Daily Market Review for the 31.05.2011

AUD/JPY

Time: 22.50 Rate: 86.46

Strategy: long

Daily time frame

After the price has retraced between one third and two thirds of the last continuous upward movement (broken black), we believe that the breakout of the upper side of the triangle (brown background) after which the level of 88.20 will bring to the level of 92.00.

As can be seen by the graph bellow:




4 hour time frame

Potential trade

Long

Enter: 87.05

Stop: 85.90

Target: 87.90

As can be seen by the graph bellow:



USD/CAD

Time: 23.00 Rate: 0.9772

Strategy: long

Daily time frame

The last upward movement creates an increasing price structure; the last 6 candlesticks create a sort of bullish flag. We believe that the break out of the level of 0.9820 will bring the price to the level of 0.9950.

As can be seen by the graph bellow:



4 hour time frame

Potential trade

Long

Enter: 0.9820

Stop: 0.9745

Target: 0.9880

As can be seen by the graph bellow:



EUR/GBP

Time: 23.10 Rate: 0.8672

Strategy: long

Daily time frame

After the price has retraced two thirds of the last upward movement (broken blue) a wave wolf pattern was created, and we believe that the price is supposed to increase in the first stage between one third to two thirds of the last downward movement (broken red). In other words, it is between the levels of 0.8780 and 0.8880.

As can be seen by the graph bellow:



EUR/JPY

Time: 23.20 Rate: 115.60

Strategy: long

Daily time frame

The price retraced between one third to two third of the last upward movement (black broken line). The breakout of the level 117.00 will bring the price most probably to the level of 121.00.

As can be seen by the graph bellow:



Important new for the 31.05.2011 (GMT)

Time: 14:00 CAD- BOC rate statement

Time: 15:00 USD- CB consumer confidence


 

RISK DISCLAIMER

Forex trading involves high risk. Before any trade, you should consider carefully the investment objectives and the level of risk. The data sent by mail is not necessarily real-time data or precise. Real-Forex is not liable for the losses resulting from the utilization of the data. Real-Forex (Finnocorp Trading Solution Ltd

.) is not liable for losses or damages as a result of reliance on the information provided by e-mail or on the overall data, quotes, charts, signals buy / sell. It is hereby clarified that the investor must be aware of risks involved in trading in financial markets, which is a form of investment that may contain potential risks.

Real-Forex team 

Trade like the pro’s with a true ECN Forex broker