Friday May 5, 2006 - 07:26:03 GMT
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ACM - www.ac-markets.com
Hawkish ECB comments help the Euro stay bullish
by Marc Spaelti
EURUSD: A possible correction was stopped, the pair rose strongly breaking 1.2665, a NY rally helped it to close the day above 1.27 for a first time. This is bullish, consider the bullish trend intact, trend-line at 1.2670, key support 1.2665, minor 1.2600 and strong at 1.2600. On top minor resistance 1.2715, next 1.2750, maximum upside today is 1.2830.
GBPUSD: Cable has pulled off a bullish reversal, after initially dipping to 1.8340, it rallied to break resistance at 1.85 for the highest close since mayâ€™05. Holding the day to close the week above 1.85 is bullish, the rise should continue for the next target of 1.8850-ish. Key support 1.8500, allow for intra-day dips to 1.8450, initial resistance 1.8550, next 1.8630, a breech at 1.8450 should see the pair close the day near 1.84 and correct to 1.82 next week.
USDJPY: The steep correction was cut short at 114.20 and fell back to 113.40. Presently its holding above a minor rising support at 113.55, more support at 113.40, while above the prospect for a return towards medium-term bearish trend-line above 115 is good, initial resistance 114.10 and stronger at 114.50. A break at 113.40 should see it fall to 112.80 or lower, a weekly close underneath of 113 is bearish, target remains 111.50.
USDCHF: 1.2435 could not be bypassed and the Dollar came under new pressure, finally trading through the 1.2270 support, it closed the day at the lowest level since Mayâ€™05. Initial resistance at 1.2325, stronger at 1.2400, initial support 1.2250, next minor at 1.2215 and space to fall to 1.2150 or even 1.2090 for a very low close tonight.
@11.00GMT ECB Trichet speaks
@12.30GMT US Unemployment rate April
@12.30GMT US Consumer Credit April
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