Daily Market Comments - Friday 16 July 2010

[RTFX-Trading]

EUR-USD	Uptrend is still intact in a triangle configuration. It should continue to rally to 1.3004 or 1.3034 if support around 1.2872 hold. After which a pullback to 1.2872 - 1.2830 zone is possible.
USD-CHF	Market should not go lower than 1.0405 - 1.0357. After this move down it should go up to 1.0478 - 1.0503 area.
GBP-USD	Uptrend is still intact in a triangle configuration. It should continue to rally to 1.5567 or 1.5544 if support around 1.5391 hold. After which a pullback to 1.5391 - 1.5350 zone is possible.
USD-JPY	Market should not go lower than 86.78. After this move down it should go up to 87.95 - 88.19 area.
USD-CAD	Current upmove should be ended around 1.0413 - 1.0456. Any correction consolidation should find support in 1.0333 - 1.0297 zone.
NZD-USD	It should try higher up to 0.7300 - 0.7341. Entry point 0.7258 or 0.7235. After this rise, a correction is expected.
AUD-USD	Market should hold major support at 0.8743 before rising towards 0.8891 or even 0.8937 limit.
EUR-JPY	Corrective dips should ideally halt near 112.50 or 112.21 for one more thrust upwards towards 113.28 - 113.76 area or 114.35 in extention. Fall below 111.24 puts it back on a downward path.
EUR-CHF	It should trade higher to 1.3516 while 1.3429 or 1.3411 offers support. Stop loss below 1.3343 zone.
EUR-GBP	It looks set for gains to 0.8411. Supports at 0.8351 and 0.8334. A break of 0.8292 will damage this bullish structure.
EUR-CAD	Uptrend is still intact in a triangle configuration. It should continue to rally to 1.3574 or 1.3556 if support around 1.3349 hold. After which a pullback to 1.3349 - 1.3294 zone is possible.
EUR-NZD	It looks more likely that it would rise to 1.7931 - 1.8112 from 1.7667 or 1.7577. After which a downside move is expected.
EUR-AUD	Current upmove should be ended around 1.4691 - 1.4792. Any correction consolidation should find support in 1.4516 - 1.4441 zone.
GBP-CHF	It should trade lower to 1.6014. Resistances are at 1.6144 and 1.6194. A break of 1.6275 is bullish, confirmed by a close above 1.6186.
GBP-JPY	It should be subject to more sell off towards 134.23 or 133.34. Corrective upward swings should face resistance around 135.81 area. A break of 136.44 is bullish.
GBP-CAD	Uptrend is still intact in a triangle configuration. It should continue to rally to 1.6229 or 1.6167 if support around 1.5955 hold. After which a pullback to 1.5955 - 1.5898 zone is possible.
GBP-AUD	Strength can extend to 1.7542 or 1.7644 as declines are expected to find support at 1.7359 or 1.7278. A fall below 1.7073 could turn it bearish.
CAD-JPY	One more dip to 83.86 is likely followed by a grind higher to 85.48. After which it can resume its downtrend.
NZD-JPY	It should test 64.54 area after which a sell off down to 62.87 or extended to 61.36 area is expected.
AUD-JPY	It should test 77.37 area after which a sell off down to 76.16 or extended to 73.96 area is expected.
XAG-USD	While below 18.34 or 18.35 it could fall towards below 18.17 or 18.00. After which a corrective/consolidation activity is expected to 18.44 zone.
XAU-USD	While above 1206.14 - 1202.39 zone a corrective upmove could test 1212.85 or 1215.82. After which it should resume its downtrend.

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