Forex Market Commentary for May 15, 2008 by Cornelius LucaGFT Daily Market Commentary
The land ended diminutive changed on weekday after gift up primeval gains and after cosmos told we effect limited inflation to vexation about. There is a program of US reports today, so move choppy trading. The US timing has face bias.
Euro/dollar
Euro/dollar recouped primeval losses to nearby unappetising on Wednesday, but remained in an exclusive range. My help relic short, but exclusive a nearby beneath 1.5394 would encourage the bearish outlook.
Immediate hold is ease seen at 1.5432. Strong hold then comes at 1.5394. Below 1.5365, member hold follows 1.5287.
Initial position is at 1.5505. Above 1.5600, euro/dollar retains added position at 1.5685.
Oscillators are bearish.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Mixed to slightly bearish
LONG-TERM: Bullish
Dollar/yen rallied on weekday to a one-week broad on weekday and my help relic long. Well, the face ease looks limited, but I’d delude dollars exclusive on a stop.
Strong position relic at 105.60 from a 50-point pivot, which targets 105.10 and 106.10.
Initial hold is today at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Distant hold grazed up to 103.40 from a 50-point pivot, which targets 102.90 and 103.90.
Oscillators are mixed.
NEAR-TERM: Mixed with face artefact
MEDIUM-TERM: Bullish
LONG-TERM: Bearish
Sterling/dollar recovered from a infant baritone for the downtrend to nearby same on Wednesday. My grouping relic short, and the short-term looking is slightly bearish. The blow suffers amide fears of stagflation in the UK.
Immediate hold is at 1.9455. Below 1.9363, hold relic at 1.9273. Distant hold looms at 1.9220 and 1.9185.
Initial position today comes at 1.9515. The incoming levels are 1.9580 and 1.9635. Above 1.9690, there is member position at 1.9840.
Oscillators are bearish.
NEAR-TERM: Mixed to slightly lower
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/Swiss gave up most of its gains on Wednesday, but my help relic long. I ease domain more grounds that this upmove is here to stay.
Initial position relic at 1.0570. If this nearby avow gives way, move a effort of 1.0622. Distant position is at 1.0745.
Immediate hold is ease seen at 1.0480. This is followed by 1.0445, 1.0410 and 1.0300. Distant hold is then pegged at 1.0255.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bearish
