Daily Forex Market Analysis - 8 May 2008

Filed Under (Daily Forex Market Analysis) by Trader on 09-05-2008

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EUR/USD

We are looking to sell the pair based on TNT (PIPS) signals as long as it remains below 1.5425, provided prices are trendy and not choppy. We may also look to buy based on TNT (PIPS) signals once it breaks above 1.5425, provided prices are trendy and not choppy. The pair is seen undergoing a possible major downward retracement as it has broken the 1.5390 level on the Daily Chart. Next major support is at 1.5170 on the Daily Chart.

GBP/USD

We are looking to sell the pair based on TNT (PIPS) signals as long as it remains below 1.9550, provided prices are trendy and not choppy, otherwise we may look to buy once it breaks above 1.9550. 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 at it remains above 1.0517 (Low of May 7, 2008), or sell based on TNT (PIPS) signals once it breaks below the PIPS Weekly Pivot, provided both prices are trendy and not choppy.

USD/JPY

We are looking to buy the pair based on TNT (PIPS) signals once it breaks above the PIPS Weekly Pivot, provided the global stock market is bullish, and vice versa. For both cases, prices must be trendy and not choppy.

EUR/JPY

We are looking to sell the pair based on TNT (PIPS) signals, as long as it remains below 161.45, provided prices are trendy and not choppy, and vice versa.

USD/CAD

We are looking to sell the pair based on TNT (PIPS) signals as long as it remains below 1.0140, provided prices are trendy and not choppy, and buy based on TNT (PIPS) signals once it breaks above the PIPS Weekly Pivot, provided prices are trendy and not choppy.

AUD/USD

We are looking to buy the pair based on TNT (PIPS) signals as long as it remains above the PIPS Weekly Pivot, provided prices are trendy and not choppy, and vice versa.

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