Forex Week - May 31, 2010 till June 4, 2010

EUR / USD
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Pair continued downward movement last week, the pair had even pressured down to the level of 1.215. EUR / USD finally closed slightly stronger to 1.227 in trading at the weekend. Movement earlier this week estimated that between 1.214 to 1.233. If the resistance is 1.233 pierced, then the pair potential to continue to do recovery to 1.246 or 1.267. Further movement will open doors to 1.3 again. Conversely, the down side, there are more targets in 1.2. If pierced the 1.18 and 1.16 would be targeted. Pair is likely to continue to stress, some rumors decline also threatened the credit rating of the power of the Euro.

GBP / USD
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Pair of volatile moves last week, after the pair fell to 1.422 and then turned up to around 1.461. Pair back down and finally closed at 1.445. Movement at the beginning of this week's estimated there are between 1.44 to 1.452. European debt problem continued to affect investor behavior, and of course impact on the GBP. The next strong resistance at 1.461 and if penetrated, then the pair potential to rise to 1.478. If 1.44 impregnable, then 1.422 and 1.413 will be targeted, if you still continue to fall to 1.38 then the door will be opened again.

AUD / USD
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AUD / USD could test the .806 but the pair bounced off support and finally closed at 0.847 level. Pairs seem to still be tersupport, good fundamentals make AUD Australia tends to strengthen. Initial resistance at 0.847 and 0.856, and if it pierced the 0.88 will be the next target. If it still continues to move up, it will pave the way to level 0.9. Conversely, below, support is in 0.824. If pierced by the 0.806 and 0.786 will be the next support.

USD / CAD
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Pair could go up to 1.085 and the highest level recorded in the last six months. However, the pair re-corrected and went down to 1.055 at the close of the weekend. USD / CAD this week likely will continue to be bearish, fundamentals still seem to Canada will continue to support. 1.04 and 1.02 levels is still a major support in the lower side. If pierced by the level below 1.0 will return as the target. Conversely, if the pair turned up again, then 1.055 and 1.075 will be the target, with further resistance at the 1.085 level. If penetrated, then 1.113 will be the next target.


Written by surabayaforex.com