.

Regarding the pound dollar pair, it fell slightly recording a low of 1.51067 and a high of 1.51542, having the royal currency trading around 1.51380.

Finally, the dollar yen pair is trading between a high of 94.908 and a low of 94.532, while the pair is currently trading around 94.792.

Market Expectations

EUR/USD
:The pair Euro against U.S. dollar fell down and approached the levels of 1.29000, determined indicators may lead the pair to make a simple corrective movement breakthrough the resistance point at 1.30950 will cancel the down movement and lead the pair to raise again





GBP/USD :Today, we expect a decline for the pair sterling against the U.S. dollar to the support level at 1.50750 and then to the target of 1.50000, stability of trading below the level of 1.51650 is necessary to achieve these expectations.





USD/JPY :Momentum indicators are causing negative pressure on the pair as price is traded below the support level of 94.800. Signs of a bearish pattern are shown above with neckline at 94.450 we advice to monitor the price today before enter it.



Senior Analyst / Ali Hasan /FXCBS

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