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April 23 market commentary and technical levels

Premium Market Reports by FXTechStrategy

April 23 market commentary and technical levels
Wednesday, April 23rd, 2008 @ 2:13 am by Setyo Wibowo

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

About Me My Articles

Wed, 23th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Euro made another all time high against Dollar yesterday, topped at 1.6019. The chase for 1.6250 area is now begins. My model is long, but CCI on the daily chart already in overbought area so watch out for downside correction move. Immediate support at 1.5950 followed by 1.5880. Initial resistance at 1.6080.

EURUSD Daily Supports and Resistances:

S1= 1.5881
S2= 1.5765
S3= 1.5696
R1= 1.6066
R2= 1.6135
R3= 1.6251

GBPUSD Outlook
Yesterday, GBPUSD recovered from correctional downside move on Monday. The pair moved in “perfect” trend line (see Chart #1). My model is long. CCI is about to cross 100 line up. Immediate support at 1.9915 followed by 1.9860. Initial resistance seen at 2.0050.

Chart #1

GBPUSD Daily Supports and Resistances:

S1= 1.9805
S2= 1.9649
S3= 1.9553
R1= 2.0057
R2= 2.0153
R3= 2.0309

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