EURUSD 09 May 2012

Hello

Yesterday decline to 1.2980 continued by overnight slide to 1.2964 seem to be corrective dictate another leg of bounce above 1.3030 probably to 1.3050/60 previous high where we should see good level of sellers to play the game. Entering short above 1.3040 is recommended with stops above 1.3100 and profits targeting first below 1.2950 and then 1.2900. Selling the pair in low levels is not suggested especially around daily supports (1.2950/80 range ) because risk for likely triangle in daily charts persists as long as price is above support levels.

Thanks and Good luck

Reza

2 members like this

Comment by papaklem on May 9, 2012 at 11:25am: Thanks a million.

Comment by abdul waheed on May 9, 2012 at 1:30pm: waht about gold & au/usd

Comment by Reza Ajorloei on May 9, 2012 at 7:16pm: Dear Abdul,

Audusd is in downtrend but seems temporarily 1.000 kept as support, focus shifts to range move below 1.0200 in near term. 1.0380 is strong resistance in daily approach.

Gold also is in downtrend that most probably target is around 1540/50 in daily view but due to oversold condition it may keep range move below 1620 before next leg down.

Good Luck