DJ Charting Forex: GBP/USD May Trade Higher This Week 2007/08/27 09:35 HKT
1st support - 1.9977 (minor) 1st resistance - 2.0270 (minor)

2nd support - 1.9935 (minor) 2nd resistance - 2.0398 (minor)

Analysis - GBP/USD (last 2.0176) may trade higher this week. The daily chart is positive as both the stochastic and MACD indicators are bullish. Immediate resistance lies at the Aug. 10 high of 2.0270, a breach of which would target 2.0398, the Aug. 8 high, followed by the Aug. 6 cap at 2.0462. Initial support lies at the Friday low of 1.9977, followed by 1.9935, a previous cap set on Aug. 17. A breach of this support would be short-term bearish and target 1.9739, the Aug. 21 reaction low. GBP/USD medium-term negative outlook is tempered after a bullish piercing candlestick pattern was completed Friday on the weekly chart, but both the weekly MACD and stochastic indicators are still bearish

DJ Charting Forex: USD/CHF May Trade Lower This Week 2007/08/27 09:41 HKT
1st support - 1.1991 (minor) 1st resistance - 1.2111 (minor)

2nd support - 1.1817 (strong) 2nd resistance - 1.2213 (minor)

Analysis - USD/CHF (last 1.2002) may trade lower this week. The daily chart is negative as both the stochastic and MACD indicators are bearish. Immediate support lies at 1.1991, the Aug. 17 low. A breach of this support would expose the downside to strong support at 1.1817, the Aug. 6 base. Initial resistance is at 1.2111, the Wednesday reaction high, a breach of which would be short-term bullish and target the Aug. 16 cap at 1.2213. The medium-term outlook is neutral as long as USD/CHF does not close for the week below 1.1817.

DJ Charting Forex: NZD/USD May Trade Higher This Week 2007/08/27 09:26 HKT
1st support - 0.7083 (minor) 1st resistance - 0.7296 (moderate)

2nd support - 0.7027 (minor) 2nd resistance - 0.7529 (moderate)

Analysis - NZD/USD (last 0.7262) may trade higher this week. The daily chart is positive as both the stochastic and MACD indicators are bullish. Immediate resistance lies at 0.7296, the 61.8% Fibonacci correction of the decline from the Aug. 9 high of 0.7703 to the Aug. 17 low at 0.6637. Any breach of this resistance would expose the upside to 0.7529, a previous base set on Aug. 1. Initial support is at 0.7083, the Friday low, followed by 0.7027, a previous cap set on Aug. 20. A breach of this support would be short-term bearish and target 0.6883, the Wednesday reaction low. NZD/USD medium-term negative outlook is tempered as the weekly stochastic indicator has turned bullish, but the weekly MACD is still bearish.

DJ Charting Forex: AUD/USD May Trade Higher This Week 2007/08/27 09:19 HKT
1st support - 0.8152 (minor) 1st resistance - 0.8414 (minor)

2nd support - 0.8093 (minor) 2nd resistance - 0.8444 (minor)

Analysis - AUD/USD (last 0.8310) may trade higher this week. The daily chart is positive as both the stochastic and MACD indicators are bullish. Immediate resistance lies on a downtrend line that extends from the July 26 high of 0.8867, now at 0.8414. Further resistance is at 0.8444, a previous base set on Aug. 1. Any breach of this resistance would expose the upside to 0.8662, the Aug. 9 reaction high. Initial support is at the Friday low of 0.8152, followed by 0.8093, a previous cap set on Aug. 20. Any breach of this support would be short-term bearish and target 0.7955, the Aug. 21 reaction low. AUD/USD medium-term negative outlook is tempered as the weekly stochastic indicator has turned bullish, but the weekly MACD is still bearish.

DJ Charting Forex: EUR/USD May Trade Higher This Week 2007/08/27 09:13 HKT
1st support - 1.3545 (minor) 1st resistance - 1.3709 (minor)

2nd support - 1.3449 (minor) 2nd resistance - 1.3811 (minor)

Analysis - EUR/USD (last 1.3680) may trade higher this week. The daily chart is positive as both the stochastic and MACD indicators are bullish. Immediate resistance lies at 1.3709, the Aug. 13 high, a breach of which would target a downtrend resistance line that extends from the July 24 high of 1.3852, now at 1.3811. Further resistance lies at 1.3839, the Aug. 6 cap. Initial support is at 1.3545, a previous cap set on Aug. 17, a breach of which would be short-term bearish and target the Wednesday reaction low of 1.3449. The medium-term negative outlook is tempered after EUR/USD closed last week above 1.3608, a previous base set on July 30.

DJ Charting Forex: USD/JPY May Trade Higher This Week 2007/08/27 09:06 HKT
1st support - 115.50 (minor) 1st resistance - 117.16 (moderate)

2nd support - 113.96 (strong) 2nd resistance - 117.66 (minor)

Analysis - USD/JPY (last 116.60) may trade higher this week. The daily chart is positive as both the stochastic and MACD indicators are bullish. Immediate resistance lies at 117.16, a previous base set on Aug. 6. A breach of this resistance would target a downtrend line that extends from the July 20 high of 122.44, now at 117.66. Further resistance lies at 118.75, the Aug. 10 high. Initial support is at 115.50, a previous cap set on Aug. 20. A breach of this support would tilt the technical bias toward negative, exposing the downside to the Wednesday low of 113.96. USD/JPY medium-term negative outlook is tempered as the weekly stochastic indicator has turned bullish at the oversold level, although the weekly MACD remains bearish.

Elliot Wave EUR-USD

The chart shows the rise started from 1.3367. I think that it could be impulsive in nature for a new high above 1.3852. However this assumption requires continuation of the rise. An important support is 1.3587 and as long as it stays intact, I will favor the impulsive interpretation. However in a case of a fall below it, I think there will be a strong signal that the rise started from 1.3367 is corrective in nature which will lower significantly the possibility for a new high above 1.3852

Trading strategy: 05:12ST; 09:12GMT
Long position from 1.3492 and from 1.3550, move the stop loss from 1.3550 to 1.3585, target - opened

Confidence level – high

USD/CHF 1.2042 - 27 August 2007
USD/CHF Open 1.2003 High 1.2083 Low 1.1990 Close 1.2019

In downward direction support of the US Dollar against the Swiss Franc is the broken top from 8 August 1.1988 where the droppings stopped last two Fridays. Next supports are the 2 year bottom at 1.1824 and 1.1756, which is 75.8% correction of the climb 1.2192 - 1.2380. In upward direction first resistance is last Wednesday's top at 1.2105, followed by the resistances at 1.2217 and 1.2305, which are 62.2% and 75.8% respectively correction of the drop 1.2466 - 1.1818, which are also levels limiting the climbing for the time being.
Technical resistance levels: 1.2105 1.2217 1.2305
Technical support levels: 1.1988 1.1824 1.1756

Trading range: 1.2055 - 1.1980
Trend: Downward
Sell at 1.2042 SL 1.2072 TP 1.1992

EURUSD Short term (Intraday)

1,3672. EUR USD is in an uptrend supported by 1H exponential moving averages. EUR USD is in a consolidation after the last bullish movement. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. 4H ForexSto (Modified Stochastic) indicate a bullish pressure on EUR USD. The uptrend should continue to gather momentum. The target is expected at 1,3800.
=> We could take a long position at 1,3660. We will put the stop loss below 1,3630 (-30 pips). The targets are 1,3720 (+60 pips) 1,3760 (+100 pips) 1,3800 (+140 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 2.

Resistances

1,3685 - 1,3720

Supports

1,3660 - 1,3635

USDCHF Short term (Intraday)

1,2018. USD CHF is in a consolidation after the last bearish movement. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H (Mataf Trend Indicator) is in a bearish configuration. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on USD CHF. The price should continue to move in 1,2000 / 1,2030 range. If the support is broken then the target will be 1,1900 (120 pips). We won't take a position. The risk/reward ratio is too high to take a position..

Resistances

1,2030 - 1,2050

Supports

1,2000 - 1,1975

USDJPY Short term (Intraday)

116,17. USD JPY is in a consolidation after the last bullish movement. USD JPY is in a range between 115,70 and 116,65. The volatility is low. Bollinger bands are flat. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. ForexTrend daily (Mataf Trend Indicator) is in a bearish configuration. The price should find a resistance below 117,00. The price should continue to move in Bollinger bands. The price should find a support above 114,00. We won't take a position. The risk/reward ratio is too high to take a position..

Resistances

116,65 - 116,75

Supports

116,10 - 115,70

GBPUSD Short term (Intraday)

2,0144. GBP USD is in an uptrend supported by 1H exponential moving averages. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. 4H ForexSto (Modified Stochastic) indicate a bullish pressure on GBP USD. The uptrend should continue to gather momentum. The price should find a resistance below 2,0200. If the resistance is broken then the target will be 2,0400 (250 pips).
=> We could take a long position at 2,0140. We will put the stop loss below 2,0100 (-40 pips). The targets are 2,0200 (+60 pips) 2,0260 (+120 pips) 2,0400 (+260 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 2.

Resistances

2,0175 - 2,0200 - 2,0260

Supports

2,0140 - 2,0110

Several words about the EUR/USD future.
Resistance (daily close) :  1.2988, 1.3077, 1.3146, 1.3360, 1.3579, 1.3680, 1.3758 and 1.3950. Break by daily close of 1.3950 mark will establish the minimum target as 1.4400. Next target - 1.4577.
Support (daily close) : 1.3411, 1.3263, 1.3106 and 1.2964(added on May 18, 2007). Then 1.2803, 1.2730, 1.2600, 1.2532 and 1.2390. Daily close under 1.2390 will lead the market to 1.2307, 1.2218, 1.2150, 1.1896, 1.1740, 1.1678 и 1.1520(published on November 23, 2006).

Dow Jones :
Resistance(daily close) : 13 567.60, 13 668.74 and 13 792.53. Then 13 972.50, 14 045.62, 14 124.38 and 14 225.63. Break of the latter will lead to 14 298.75, 14 414.06, 14 501.28 и 14 578.94.
Support(daily close): 13 395.94, 13 162.60, 13 038.74 and 12 937.40. Then 12 743.40, 12 652.03,  12 506.84, 12 397.40, 12 214.70, 12 116.25, 12 048.05, 11 913.40 и 11 864.53. Break of the latter will lead to 11 694.36, 11 593.13, 11 328.75 и 11 131.87 (published on May 18, 2007).

Light Crude :
Support (daily close): 71.88, 70.43, 68.06, 66.30, 64.66, 62.33 and 60.97. Then follow 58.27, 57.62, 56.47, 54.34, 52.20 и 50.36. Next levels - 48.32, 46.80 и 45.06.
Resistance(daily close) :75.96, 76.64, 77.43, 78.62, 79.31, 81.00 и 82.77. Затем 85.02, 86.37, 89.21, 91.13, 92.38 и 93.60 (published on July 25, 2007).

EUR/USD

Today’s support: - 1.3657 and 1.3632(main), where correction is possible.Break would give 1.3613, where correction also may be. Then  1.3587. Break of the latter would result in 1.3569. If a strong impulse, we would see 1.3530. Continuation will give 1.3510 and 1.3706.
Today’s resistance: - 1.3691 and 1.3706(main). Break would give 1.3723, where a correction is possible. Then 1.3744. Break of the latter would result in 1.3768. If a strong impulse, we’d see 1.3793. Continuation will give 1.3711.

USD/JPY

Today’s support: - 116.21, 115.87, 115.60 and 115.42 (main). Break would bring 115.21, where correction is possible. Then 115.06. If a strong impulse, we would see 114.80. Continuation would give 114.63.
Today’s resistance: - 116.84 (main), where a correction may happen. Break would bring 117.00, where also a correction may be. Then 117.17. If a strong impulse, we would see 117.33. Continuation will give 117.46.

DOW JONES INDEX

Today’s support: - 13 263.70, 13 207.46, 13 162.48  and 13 140.00(main), where a delay and correction may happen. Break of the latter will give 13 111.86, where correction also can be. Then  13 089.37. Be there a strong impulse, we would see 13 072.46. Continuation will bring 13 047.20 and 12 958.94.
Today’s resistance: - 13 387.44 and 13 401.56(main), where a a delay and correction may happen.Break would bring 13 421.20, where a correction may happen.Then 13 444.40, where a delay and correction could also be. Be there a strong impulse, we’d see 13 470.47. Continuation would bring 13 494.38.

USD/SGD (Spot : 1.5183)
USD/SGD eased last week, after the previous week's inability to overcome key 1.5460 barrier/ June peak, despite the weekly bullish divergences. Weakness below 1.5190 61.8% retracement has negated the potential double bottom formation, risking 1.5175 congestion next. With daily indicators turning down, expect a fall below 1.5175 to offer 1.5130 76.4% retracement then 1.5090 congestion ahead of 1.5040 swing low. Given the weekly bullish divergences though, would watch for strong support kicking in as we near the 1.5090-1.5040 lows. Immediate resistance at 1.5255 congestion, above which offers recovery to 1.5350 for another attempt at 1.5435 daily shooting star high and key 1.5460 barrier. Only a closing breakout above here confirms a significant basing formation, for further strength in USD/SGD to 1.5540 50% then 1.5600 previous lows ahead of 1.5650/60 61.8%/congestion in coming weeks.

EUR/USD (Spot : 1.3682)
EUR/USD bounced back up last week, after holding firm above the weekly Mar 2006 rising wedge support line, now supporting at 1.3400. While daily technicals are looking strong, bulls need a push above 1.3740 76.4% for another attempt to clear the 1.3840/50 highs, for extension of the bull run to 1.3900 psychological level then 1.3955 weekly wedge resistance line. However, weekly technicals are heavy with bearish divergences, and failure to overcome 1.3740 barrier may see weakness back under 1.3600 21/55 daily moving averages to threaten 1.3520 then 1.3460 congestion ahead of key 1.3400 weekly wedge support line. Breakdown below 1.3400 and 1.3360 backup is significantly bearish for the EUR, for further losses to 1.3330 23.6% then 1.3265 Jun low ahead of 1.3200.

USD/JPY (Spot : 116.57)
A recovery week for USDJPY last week, as it held above the 112.90 50% retracement. Further upside recovery is likely as USD corrects the previous 124.14-111.62 rapid descend. Above 117.20 21-day MA should see recovery extend to 117.85 50% retracement then 119.00 55-day MA before failing into 119.35 61.8% retracement and 119.80 congestion. Back below 115.45 congestion risks weakness returning, initially to threaten 114.00 for 112.90 to retest 111.62 swing low. Below would offer 110.25 61.8% retracement of the 2005-2007 upmove.

AUD/USD (Spot : 0.8292)
AUD/USD recovered last week to unwind the previous sharp 0.8870-0.7675 decline. A further push above 0.8315 21-day moving average should see the recovery extend to 0.8410 61.8% retracement then 0.8445/0.8460 previous lows. Above 0.8460 negates downside risks, offering fresh hopes for 0.8520 congestion then 0.8590 76.4% retracement for 0.8660 Aug high. Above here refocuses the 0.8870 Jul swing high. Failure to overcome 0.8410/60 barriers however, should see weakness return, below 0.8200 then 0.8095 ahead of 0.7985 congestion.  Tone turns bearish again with loss of 0.7985 for retest of 0.7675 swing low, shielding 0.7580 major 61.8% retracement of the 2004-2007 upmove.

Currency USD/SGD EUR/USD USD/JPY AUD/USD USD/MYR
Resistance 3 1.5435 1.3850 119.00 0.8520 3.5350
Resistance 2 1.5350 1.3800 117.85 0.8460 3.5265
Resistance 1 1.5255 1.3740 117.20 0.8410 3.5040
Spot 1.5183 1.3682 116.57 0.8292 3.4730
Support 1 1.5130 1.3600 115.45 0.8200 3.4600
Support 2 1.5090 1.3520 114.00 0.8095 3.4360
Support 3 1.5040 1.3460 112.90 0.7985 3.3985