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DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated May 11, 2006, 6:32 am

Daily report by Fx Dream

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Thu, 11 May 2006 13:10:01
Resistance levels: 1.2765/1.2830/1.2890
Support levels: 1.2660/1.2610/1.2560
EUR/USD has fallen below 1.2715 earlier today. Now markets are focused on US April Retail Sales Data later today at 12:30 GMT. Positive data may push price lower to 1.2660 and 1.2610. The bias in short term remains bearish until price is below 1.2765 first important Resistance. Eventual rise will be limited to 1.2770 whereas selling pressure may appear again. We will stay Short for another breakout below 1.2715 later today.

Holding EUR/USD Short at 1.2715,Stop-loss-1.2750,Take profit-1.2661( 1.2615)

FXDREAM GBP/USD

Date: Thu, 11 May 2006 13:10:01
Resistance levels: 1.8710/1.8770/1.8845
Support levels: 1.8605/1.8525/1.8470

GBP/USD has bounced higher than 1.8530-25 Support area and previous lows after stronger than expected UK Industrial production data. Price has risen again above 1.8600. Later today markets will be focused on US Data. Fall below 1.8600 again may take price to 1.8530 lows again. On upside, further rise to 1.8710 also is possible after US Data Release.

Strategy-neutral.

FXDREAM USD/JPY

Date: Thu, 11 May 2006 13:10:01
Resistance levels: 111.50/112.20/112.80
Support levels: 110.90/110.00/109.60

USD/JPY has tested first immedaite Resistance at 111.50-54 area earlier today. More volatility may be seen later today after US Data Release. Further upmove to 112.00-20 gap is likely to be seen. Breakout further may lead price higher towards 112.80 till the end of the week. First strong Support comes in the 110.90-85 area. In longer term the sentiment remains bearish as long as price is below 112.20 gap. Strategy-neutral.

Strategy-neutral.

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