EUR/USD
Daily Analysis
05 June 2008
Current level-1.5437
The pair has set a local top at 1.5818 completing the rise from 1.5283. Technical indicators are neutral. The 50- day SMA is currently projected at 1.5663.
As expected, the pair reached an intraday high at 1.5482, finalizing the consolidation above 1.5411 and renewed the downtrend, aiming at 1.5283. Allow some choppy trading below 1.5482 before ECB releases its interest rate decision, today at 07:45 NYT.
Today's strategy: Stand aside.
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USD/JPY
Daily Analysis
05 June 2008
Current level - 105.92
The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are rising slowly and the upmove is dynamically supported at 102.36. The inner structure of the rise is by all means a corrective one, so from a larger point of view the overall downtrend from 124.14 is not over yet.
As expected the pair bottomed at 104.56, renewing the uptrend towards 106.68. Be careful around the above mentioned level, as it can provoke a reversal based on the resistance coming from the higher frames.
Today' strategy: Cash yesterday's longs at 106.28 and stand aside.
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GBP/USD
Daily Analysis
05 June 2008
Current level- 1.9513
The downtrend from the 2.0397 local top has reached a low at 1.9374. Technical indicators are reversed on the 4 h. chart and the trading is situated below the 50- and 200-day SMA, currently projected at 1.9819 and 2.0044.
Still in the corrective phase below the important resistance at 1.9851 with a clear downside bias on the lower time-frames. Our reversal point at 1.9709 worked out pretty well and the pair is on the road to reach the swing target at 1.9551. We will keep our bullish view on the 4 h. chart, aiming at 1.9851 and 2.0225 later on, so stay tuned for a fast advance beyond 1.9578 today, that will set the beginning of the next leg upwards.
Today's strategy : Wait for an upward trend pattern.
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