$Euro Finds Renewed Bids; Resistance Eyed by Previous Weekly High

Correlated active risk find renewed plans German to strengthen Spanish banks inspire confidence Draghi ECB says that the Central Bank is ready to act if necessary following key resistance of EUR/USD intervenes by decision of rate of the Bank of England 1.2625 due later today. services PMIs solid risk correlated active were very well bid over the few last sessions, with currency and actions significantly reverse the market players are able to let go of the worst of their fears for the moment. The doom feeling who had taken the previous week disappeared and investors are once again warming up to the idea that the euro area can escape to the current crisis and to avoid the debacle. News that the Germany is to develop plans strengthen Spanish banks without waiting for more reforms or any formal aid agreement was seen as a huge positive and it was once the primary drivers of risk of trade.
Relative performance against the USD Thursday (from 9: 25GMT)
AUD + 0.25 %
NZD + 0.13 %
CAD + 0.08 %
GBP + 0.01 %
EUR-0.03 %
CHF-0,05 %
JPY-0.30 %
Although the European Central Bank, the political left on as has been planned, the comments of the President of the ECB Draghi head that the Central Bank is ready to act if necessary have also helps enhance the feeling, while some well received Thursday EZ auction results were not bad. The Euro now eyes a retest and breaking the previous high weekly 1.2625, while the Yen has also offered very well on the liquidation of parts of refuge. Yet, at the end of the day, it's a market that desperately need on technical correction some intense risk-off moves, and at this stage, we would attribute the recent action of basic price of the "technicals".
European leadership will really need to dig and to come with some serious plans resurrect the area to be any hope of sustainable recovery Euro. Until then, the strategy should be to sell these gatherings of currency in the additional force. In the future, the Bank of England is scheduled for a rate decision later. While no change in policy is expected, there is much speculation that the Bank of England will move to a more dovish stance on the continuous pressure of world macroeconomics. Earlier, UK services PMIS came in better than expected and has helped support the pound sterling.
ECONOMIC CALENDAR

TECHNICAL OUTLOOK



EUR/USD: the market is in train to correct certain levels severely oversold after breakdown of yearly lows little less 1.2300. While our global perspective is clearly downward, by we see still place upside in the short term before a high low is wanted. Locate the last daily close back above 1.2545 to open the door for an acceleration in the region of 1 2800 - 1 3000, where new offers are likely to re-emerge.

USD/JPY: the recent setbacks have been quite intense, the market collapse by the ADM, 200 days before finally finding support by 77.65. We have since seen attempts at recovery and we support that the market should continue to break higher, with views finally fixed on a retest and rupture of 2012 senior by UST up more. However, at this stage, we need to see a break and close above 80.00 back to alleviate the pressures weighing officially and to reaffirm the optimistic prospects.

GBP/USD: Daily studies are now well saturated and risk CIHI appear inclined backwards to allow a corrective bounce short term necessary after the setback down just shy of the 2012 bottom of January. Locate the last close back daily over 1.5440 to strengthen the prospects for growth in the short term, in the region of 1 5600 - 1 5800, where a low high costs will be sought for that underpin the acceleration of bear resumption of the trend.
USD/CHF: while we retain a broader upward perspective for this pair, with the market seen to establish above parity in the weeks to come, short-term risks are a corrective withdrawal to allow the market to establish a fresh plu bass. Thus, we see risks of weakness in the next sessions to the 0 9300 - 0 9500 area before the market seeks to reaffirm its upward momentum and broader uptrend.

$ AUDUSD Rips into Bottom of Resistance Zone

06 June 2012 12:22 GMT FXCM Expo Videos
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Afternoon Technicals (all charts)
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I was on point Monday with the analysis but went against it yesterday by going short the AUDUSD ahead of GDP. The loss wasn’t what bothered me as much as the exiting of a well thought out NZDJPY long at 5960 (we got to 6060 just now)! Such experiences highlight the major difference between analysis and trading. The latter is a far more psychological exercise. It’s worth reviewing Monday’s note because we are nearing levels that are probable resistance.
“Volume spikes (on futures) and daily key reversals (CHFJPY, EURJPY, EURUSD, NZDUSD and USDCHF) suggest that a larger corrective move is probably underway. The implications are for USD and JPY weakness, strength in stocks and commodities, and weakness in US Treasuries. As written Friday, keep it simple; identify key levels and know what you’ll do when those levels are reached.”
The AUDUSD and NZDUSD in particular are at levels of interest…the Yen / US yield story that we’ve followed for months is playing out beautifully but does face short term resistance here…the S&P (futures) are up 1% this morning and nearly 40 handles off of the low.
AUDUSD 240 Minute Bars

Prepared by Jamie Saettele, CMT
The AUDUSD has reached resistance from former support (5/16 low) and short term channel resistance. Additional resistance comes in at the 5/22 high and 100% extension of the low at 9934. 9800/25 is support today.
New Zealand Dollar 240 Minute Bars

Prepared by Jamie Saettele, CMT
The NZDUSD has reached resistance from the 5/29 high and short term channel resistance. Additional resistance comes in at the 5/22 high and 100% extension of the low at 7668//76. 7590-7600 is support today.
SPX 500 240 Minute Bars

:: Crude Resistance Now above 9300

May 28, 2012 17: 48 GMT every day bars


Prepared by Jamie Saettele, CMT
"8915 was almost achieved and decrease of yesterday was located." This type of action (a quick rejection and level test) tends to mark the beginning of a correction. 9331 and 9521 became resistance. "Structurally, a fourth wave may be in its infancy as the decline of the great may 1 is almost exactly 1,618 x decline from March 1 to April 10.
LEVELS: 8421 8661 8926 9200 9331 9521 9413

:: Resistance AUDUSD planned above 9900

Every day bars

Prepared by Jamie Saettele, CMT
Thegap left open from 28/11/11 the 9773 was completed and given rise to a correction AUDUSD. Near term, support is 9815 and resistance is expected in the region of 9935/65. After having rebounded almost 200 pips of the low, medium-term players should seek short over 9900. Traders handy short term wish to trade on the long side to the mentioned levels.
LEVELS: 9387 9660 9890 9934 9965 10020

$- US Dollar Extends Advance Despite S&P 500 Resistance Break

25 May 2012 01: 48 GMT THE TAKEAWAY: US Dollar continued to press higher despite an upside break from the S & P 500 but highly technical studies warn that a pullback may be nearing overbought.
S & P 500 - Prices broke through resistance at 1322.10, the 23.6% Fibonacci tracing, after completing a Bullish Engulfing candlestick pattern above support at 1292.90. The bulls now aim to challenge the 38.2% Fib at 1341.70. The 1322.10 level has been recast as near-term support.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL - Prices put in a Harami candlestick pattern above resistance-turned-support at 90.49, hinting a corrective bounce may be ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance lines up at 92.51, form support marked by the December 16 low, with a push above that targeting the February 2 low at 95.41.

Daily Chart - Created Using FXCM Marketscope 2.0
GOLD - Prices narrowly slipped below support at 1560.98, the 23.6% Fibonacci tracing, exposing the next key downside barrier in the 50 1522-1532 45 region. The lack of meaningful belief on the break lower puts follow-through into question however, suggesting the 38.2% Fib at 1582.10 may still be the most significant near-term resistance threshold.

Daily Chart - Created Using FXCM Marketscope 2.0
US DOLLAR - Prices continued to edge higher after taking out resistance in the 10134-41 area marked by the 76.4% Fibonacci expansion and the October 2011 swing high. The bulls the 100% target level at 10241 as the major next upside objective from here. RSI studies are at their most overbought since prices set the last major top however, warning that the threat of a pullback is significant. The 10134-41 region has been recast as near-term support.
Daily Chart - Created Using FXCM Marketscope 2.0

"" NZD snaps Six-Day Losing Streak - USDJPY eyes critical resistance

Every day winners and losers


The New Zealand dollar is the top of the page against the greenback with an advance of 0.52% at the end of the European trade. Sense of market risk more broadly remains well take a respite from heavy selling pressure seen last week. NZD/USD bounced to the broad support trendline dating from March 2001 to 0.7550 with the daily RSI suddenly reverse after reaching extreme levels of oversold not seen since August 2008. Resistance daily superstructure now stands with 78.6% Fibonacci allows taken of the advance of the mid-December at 0.7680 and is supported by 61.8% to 0.7850 allows. A break below the trendline support December lows to 0.7460 of the eyes.

The graph of the scalp shows the NZD/USD continues to trade in a descending channel training dating back to April 26, with the pair currently holding just below the intermediate resistance to 0.7610. Look for the pair to stay even at these levels in a rebound in appetite for broader risk with a likely violation above that mark considering the superstructures target in the resistance of the channel, the tracing of 78.6% to 0.7680 and 0.7750 Fibonacci. Interim support is based in 0.7525 supported by the low to 7460 of December.

Indicators of levels

The Japanese yen is weaker against the dollar, with 0.38% loss in their activities. The USD/JPY has rebounded sharply out of the handle in 79 with the pair continue to trade through training of flag on the upper March. As we noted earlier in the month, our medium to long-term bias remained weighted superstructure with long entries promoted between the moving average 200 days to 78.50 and taken 61.8% Fibonacci allows of the advance in February to 79.15. Daily strength lies at the confluence of the tracing of 50% and resistance of the canal just above the handle of 80 with only a break the moving average of 200 days, negating our directional bias.

The graph of the scalp shows the USD/JPY holding just below the extension of Fibonacci 61.8% levied ridges on 14 March and April 20 to 79,35. Superstructure initial targets are in the eyes of the extension of 50% to 79.80 and the resistance of the channel. A break above this level also provides subsequent conviction with targets of resistance seen the extension of 38.2% to 80.30, 80.55 and 23.6% to 80.85 extension. Interim support rests with the 79 figure supported by the extension of 78.6% 78.75 and 78.50. Note that while the negotiation of the conditions of the yen, are not conducive to the scalping, we long a fourth of our size of typical trade in figure with our initial goal in the eyes above the handle of 80. A violation over the channel resistance suggests that the correction on the highs of March may be complete with such a scenario to see losses accelerated for the yen. A change in sense of larger market for risk appetite would probably be the necessary catalyst for breach of the superstructure.

S & P 500 Moves Closer to Confirming Top, Dollar Nearing Key Resistance

The Takeaway: the S & P 500 is about to confirm a training table pad while the U.S. Dollar is will to resistance key in place since early 2011.
S & P 500 - unchanged since yesterday: "the prices seem to be earning a high graphic formation of the head and shoulders." Confirmation is required on a near daily under the support of the neckline to 1392.10, which would expose them to a goal of decline measured at 1359.30. Short term resistance lines to the 1402.90, the 23.6% Fibonacci expansion level. »

Daily chart - created with FXCM Marketscope 2.0 Crude oil - recovered costs of support in the area of 101 19 - 101 28 to retest old resistance in the region of 102 97-103 21. A break above this limit faces 38.2% Fibonacci allows 104.75. Alternatively, a reversal, the support is a rising trend line now the value from mid-December to 99.84

Daily chart - created with FXCM Marketscope 2.0 Discover gold - price interim support to 1615.46, the 50% Fibonacci expansion, amounting to resistance to short 1634.76 term marked by 38.2% level. A break above this limit is the 23.6% Fib to 1658.51. Alternatively, a break of support is the expansion of 61.8%, to 1596.16.

Daily chart - created with FXCM Marketscope 2.0 Us DOLLAR - prices are higher to challenge the 10081-10134 area which has selected the greenback since mid January 2011. The outer limit of the region is reinforced by the extension of Fibonacci 61.8%, 10071. Short-term support aligns to 9996, 38.2% Fib.

# S & P 500 Moves Closer to Confirming Top, Dollar Nearing Key Resistance

The Takeaway: the S & P 500 is about to confirm a training table pad while the U.S. Dollar is will to resistance key in place since early 2011.
S & P 500 - unchanged since yesterday: "the prices seem to be earning a high graphic formation of the head and shoulders." Confirmation is required on a near daily under the support of the neckline to 1392.10, which would expose them to a goal of decline measured at 1359.30. Short term resistance lines to the 1402.90, the 23.6% Fibonacci expansion level. »

Daily chart - created with FXCM Marketscope 2.0 Crude oil - recovered costs of support in the area of 101 19 - 101 28 to retest old resistance in the region of 102 97-103 21. A break above this limit faces 38.2% Fibonacci allows 104.75. Alternatively, a reversal, the support is a rising trend line now the value from mid-December to 99.84

Daily chart - created with FXCM Marketscope 2.0
Discover gold - price interim support to 1615.46, the 50% Fibonacci expansion, amounting to resistance to short 1634.76 term marked by 38.2% level. A break above this limit is the 23.6% Fib to 1658.51. Alternatively, a break of support is the expansion of 61.8%, to 1596.16.

Daily chart - created with FXCM Marketscope 2.0 Us DOLLAR - prices are higher to challenge the 10081-10134 area which has selected the greenback since mid January 2011. The outer limit of the region is reinforced by the extension of Fibonacci 61.8%, 10071. Short-term support aligns to 9996, 38.2% Fib.

Crude Testing Support from Channel and Former Resistance

Crude took a dive today before bouncing from the confluence of channel support and former resistance. The channel that is drawn is a corrective channel and a break below would suggest that an impulsive decline is underway towards much lower levels. 10250/10300 is resistance.

Bottom Line (next 5 days) – sideways / lower?