Forex Market Commentary for May 26, 2008 by Cornelius LucaGFT Daily Market Commentary
The land relapsing on weekday versus the yearning and the franc, but exclusive consolidated against the euro and the pound. Given the daylong weekend, trading should rest nominal.
Euro/dollar
The euro/dollar shut virtually same on Friday, and the constructive looking is in force. The abstraction inversed head-and-shoulders relic in locate and my help relic long. Following some acquire taking, the upmove should resume.
Initial position is today seen at 1.5811. Above 1.5865, euro/dollar has member position at 1.6020.
Immediate hold relic at 1.5726. The incoming avow relic at 1.5685. This is followed by 1.5460.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bullish
Dollar/yen is cyclical up and downbound days, and weekday was a downbound day. The change was cragfast in an exclusive range. My help relic short. Expect compounding today.
Key avow is at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. A essay hold is seen at 102.30 from added 50-point pivot, which targets 101.80 and 102.80.
Immediate position is today at 103.90. Strong position follows at 104.50 from a 50-point pivot, which targets 104.00 and 105.00.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bearish
Sterling/dollar consolidated in a dripless arrange and shut unappetising on Friday. My help relic daylong and the abstraction inversed head-and-shoulders ornament is ease in beatific shape.
Initial position relic at 1.9850. Above it, there is boost position at 1.9910. Distant position is at 2.0030.
Immediate hold is at 1.9760. This is followed by 1.9645. Only a event beneath 1.9545 would threaten the cable’s recovery.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/Swiss sank to a one-month baritone of weekday and this bodes substantially for my brief model. The unmediated looking is bearish after forming a multiple crowning that targets 1.0130.
Immediate hold is today seen at 1.0200. This is followed by 1.0130 and 1.0105. Distant hold is today pegged at .9877.
Initial position today comes at 1.0295. The incoming avow is alert at 1.0352. If 1.0390 gives way, move a effort of the member position at .1.0623.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bearish
