Daily Forex Market Analysis - 15 May 2008

Filed Under (Daily Forex Market Analysis) by Trader on 16-05-2008

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EUR/USD

We are looking to sell the pair based on TNT (PIPS) signals once it breaks below the PIPS Weekly Pivot. We may also look to buy based on TNT (PIPS) signals once it breaks above 1.5482. For both cases, prices must be trendy and not choppy. Watch out for key resistance at 1.5535 and key support at 1.5390.

GBP/USD

We are looking to sell the pair based on TNT (PIPS) signals as long as it remains below 1.9465, otherwise we may look to buy once it breaks above 1.9480. We see a possibility for the pair to retest the 1.9400 level.

USD/CHF

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above 1.0518 (H1 38.2% Fibo Level), and vice versa. For both cases, prices must be trendy and not choppy.

USD/JPY

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above 104.70 provided the global stock market is bullish, or sell below 104.25 provided the global stock market is bearish. For both cases, prices must be trendy and not choppy.

EUR/JPY

We are looking to buy the pair based on TNT (PIPS) signals, as long as it remains above 161.87, and vice versa. For both cases, prices must be trendy and not choppy.

USD/CAD

We are looking to sell the pair based on TNT (PIPS) signals as long as it remains below 1.0065 which also happens to be the 50% Fibo Level on the H1 Chart. Otherwise, we may look to buy if the pair breaks above the PIPS Weekly Pivot. For both cases, prices must be trendy and not choppy.

AUD/USD

We are looking to sell the pair based on TNT (PIPS) signals as long as it remains below 0.9343, provided prices must be trendy and not choppy. We do not look forward to buy this pair.

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