Daily Market Review for the 05.05.2011


Time: 00.30 Rate: 1.4827

Strategy: short

Daily time frame

The price broke out the level of 1.49 and returned to the ranging areas when the price leaves a long shadow above it. We believe that the price will go bellow the level of 1.4750, and the breakdown of the level of 1.4750, will lead the price to the level of 1.4640, retracement of 38.2% of the last continuous upward movement. (Broken black)

As can be seen by the graph bellow:

4 hour time frame

Potential trade


Enter: 1.4760

Stop: 1.4890

First target: 1.4620

Second target: 1.4530

As can be seen by the graph bellow:


Time: 00.40 Rate: 0.9591

Strategy: long

Daily time frame

The price created a double bottom in the level of 0.9450 and broke out the resistance level of 0.9580. We believe that the next target is the level of 0.9720 which is also used as a harmonious target pattern which is called “the wave wolf pattern”.

As can be seen by the graph bellow:

4 hour time frame

Potential trade


Enter: 0.9608

Stop: 0.9500

First target: 0.6500

Second Target: 0.9720

As can be seen by the graph bellow:

Important news for the 05.05.2011 (GMT)

Time: 09:30 GBP- Services PMI

Time: 12:00 GBP- Official bank rate

Time: 12:45 EUR- Minimum bid rate

Time: 13:30 CAD-Building permits m/m

Time: 13:30 EUR- ECB press conference

Time: 13:30 USD- Unemployment claims

Time: 14:30 USD- Fed chairman Bernanke speaks

Time: 15:00 CAD- Ivey PMI


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Real-Forex team 

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