EUR/USD Bias is still bearish in the short term is still testing the 1.2895 area – 1.2800. Nearby
there are around resistant area 1.2985 – 1.3030, break up the area can
bring prices toward the neutral zone test area 1.3065-1.3095 however
bullish correction today is still normal and overall we still prefer the
bearish scenario in this phase.
GBP/USD
Bias is neutral in the short term, the price remains in a bearish
correction phase but keep in mind that the main bullish scenario is
still valid and 1.6070 – 1.6000 appears to be a good place to take a
position on the buy with tight stop loss below the 1.6000. Nearby
there are resistant around 1.6210 area, break up the area consistently
can trigger a bullish pressure continued tested 1.6245 area.
USD/JPY
as shown in graph 1 hour, while volatility remained low but the price
broke through the upward trendline on the graph resistant 1 hour
indicates potential technical rebound at least test the area, before
heading to area 80.10 80.60. For movements down,
break and level the daily closure under 79.60 can become a threat to the
bullish reversal scenario to re-test support at key areas 79.15.
XAU/gold neutral technical Outlook LOCO for this day after prices remained around the area of 1595. It takes a break to the top area of 1600 to trigger a bullish correction continued tested area of 1616. While break down area 1580 can continue is bearish outlook at least test area of 1562.
INDEX
bearish Bias towards areas HANGSENG 19600 today, but the stochastic on
the daily chart is at oversold conditions indicating bullish correction.
Break up into the area of resistant 20000 will trigger a bullish correction toward 20160 area.
The NIKKEI INDEX daily chart on MACD indicates bias still bearish toward the area prior to the testing area 8910 8830. Just break up 9160 that can trigger a bullish correction back to area 9275.
Posted in: Technical Analysis Trading Online 11 May 2012