European forex blog » 6 http://topfxsignals.com Daily currency review, examples of trades. Lern how to trade on my blog. Mon, 11 Jan 2010 07:06:52 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 Review on 6th of May http://topfxsignals.com/2009/05/review-on-6th-of-may/ http://topfxsignals.com/2009/05/review-on-6th-of-may/#comments Wed, 06 May 2009 05:32:20 +0000 trader http://topfxsignals.com/?p=274 NEWS:  GBP 4:00 AM est Halifax HPI
                     4:30 AM est Services PMI
             EUR 5:00 AM est Retail Sales
             USD 8:15 AM est ADP Non-Farm Employment
             CAD 8:30 AM est Building Permits
                     10:00 AM est Ivey PMI
                     4:00 PM est BOC Gov Carney Speaks
             CHF 12:15 PM est SNB Chairman Roth Speaks 
 
 
EUR/USD rallied to double top at the weekly highs then sold off to find support and bounce from the 38/50 and 62% weekly retracements.  Price did break through a major trendline to the long side but may sell off again on Wednesday and retest this area for support.  IF price
does sell off, watch for possible support at the next major fib retracements of  1.3256 and 1.3200 zone which are identified by the 1st two buy zones for tomorrow.  IF price finds support and rallies, the current weekly high of 1.3430 may again provide resistance, as well as the next fib target cluster well above price at 1.3528 which is also near the 200 day MA!
 
GBP/USD rallied to make new 10 day highs again to extend the long term rally which began in late April.  IF price continues to rally the next possible resistance begins in the 1.5200 area then at the next weekly fib targets of 1.5292 and 1.5370.  Price is faily overextended and may need a retracement before extending the rally.  IF price does retrace and sell off, the current fib levels for potential support are 1.4934 and (1.4879-1.4869.)
 
USD/JPY double bottomed at Monday’s low and the 20 day MA for support as the ultimate low of the day, then rallied back into the day’s trading range to consolidate for the rest of the day.  Price is currently above the 20/50 and 200 day MA’s which are currently all within a 40 pip range of each other just below price.  IF price sells off, watch the major fib levels for a potential bounce at 98.07, 97.60 and 97.14.  IF price does breakout to the long side and rallies, the next possible resistance is the current weekly high and last week’s high of 99.59 for light resistance and 100.00 as stronger potential resistance (although be cautious taking countertrend trades if price violently breaksout long from the current weekly highs.)
 
USD/CHF had a lower volatility day while failing to make a lower daily low or higher high then Monday’s price action.  The price is currently in between the 200 day MA and the strong support from April’s low.  IF price rallies up, the fib retracements from the sell off at 1.1435 (first sell zone, also strong previous support) and the next retracement of 1.1500 may also be potential resistance.  IF price sells off, 1.1183 and 1.1142 are the next fib target clusters for potential support. 
 
USD/CAD made a new 10 day and weekly low as price dropped slightly below Monday’s low then rallied back into the range on low volatility. Price may need to retrace to the previous support and test this level for resistance, so watch for the key retracement clusters at 1.1860 and 1.1900.*  IF price does resume the sell off after all of the momentum it has gained, the next potential support is 1.1617 and light support at the fib target of 1.1561.
 
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