by fxalhabib on September 3, 2010
September 3rd, 2010 – EUR USD has so far reached the 1.2872 high. Intraday bias remains on the downside, as long as the 1.2920 resistance line is not broken. On the upside, if the 1.2920 resistance line is broken it will indicate a reversal to bullish sentiment and target the 1.3332 resistance line next. On the downside, if the 1.2586 support is broken it will argue further bearish momentum is on the way and target the 1.2522 support.
My $0.02 cents: U.S unemployment moved up from 9.5% to 9.6% (neutral/negative) as the forecast and NFP was lower then expected at -54K (positive). The news bring a mix of positive and negative sentiment to the U.S dollar …
USD JPY has been consolidating for the last week between the 83.58 and 86.36. Intraday bias remains on the downside, as long as the 86.36 resistance line is not broken. On the upside, if the 86.36 resistance line is broken it will switch to bullish bias to target the 88.10 resistance line. On the downside, if the 83.58 support is broken it will continue the bearish momentum and target the low 80.00 level.
GBP USD has technically moved away from the sideway trading by breaking the 1.5370 support. Intraday bias remains neutral with bearish momentum, as long as it stays below the 1.5710 resistance line. On the downside, if the GBP USD continues to stay below the 1.5370 resistance line it will argue that the bears are in control and target the 1.5122 support. On the upside, if the 1.5710 resistance line is broken it will reverse to the bullish side and target the 1.5858 resistance line.
by fxalhabib on September 2, 2010
September 2nd, 2010 – The EUR USD has climbed to the 1.2853 high and unable to break the 1.2920 resistance. Intraday bias remains on the downside, as long as the 1.2920 resistance line is not broken. On the upside, if the EUR USD is able to continue its bullish momentum and break the 1.2920 resistance line it will reverse its momentum for the upside and target the 1.3332 resistance line. On the downside, if the 1.2586 support is broken it will provide the bears will stronger sentiment and target the 1.2522 support.
My $0.02 cents: If the EUR USD is unable to break the 1.2920 resistance line it will formulate a reversal for a strong bearish potential.
The USD JPY support line of 83.58 is still holding off any breakthroughs. Intraday bias remains bearish, as long as the 86.36 resistance line is not broken. On the downside, if the 83.58 support is broken it will create a sell frenzy and look for the currency pair to target the low 80.00 level. Many traders are emphasizing that it will target the 1995 low of 79.75 next or even lower. On the upside, if the 86.36 resistance line is broken it will generate a buyers bias and target the 88.10 resistance line.
GBP USD is back under the 1.5370 resistance line which indicates that the bears are back in. Intraday remains neutral with strong bearish momentum, as long as the 1.5710 resistance line is able to hold. On the downside, if the GBP USD is able to stay under the 1.5370 resistance line it will target the 1.5122 support next. On the upside, if the 1.5710 resistance line is broken it will switch to the upside and target the 1.5858 resistance line next.
