Daily Market Comment 19/05

EUR/USD 1.1834. EUR duly tested our target 1.1935 before retreating to 1.1815. Short term supports are at 1.1815 & 1.1790, which may be tested again while below 1.1855/65. More supports are at 1.1765 & 1.1730. As these hold upside will prevail with targets near 1.1975/90 or 1.2025.

USD/CHF 1.2859. Dollar’s correction may test 1.2915/40 while above 1.2835/20. Minor resistance is at 1.2885.

USD/JPY 117.04. No change in view. Resistance near 117.75/80 is so far containing the Dollar’s advances. Short term advance to 117.55/60 is now possible while above 116.70/60. Break above 117.80 will take USD to 118.20/35.

GBP/USD 1.6415. Cable is in the range between 1.6350 & 1.6470. Break of 1.6475 will put it on track to 1.6530/50 or 1.6615/30. Immediate support is at 1.6350. More support lies at 1.6290.

EUR/CHF 1.5221. As suggested EUR went close to 1.5300 & the subsequent corrective declines may extend to 1.5180/65 while below 1.5250/65.

EUR/JPY 138.50. No change in view. EUR should now try 139.25/55 or even 139.85/95. Supports are at 137.60 & 137.25. Minor support is at 138.20.

EUR/GBP 0.7201. No change in view. EUR’s rally should continue towards 0.7270/75. Support is at 0.7190 & 0.7160. Minor support is at 0.7220/15.

AUD/USD 0.6568. Short term drop to 0.6525 is looked for while below 0.6585/90.

USD/CAD 1.3735. No change in view. Support at 1.3645 may still halt Dollar’ declines for a move higher to 1.3795/1.3825.
 
EUR/USD 1.1754. Resistance at 1.1755 contained EUR for a long time yesterday, but EUR has turned up from 1.1650 itself instead of minimum 1.1635 expected. Short term advance to 1.1775/90 is possible while above 1.1715/00. Overall large corrective range between 1.1600 & 1.1825 is likely to prevail for some time & possibly a triangle may be in the making.

USD/CHF 1.2995. Dollar turned down from 1.3105, slightly below our suggested level 1.3115. Short term drift down to 1.2940/35 is now anticipated while below 1.3035/40.

USD/JPY 118.37. No change in view. Dollar should consolidate for some time between 118.00 & 119.65. Good supports are at 117.95 & 117.50.

GBP/USD 1.6371. Cable found support at 1.6250 itself yesterday & it can try 1.6420/30 in the short term. Support is at 1.6320.

EUR/CHF 1.5281. No change in view. EUR may consolidate for a while between 1.5220 & 1.5325. Break of 1.5220 will push it down to 1.5185/75.

EUR/JPY 139.15. One more drop to 138.50/25 cannot be ruled out. Resistances are at 139.75 & 140.10.

EUR/GBP 0.7173. Play the range 0.7135-0.7215 for some time.

AUD/USD 0.6565. Short term rise to 0.6605/20 is expected while above 0.6535/30.

USD/CAD 1.3673. No change in view. Drop to 1.3595/90 may be seen. Resistances are at 1.3725 & 1.3775.
 
EUR/USD.. .1.1785. EUR' correction is continuing between 1.1665 & 1.1930 & may take a triangle shape. Supports are at 1.1730, 1.1665 & 1.1615.Expect a failed 5th wave of big wave 3 to about 1.1945/70 now, after which a decent down retracement is anticipated.

USD/CHF.. 1.2970. Dollar met our target near 1.2775.Correction is continuing & a push down to 1.2725/1.2675 is expected after this correction. Resistances are at 1.3075/1.3115, 1.3275 & 1.3375.

USD/JPY..119.20. Break above 117.80 turned the picture positive for Dollar & it may test 119.75/120.10 now. Break above this area may help it test 121.10/25 also.Supports are at 118.25 & 117.85/65.

GBP/USD..1.6355.Cable can try 1.6585/1.6515 or 1.6655..Supports are at 1.6120 & 1.6050/00. Minor supports ahead of these are at 1.6300 & 1.6260.

Regards.

Source : http://www.realtimeforex.com/index.html
 
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