European forex blog » june 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 2nd of June http://topfxsignals.com/2009/06/review-on-2nd-of-june/ http://topfxsignals.com/2009/06/review-on-2nd-of-june/#comments Tue, 02 Jun 2009 09:12:05 +0000 trader http://topfxsignals.com/?p=298 NEWS:  AUD 12:30 AM est Cash Rate / RBA Rate Statement
9:30 PM est GDP
EUR 5:00 AM est Unemployment Rate
USD 10:00 AM est Pending Home Sales
(all day)  Total Vehicle Sales
EUR/USD rallied to make new monthly and yearly highs above the previous resistance as a
weak USD drove many of the major pairs on Monday.  Price is testing a previous swing
point from late 2008 in the 1.4250-1.4300 level and may need some consolidation before
this level is penetrated.  IF price does rally on Tuesday, 1.4286 is a fib target and weekly
pivot, then 1.4400-1.4420 is approx. the next possible resistance cluster.  IF price reverses
and sells off, the next possible support are the fibs from last week’s low to this week’s high
at 1.4073, 1.4020 and 1.3967.
GBP/USD also had a big rally as price broke through previously strong resistance to also
make new yearly highs and is testing the resistance from a previous swing point from late
October of last year.  The next possible resistance is 1.6616 and 1.6689 as fib targets
from the day’s high/low range.  IF price sells back off to test the previous resistance now
as support, watch 1.6303 and 1.6220 for potential support zones.
USD/JPY trended up for the entire day as price moved 185% of its normal ATR (Average
True Range) and is testing the 20 and 200 day MA’s for possible resistance.  IF price
continues to rally, 97.24 is last week’s high which may provide solid resistance the first
time tested unless the FXMM and FXPI are at their extremes.  The next possible resistance
is 97.71 (fib target and weekly pivot.)  IF price sells off, the fib retracement levels for
Monday’s huge up move that may be support are currently 95.91, 95.63 and 95.35.
USD/CHF also sold off to make new monthly lows and is approaching the yearly lows,
then rallied back into the days range.  Price is well below the 20/50 and 200 day MA’s
and has sold off for most of the month but could be ready for a correction sometime
during the early part of the week as price is testing the previous yearly lows.  IF price does
sell off to test these levels, watch for possible support at 1.0600 and 1.0560.  These are
fib targets that are currently located in the previous swing low area then I was speaking of.
IF price reverses and rallies, the current fib retracements from last week’s high to Monday’s
current low are 1.0746, 1.0786 and 1.0826 that may provide resistance.
USD/CAD sold off to make new yearly lows as well and found support at the 1.0800 level
as price then rallied back up above Sunday’s high.  Price is still extrememly weak but is
not near any other major swing low levels which may indicate that price will continue to
make new yearly lows at some point during the week.  IF so, 1.0800 as Monday’s low
may be support and 1.0729 is the beginning of the next fib target cluster.  IF price rallies,
the fib retracement cluster levels that may be resistance if tested are currently 1.1000,
1.1070 and 1.1137.
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