Tuesday May 30, 2006 - 07:16:02 GMT
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ACM - www.ac-markets.com
Daily Technicals: Dollar is cheaper this morning
by Marc Spaelti
EURUSD: After an extremely quiet day-session, Euro started to rise overnight and it did not stop until reaching 1.2850 this morning. We suggest taking advantage of this spike to sell and establish fresh shorts for a retry of 1.27 over the next two days, but the pair needs to retrace back underneath of 1.2825 before 8amGMT. Failure to do so will likely see us continue moving higher first, there is space to the key resistance at 1.2885, a higher daily close ends the Dollars correction. Initial resistance 1.2850, key 1.2885, 1.2925 is next, initial support 1.2815, stronger at 1.2770 and again 1.2735.
GBPUSD: Cable traded up 150pips since Europe left last night, low liquidity was the main reason for the strong surge, 1.8745 was reached this morning. Expect Cable to turn and fall back to 1.8650ish shortly, initial support at 1.8710. Should Cable maintain the current high levels we risk to move on to 1.8775 key resistance, a higher daily close ends our bearish bias and weâ€™d expect to move on towards 1.90 next. But for now we establish fresh short positions, possibility to fall to 1.8650 today and 1.8500 by tomorrow is high.
USDJPY: Same 111.85/112.85 range today, currently at the lows, allow for additional dip to no lower than 111.55 key support, else we risk to fall to 109-ish next. On top initial resistance 112.00, strong at 112.80, key unchanged at 113.40.
USDCHF: 1.2240 did not last the night, it dipped at trades at 1.2120 this morning. Key support 1.2100, while it holds we keep a bullish Dollar bias, a lower daily close ends this view and we risk falling to 1.20 or more. While it holds, expect to fully retrace the last nights fall to return to the 1.2260 key level.
@08:00GMT Euoland Current Account March
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