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US ISM Data holds Pound below 2.0005 |
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Wednesday, 02 July 2008 |
| Euro-Yen Daily Forex Outlook | | 
|  Outlook 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 | | 171.81 | 61.8% Fibonacci Extension Level (possible strong resistance) | | 170.90 | 50% Fibonacci Extension Level | | 169.98 | 38.2% Fibonacci Extension Level from 167.03 | | 169.45 | Historic High; Week 26 High; 26 June High | | 168.16 | 61.8% Fibonacci Retracement Level from 166.07 | | Daily Support Levels | | 166.50 | 38.2% Fibonacci Retracement Level from 169.45
| | 165.59 | 50% Fibonacci Retracement Level | | 164.67 | 61.8% Fibonacci Retracement Level | | 164.45 | Ascending Trend Line Weekly Support | | 162.67 | 38.2% Fibonacci Weekly Retracement Level from 169.45 | 161.72
| 100% Fibonacci Retracement; Week 23 Low
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| Euro-Yen 4-Hour Forex Outlook | |
| 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 | | 169.45 | 100% Fibonacci Retracement; Historic High
| 168.58
| Possible Resistance Level
| | 168.16 | 61.8% Fibonacci Retracement Level | | 4-Hour Support Levels | | 167.03 | 38.2% Fibonacci Retracement Level from 167.63 | | 166.67 | 61.8% Fibonacci Retracement Level | | 166.50 | 38.2% Daily Fibonacci Retracement Level | | 166.07 | 30 June Low | | 165.59 | Key Intra-day Support Level (50% Fibonacci Daily Retracement Level) | | 164.95 | Key Support Level | | 164.45 | Ascending Trend Line Weekly Support |
| Pound-Dollar Daily Forex Outlook | | 
|  Daily 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 | | 2.0197 | 27 March 2008 High | | 2.0113 | 138.2% Fibonacci Extension Level | | 2.0033 | 38.2% Fibonacci Weekly Retracement Level | | 2.0025 | 21 April High | 2.0005
| 01 July High
| | Daily Support Levels | | 1.9879 | 30 June Low | | 1.9845 | 38.2% Fibonacci Retracement Level from 2.0005 | | 1.9795 | 50% Fibonacci Retracement Level | | 1.9745 | 61.8% Fibonacci Retracement Level | | 1.9621 | Possible Support Level
| | 1.9585 | 23 June Low |
| Pound-Dollar 4-Hour Forex Outlook | |
| 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 | | 2.0033 | 38.2% Fibonacci Weekly Retracement Level | | 2.0025 | 21 April High | | 2.0005 | 01 July High | | 4-Hour Support Levels | | 1.9879 | 30 June Low | | 1.9845 | 38.2% Daily Fibonacci Retracement Level | | 1.9795 | 50% Daily Fibonacci Retracement Level | | 1.9745 | 61.8% Daily Fibonacci Retracement Level |
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Trading 101 
