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Friday, 04 July 2008

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Non-farm payrolls in line with expectations as Dollar rallies
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Market Analysis - Forex Currency Outlook
Friday, 04 July 2008

Euro-Yen Daily Forex Outlook

Neutral

Euro Yen EURJPYPrice continues to consolidate as bulls seems to be losing it momentum; resistance now at 169.12 (yesterday high); downside support now turns to 166.50 (38.2% Fibonacci retracement level)

Daily Resistance Levels
170.8461.8% Fibonacci Extension Level (possible strong resistance)
169.9450% Fibonacci Extension Level from 166.07
169.45Historic High; Week 26 High; 26 June High
169.1203 July High
Daily Support Levels
166.5038.2% Fibonacci Retracement Level from 169.45
165.5950% Fibonacci Retracement Level
164.6761.8% Fibonacci Retracement Level
164.45Ascending Trend Line Weekly Support
162.6738.2% Fibonacci Weekly Retracement Level from 169.45
161.72
100% Fibonacci Retracement; Week 23 Low
Euro-Yen 4-Hour Forex Outlook

Neutral

Momentum is flat after price retraced from 169.12 and now next support seen at 167.28 if break below like to go further down to 166.50; upside resistance above 168.40 would turn outlook back to the topside
4-Hour Resistance Levels
169.45100% Fibonacci Retracement; Historic High
169.1203 July High
168.4061.8% Fibonacci Retracement Level
168.1850% Fibonacci Retracement Level
167.9538.2% Fibonacci Retracement Level from 167.23
4-Hour Support Levels
167.2861.8% Fibonacci Retracement Level from 169.12
167.2303 July Low
166.5038.2% Daily Fibonacci Retracement Level
166.0730 June Low
165.59Key Intra-day Support Level (50% Fibonacci Daily Retracement Level)
164.95Key Support Level

Pound-Dollar Daily Forex Outlook

Neutral

Pound Dollar GBPUSDDaily outlook turns flat after Dollar rallied against Pound yesterday with top at 2.0005 formed; resistance now brought lower to 1.9926; downside break below 1.9745 would turn the momentum bearish

Daily Resistance Levels
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April High
2.0005
01 July High
1.997202 July High
Daily Support Levels
1.984538.2% Fibonacci Retracement Level (2.0005 to 1.9585)
1.979550% Fibonacci Retracement Level
1.974561.8% Fibonacci Retracement Level
1.9621Possible Support Level
1.958523 June Low
Pound-Dollar 4-Hour Forex Outlook

Downtrend

Momentum still down intra-day; break above 1.9926 should turn the outlook upside; downside support at 1.9799 (yesterday low) with 1.9745 next target
4-Hour Resistance Levels
1.9972
02 July High
1.992661.8% Fibonacci Retracement Level
1.990250% Fibonacci Retracement Level
1.987838.2% Fibonacci Retracement Level from 1.9799
4-Hour Support Levels
1.984538.2% Daily Fibonacci Retracement Level
1.979550% Daily Fibonacci Retracement Level
1.974561.8% Daily Fibonacci Retracement Level





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NFP will decide if Dollar stays below 2.005
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Market Analysis - Forex Currency Outlook
Thursday, 03 July 2008

Euro-Yen Daily Forex Outlook

Neutral

Euro Yen EURJPYOutlook is flat as MACD below waterline although oscillators showing recovery to the upside; resistance now first at 168.62 (yesterday high) with break above should re-test 169.45 before 169.98 (38.2% extension from 167.03)

Daily Resistance Levels
170.8461.8% Fibonacci Extension Level (possible strong resistance)
169.9450% Fibonacci Extension Level from 166.07
169.45Historic High; Week 26 High; 26 June High
168.6202 July High
Daily Support Levels
166.5038.2% Fibonacci Retracement Level from 169.45
165.5950% Fibonacci Retracement Level
164.6761.8% Fibonacci Retracement Level
164.45Ascending Trend Line Weekly Support
162.6738.2% Fibonacci Weekly Retracement Level from 169.45
161.72
100% Fibonacci Retracement; Week 23 Low
Euro-Yen 4-Hour Forex Outlook

Uptrend

Momentum is up with support now at 167.68; break below 167.09 would turn the outlook neutral
4-Hour Resistance Levels
169.45100% Fibonacci Retracement; Historic High
168.6202 July High
4-Hour Support Levels
167.6838.2% Fibonacci Retracement Level from 168.62
167.3950% Fibonacci Retracement Level
167.0961.8% Fibonacci Retracement Level
166.5038.2% Daily Fibonacci Retracement Level
166.0730 June Low
165.59Key Intra-day Support Level (50% Fibonacci Daily Retracement Level)
164.95Key Support Level
164.45Ascending Trend Line Weekly Support

Pound-Dollar Daily Forex Outlook

Neutral

Pound Dollar GBPUSDDaily outlook remains slightly bullish above 1.9827 but momentum is weakening after successive disappointing reports on UK PMI; US NFP could decide if Dollar stays below 21 April High of 2.0025; downside support now at 1.9845 level with break below 1.9745 would turn the outlook neutral

Daily Resistance Levels
2.019727 March 2008 High
2.0113138.2% Fibonacci Extension Level
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April High
2.0005
01 July High
Daily Support Levels
1.987930 June Low
1.984538.2% Fibonacci Retracement Level from 2.0005
1.979550% Fibonacci Retracement Level
1.974561.8% Fibonacci Retracement Level
1.9621Possible Support Level
1.958523 June Low
Pound-Dollar 4-Hour Forex Outlook

Downtrend

Momentum now on the downside; ADP report failed to support Dollar as movement bounced off from 38.2% Daily Fibonacci level upside resistance now at  1.9972 (yesterday high) before 2.0005; downside support at 1.9907 and break below 1.9883 could re-test 1.9845
4-Hour Resistance Levels
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April High
2.000501 July High
1.9972
02 July High
4-Hour Support Levels
1.990738.2% Fibonacci Retracement Level from 1.9946
1.988361.8% Fibonacci Retracement Level
1.984538.2% Daily Fibonacci Retracement Level
1.979550% Daily Fibonacci Retracement Level
1.974561.8% Daily Fibonacci Retracement Level





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US ISM Data holds Pound below 2.0005
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Market Analysis - Forex Currency Outlook
Wednesday, 02 July 2008

Euro-Yen Daily Forex Outlook

Neutral

Euro Yen EURJPYOutlook unchanged as the pair continue to trade above 38.2% daily retracement; two long shadows suggest that bulls are still holding strength with Stochastic now revealing a possible crossover to the upside; resistance at 169.45 before 169.98 (38.2% extension from 167.03)

Daily Resistance Levels
171.8161.8% Fibonacci Extension Level (possible strong resistance)
170.9050% Fibonacci Extension Level
169.9838.2% Fibonacci Extension Level from 167.03
169.45Historic High; Week 26 High; 26 June High
168.1661.8% Fibonacci Retracement Level from 166.07
Daily Support Levels
166.5038.2% Fibonacci Retracement Level from 169.45
165.5950% Fibonacci Retracement Level
164.6761.8% Fibonacci Retracement Level
164.45Ascending Trend Line Weekly Support
162.6738.2% Fibonacci Weekly Retracement Level from 169.45
161.72
100% Fibonacci Retracement; Week 23 Low
Euro-Yen 4-Hour Forex Outlook

Neutral

Momentum is flat as oscillators continue to move higher; unable to break below 166.07 as bulls slowly gaining strength on the upside; break below 166.50 should re-test yesterday low at 166.07
4-Hour Resistance Levels
169.45100% Fibonacci Retracement; Historic High
168.58
Possible Resistance Level
168.1661.8% Fibonacci Retracement Level
4-Hour Support Levels
167.0338.2% Fibonacci Retracement Level from 167.63
166.6761.8% Fibonacci Retracement Level
166.5038.2% Daily Fibonacci Retracement Level
166.0730 June Low
165.59Key Intra-day Support Level (50% Fibonacci Daily Retracement Level)
164.95Key Support Level
164.45Ascending Trend Line Weekly Support

Pound-Dollar Daily Forex Outlook

Uptrend

Pound Dollar GBPUSDDaily outlook is bullish but failed to sustain its momentum above 2.0005 due to disappointing UK Manufacturing report and US ISM data reported positive result; 21 April High of 2.0025 still the next resistance; downside support now at 1.9845 level with break below 1.9745 would turn the outlook neutral

Daily Resistance Levels
2.019727 March 2008 High
2.0113138.2% Fibonacci Extension Level
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April High
2.0005
01 July High
Daily Support Levels
1.987930 June Low
1.984538.2% Fibonacci Retracement Level from 2.0005
1.979550% Fibonacci Retracement Level
1.974561.8% Fibonacci Retracement Level
1.9621Possible Support Level
1.958523 June Low
Pound-Dollar 4-Hour Forex Outlook

Neutral

Intra-day MACD pointing low momentum now flat; upside resistance still now at 2.0005 (yesterday high); downside support at 1.9879; outlook is choppy at the moment
4-Hour Resistance Levels
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April High
2.000501 July High
4-Hour Support Levels
1.987930 June Low
1.984538.2% Daily Fibonacci Retracement Level
1.979550% Daily Fibonacci Retracement Level
1.974561.8% Daily Fibonacci Retracement Level





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Yen rally against Euro as Pound is contained below 1.9967
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Market Analysis - Forex Currency Outlook
Tuesday, 01 July 2008

Euro-Yen Daily Forex Outlook

Neutral

Euro Yen EURJPYRejection with a long shadow above 38.2% retracement after the first trading day this week; outlook is flat with upside still intact as long as 166.50 level holds with break below should see price move lower towards 164.67; upside resistance at 169.45 before 169.98 (38.2% extension from 167.03)

Daily Resistance Levels
171.8161.8% Fibonacci Extension Level (possible strong resistance)
170.9050% Fibonacci Extension Level
169.9838.2% Fibonacci Extension Level from 167.03
169.45Historic High; Week 26 High; 26 June High
Daily Support Levels
166.7719 June Low
166.5038.2% Fibonacci Retracement Level from 169.45
165.5950% Fibonacci Retracement Level
164.6761.8% Fibonacci Retracement Level
164.45Ascending Trend Line Weekly Support
162.6738.2% Fibonacci Weekly Retracement Level from 169.45
161.72
100% Fibonacci Retracement; Week 23 Low
Euro-Yen 4-Hour Forex Outlook

Neutral

Momentum is flat as oscillators turned higher; bears must protect 168.16 for the downside rally to continue; break below 166.50 should re-test yesterday low at 166.07
4-Hour Resistance Levels
169.45100% Fibonacci Retracement; Historic High
168.58
Possible Resistance Level
168.1661.8% Fibonacci Retracement Level
167.7650% Fibonacci Retracement Level
167.36 38.2% Fibonacci Retracement Level from 166.07
4-Hour Support Levels
166.5038.2% Daily Fibonacci Retracement Level
166.0730 June Low
165.59Key Intra-day Support Level (50% Fibonacci Daily Retracement Level)
164.95Key Support Level
164.45Ascending Trend Line Weekly Support

Pound-Dollar Daily Forex Outlook

Uptrend

Pound Dollar GBPUSDDaily outlook is bullish but was contained around 1.9967 before re-test of 21 April High of 2.0025; downside support now at 1.9820 level with break below 1.9730 would turn the outlook neutral

Daily Resistance Levels
2.019727 March 2008 High
2.0113138.2% Fibonacci Extension Level
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April 2008 High
1.9967100% Fibonacci Extension Level from 1.9585
Daily Support Levels
1.982038.2% Fibonacci Retracement Level from 1.9965
1.977550% Fibonacci Retracement Level
1.973061.8% Fibonacci Retracement Level
1.9621Possible Support Level
1.958523 June 2008 Low
Pound-Dollar 4-Hour Forex Outlook

Neutral

Intra-day MACD pointing low momentum now flat; upside resistance still at 1.9967; downside support at 1.9879; outlook is choppy at the moment
4-Hour Resistance Levels
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April 2008 High
1.9967100% Fibonacci Extension Level from 1.9585
4-Hour Support Levels
1.987930 June Low
1.982038.2% Daily Fibonacci Retracement Level
1.977550% Daily Fibonacci Retracement Level
1.973061.8% Daily Fibonacci Retracement Level





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EURJPY and GBPUSD Week 27 Outlook
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Market Analysis - Forex Currency Outlook
Monday, 30 June 2008

EURJPY 4-Hour Chart
EURJPY 4-Hour Chart

Euro-Yen Weekly Forex Outlook

Uptrend

Euro Yen EURJPYTrend remains strong on the upside on the weekly chart; first immediate support for this rally will be on 164.45

Weekly Resistance Levels
180.18161.8% Fibonacci Extension Level from 158.59
171.87100% Fibonacci Extension Level from 158.59
170.00Psychological Resistance
169.45Historic High; Week 26 High
Weekly Support Levels
164.45Ascending Trend Line Support
162.6738.2% Fibonacci Retracement Level from 169.45
160.5850% Fibonacci Retracement Level
158.59Week 19 Low
158.48
61.8% Fibonacci Retracement Level
151.70
100% Fibonacci Retracement; Week 12 Low
Euro-Yen Daily Forex Outlook

Neutral

Daily outlook is flat but oscillators are moving lower; upside still intact as long as 166.50 level holds with break below should see price move lower towards 164.67; upside resistance at 169.45 before 169.98 (38.2% extension from 167.03)

Daily Resistance Levels
171.8161.8% Fibonacci Extension Level (possible strong resistance)
170.9050% Fibonacci Extension Level
169.9838.2% Fibonacci Extension Level from 167.03
169.45Historic High; Week 26 High; 26 June High
Daily Support Levels
166.7719 June Low
166.5038.2% Fibonacci Retracement Level from 169.45
165.5950% Fibonacci Retracement Level
164.6761.8% Fibonacci Retracement Level
164.45Ascending Trend Line Weekly Support
162.6738.2% Fibonacci Weekly Retracement Level from 169.45
161.72
100% Fibonacci Retracement; Week 23 Lo