Daily Market Comments - Monday 24 May 2010

[RTFX-Trading]

EUR-USD	While below 1.2621 - 1.2677 it is more likely to fall further towards 1.2512 or 1.2459. Premature rise above 1.2677 could see it rising above 1.2783 zone.
USD-CHF	It looks more likely that it would rise to 1.1567 - 1.1640 from 1.1471 or 1.1435. After which a downside move is expected.
GBP-USD	It should trade higher to 1.4548 while 1.4433 or 1.4402 offers support. Stop loss below 1.4371 zone.
USD-JPY	It should test 90.46 area after which a sell off down to 89.20 or extended to 88.41 area is expected.
USD-CAD	There are initial signs of a good corrective recovery towards 1.0672 or even 1.0712. Supports at 1.0573 and 1.0514 zone.
NZD-USD	It should trade lower to 0.6712 or 0.6570 in extension while 0.6801 - 0.6854 offer resistance. A break of 0.6925 will damage this bearish view.
AUD-USD	It should test 0.8504 area after which a sell off down to 0.8136 or extended to 0.7958 area is expected.
EUR-JPY	It looks set for gains to 114.69. Supports at 112.08 and 111.31. A break of 109.47 will damage this bullish structure.
EUR-CHF	Resistances lie around 1.4517 and 1.4573. It should test lower towards 1.4336 zone. A clear break of 1.4400 would be bearish.
EUR-GBP	There are initial signs of a good corrective recovery towards 0.8726 or even 0.8752. Supports at 0.8662 and 0.8625 zone.
EUR-CAD	A corrective rise should ideally test 1.3453 or even higher than 1.3588. Supports are at 1.3249. Stop loss below 1.3094 zone.
EUR-NZD	It looks more likely that it would rise to 1.8804 - 1.9075 from 1.8466 or 1.8331. After which a downside move is expected.
EUR-AUD	There are initial signs of a good corrective recovery towards 1.5290 or even 1.5371. Supports at 1.5083 and 1.4957 zone.
GBP-CHF	Corrective dips should ideally halt near 1.6558 or 1.6523 for one more thrust upwards towards 1.6656 - 1.6718 area or 1.6788 in extention. Fall below 1.6398 puts it back on a downward path.
GBP-JPY	It should test 132.49 area after which a sell off down to 128.46 or extended to 126.56 area is expected.
GBP-CAD	There are initial signs of a good corrective recovery towards 1.5394 or even 1.5441. Supports at 1.5298 and 1.5250 zone.
GBP-AUD	There are initial signs of a good corrective recovery towards 1.7600 or even 1.7712. Supports at 1.7342 and 1.7197 zone.
CAD-JPY	It should test 86.15 area after which a sell off down to 83.48 or extended to 82.03 area is expected.
NZD-JPY	It may attempt a test higher to 61.33 - 62.03 after which weakness may set it to a drift down to below 59.63 limit.
AUD-JPY	It should test 77.05 area after which a sell off down to 72.64 or extended to 70.44 area is expected.
XAG-USD	Current fall is near an end of wave around 17.41 zone, a rally should then procede to above 17.87. Fall below 17.19 would cancel this scenario.
XAU-USD	Market should hold major support at 1162.32 before rising towards 1188.18 or even 1199.02 limit.

Trading Desk, RTFX Ltd
16th September Square Mosta, MST 1180 Malta
Tel: +356 23 310 000 | Fax: +356 21 412 458

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