Technical Analysis 11/05/2010 of FXCBS

11 May 2010

Previous session overview

The euro dollar pair is consolidating between 1.28050 levels and 1.27000 levels recording a high of 1.28030 and a low of 1.27064, while the pair is currently trading around 1.27230.

Regarding the pound dollar pair, it fell slightly recording a low of 1.47765 and a high of 1.48733, having the royal currency trading around 1.48047.

Finally, the dollar yen pair declined in the Asian session recording a low of 92.541 and a high of 93.387, having the pair currently trading around 92.621.

Market Expectations

EUR/USD :The pair Euro against the U.S. dollar covers the gap that had shown previously, More negative pressure is expected despite of the positive signs appearing through determined indicators so we expect a decline for the pair to the level of 1.26180.

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GBP/USD :The level of 1.50300 for the pair sterling against the U.S. dollar shown a strong resistance yesterday leads the pair to decline to the level of 1.47600, we expect today that the pair will retest the resistance level at 1.48650 before continuo its decline to the level of 1.46380.

http://www.fxcbs.com/newsletter/images/GBPUSD.gif


USD/JPY :We expect a bearish intraday trend, supported by the negative signs appearing on momentum indicators; where the expected key target is at 90.650 and requires the daily closing to be below 93.350 to prevail.

http://www.fxcbs.com/newsletter/images/USDJPY.gif

Senior Analyst / Ali Hasan /FXCBS

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