Forex Daily Wrap-up

on May 10, 2013


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The pair is currently quoted at 101.92, passing the resistance level at 101.50. The uptrend seems to be very strong and further bullish pushes are expected.
After the last sharp jump yesterday that reached 100.78, the price today achieved new highs – 101.19, followed by 101.42. About an hour ago the price tested 101.19 and bounced slowly upwards. Since the 100.78 level the chart is drawing a slanting line showing that the bulls have lost some of their head of steam and we may witness some retracements in order to raise momentum.

On the hourly chart hammer candles appeared in the past hours. Right now though, the price is testing the day’s low at 0.9966 and it’s more than possible it will continue further downwards. If a support establishes soon, we may see a test of 1.000 first, followed by the lower border of the previous movement range. The downtrend is also supported by MA, MACD and RSI indicators.

The pair today has traded up to a high of 1.3050 and is continuing to make new lows. Right now the pair is testing the downside border of the range from 1.3241 to 1.2956. Earlier today Germany released its Trade Balance report, showing a decrease by 0.1 billion from the previous period.
A bullish trend line from the end of March has been broken to the downside, which indicates bearish sentiment. If a new downward trend establishes soon, the major target would be 1.2746.

GBP/USD today opened at 1.5454, where minor resistance is held it. The price stayed there during the night, couldn’t go higher and started descending. At the moment the pair is sniffing around the lower line of the rising channel, which started at March.
Before resuming a downward course the pair found resistance at a 50 percent Fibonacci retracement.

Earlier today a report on industrial production indicated growth. The National Institute of Economic and Social Research indicated that the UK economy has registered 0.8 percent growth in the first three months of the year.
The pair opened today at 1.0068, made a rise to 1.0100 high, which acted as a minor resistance, came back to test the open price and failed to slide down. After that a sharp upward movement followed and the 1.0100 was breached. The next minor resistance at 1.0130 appeared to be stronger as the price passed it, but quickly dropped beneath it, forming long wicks on candles that closed under the level.
Employment change and the unemployment rate reports for Canada were released today at 13.30 GMT. The change in the number of the employed for the last month is 12.5K, below the expected 14.8K.


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