FX Forex Market Technical Analysis:

Forex Trading Technical Analysis for the 17. May 2012

Technical Analysis for the following Currencies:

EUR/USD, USD /CAD, USD/JPY, AUD/USD, GBP/USD, EUR/JPY, EUR/CHF EUR/JPY  includet  Indexes CAC, DAX,
All Data are  7:40 am + 1 GMT

EUR / USD intraday: key short term resistance at 1,276.
Fulcrum (devaluation level): 1,276
We prefer: short positions in 1275 with price targets at 1.2675 and 1.2625.
Alternative scenario: on 1276, we expect further upside with 1.2815 & 1285 movements as price targets.
Technical Analysis Comment: the RSI is mixed to bearish.

GBP / USD intraday: the downward movement will prevail.
Fulcrum (devaluation level): 1.5975
We prefer: short positions in 1597 with price targets to 1,589 & 1586.
Alternative scenario: above 1.5975, we expect further upward movement of 1.6 and 1605 as price targets.
Technical Analysis Comment: the RSI is mixed to bearish.

USD / JPY intraday: the upward motion will prevail.
Fulcrum (devaluation level): 80.1
We prefer: long positions at 80.15 with price targets of 80.55 & 80.65.
Alternative scenario: below 80.1, we expect further downward movements with 79.95 and 79.8 as price targets.
Technical Analysis Comment: the RSI is mixed to bullish.

EUR / JPY intraday: under pressure.
Fulcrum (devaluation level): 102.7
We prefer: sales positions at 102.7 with advanced course aims to 101.8 & 101.6.
Alternative scenario: on 102.7, we expect further upside with 102.9 & 103.45 movements as price targets.
Technical Analysis Comment: the RSI is mixed to bearish.

GBP / JPY intraday: consolidation.
Fulcrum (devaluation level): 128.35
We prefer: sales positions at 128.35 with enhanced price targets on 127.5 & 127.1.
Technical Analysis Alternative scenario: above 128.35, we expect further upside with 128.6 & 129.05 movements as price targets.

AUD / USD intraday: repentance.
Fulcrum (devaluation level): 0.99
We prefer: long positions over 0.99 with advanced course aims to 0.9985 & 1002.
Alternative scenario: below 0.99, we expect further downward movement of 0987 and 0.9855 as price targets.
Technical Analysis Comment: the RSI is mixed to bullish.

Cac 40 (May 12) in the course of the day: the downward movement is decisive.
Fulcrum (devaluation level): 3095
We prefer: short positions in 3080 with price targets at 2970 & 2950th
Alternative scenario: on 3095, we expect further upward movement of 3152 and 3198 as price targets.
Technical Analysis Comment: the upside potential is probably limited by the resistance at 3095th

Dax (Juni. 12) in the course of the day: the downward movement is decisive.
Fulcrum (devaluation level): 6491
We prefer: short positions in 6450 with price targets for 6299 and 6240th
Alternative scenario: on 6491, we expect further upward movement of 6593 and 6673 as price targets.
Technical Analysis Comment: although a continuation of the technical correction can not be excluded, should be limited in its extent.

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