Daily Forex Market Analysis - 28 May 2008

Filed Under (Daily Forex Market Analysis) by Trader on 28-05-2008

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EUR/USD

We are looking to sell the pair based on TNT (PIPS) signals as long as it remains below the PIPS Weekly Pivot with initial target profit at around 1.5612, or buy the pair based on TNT (PIPS) signals once it has broken above the PIPS Weekly Pivot with initial target profit at around 1.5817. For both cases, prices must be trendy and not choppy. Watch out for key support at 1.5535.

GBP/USD

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above the PIPS Weekly Pivot, or sell it based on TNT (PIPS) signals once it has broken below the PIPS Weekly Pivot. For both cases, prices must be trend and not choppy. Watch out for key resistance at 1.9820 and key support at 1.9670.

USD/CHF

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above the PIPS Weekly Pivot, or sell it based on TNT (PIPS) signals once it has broken below the PIPS Weekly Pivot. For both cases, prices must be trendy and not choppy. Watch out for key resistance at 1.0329 followed by 1.0499 and key support at 1.0160.

USD/JPY

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above 103.74 (H1 38.2% Fibo) provided the global stock market is bullish, or sell it based on TNT (PIPS) signals once the price has broken below the PIPS Weekly Pivot provided the global stock market is bearish. For both cases, prices must be trendy and not choppy. Watch out for key resistance at 104.95 and key support at 103.00.

EUR/JPY

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above 163.18 (H1 61.8% Fibo), or sell it based on TNT (PIPS) signals once the price breaks below 163.18 (H1 61.8% Fibo). For both cases, prices must be trendy and not choppy. Watch out for key resistance at 164.00 and key support at 161.98.

USD/CAD

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above 0.9916, or sell it based on TNT (PIPS) signals once the price breaks below the PIPS Weekly Pivot. For both cases, prices must be trendy and not choppy. Watch out for key resistance at 0.9935 and key support at 0.9805, followed by 0.9795.

AUD/USD

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above 0.9579 (H1 50.0% Fibo), or sell it based on TNT (PIPS) signals once it breaks below 0.9570. For both cases, prices must be trendy and not choppy. Watch out for key resistance at 0.9650 and key support at 0.9570, followed by 0.9495.

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