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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated August 4, 2006, 6:33 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Fri, 4 August 2006 13:10:01
Resistance levels: 1.2835/1.2862/1.2900
Support levels: 1.2760/1.2720/1.2660
EUR/USD has remained quiet ahead of key US Non Farm Payrolls Numbers at 12:30 GMT today as it was suggested. These data will be extremely important and it is likely to cause big volatility later today. Numbers more than 200 K would be extremely surprising and may cause heavily fall down towards 1.2670-60 area later today. On the upside, sharp rally towards 1.2860-65 area and even higher towards 1.2900-20 also is possible after US Data Release. Buy downsticks ahead of the event with tight stop-loss targeting 1.2860 and 1.2900.

Buy EUR/USD at 1.2790,Stop-loss-1.2760, Take profit-1.2862(1.2900)

FXDREAM GBP/USD

Date: Fri, 4 August 2006 13:10:01
Resistance levels: 1.8925/1.8960/1.9020
Support levels: 1.8850/1.8785/1.8730

GBP/USD has risen further to new highs at 1.8925 earlier today. The next direction will depends on key US Jobless numbers later today at 12:30 GMT. Sharp rally towards 1.9020-25 previous record highs may be seen later today. On downside, positive data from USA may cause sharp fall towards 1.8785 and even lower towards 1.8730. Buy a break above 1.8925-30 area for retest of 1.9020-25. Hedge the position with USD/CHF opened.

Buy GBP/USD at 1.8935,Stop-loss-1.8900,Take profit-1.9020(1.9050)

FXDREAM USD/JPY

Date: Fri, 4 August 2006 13:10:01
Resistance levels: 115.30/116.05/116.60
Support levels: 114.65/114.20/113.90

USD/JPY has squeezed above 115.30 crucial Resistance earlier today. The next direction in short term will depend on US Data Release in few minutes. Sharp rally towards 116.05 and even higher towards 116.60 may be seen later today on US Payrolls above 200 K. On the other side, negative numbers may turn price back towards 114.20 key Support and even lower towards 113.90 and 113.40 previous lows in longer term.

Strategy-neutral.

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