Support/Resistance of the Day - EUR/USD (9 June 2011)

H4 Chart

R3 1.4742
R2 1.4693
R1 1.4662
Pivot 1.4613
S1 1.4564
S2 1.4533
S3 1.4484

Current EU price is about to break the channel, however, it met a stong support line at pivot level and the price rebounce before it could reach R1 level. Guess breaking through this pivot level will not be easy and most likely it will back to the channel and moving up in cycle and slowly.

Support/Resistance of the Day - GBP/USD (9 June 2011)

H4 Chart

R3 1.6503
R2 1.6463
R1 1.6439
Pivot 1.6400
S1 1.6360
S2 1.6336
S3 1.6297

Good to see that GU still moving in the channel, scapling definitely will bring you good profit. Still simple rule, short at top channel line; long at bottom channel line. Meanwhile, keep an eye if the price break any of this channel line for the big trend.

Support/Resistance of the Day - Gold (9 June 2011)

H4 Chart

R3 1553.83
R2 1547.99
R1 1544.38
Pivot 1538.53
S1 1532.69
S2 1529.08
S3 1523.23

Red Alert..!! Gold price broke the last trendline..!! However, it is at sideway movement again, gold price is holding strong by S1 level. It doesn't matter actually, I am waiting gold to break either pivot level or S1 level, i guess you know what i mean. If we have chance to long gold, the yellow trendline will be the take profit level; if we have chance to short gold, S2 or S3 will be the take profit level.

Support/Resistance of the Day - EUR/USD (8 June 2011)

H4 Chart

R3 1.4781
R2 1.4731
R1 1.4700
Pivot 1.4649
S1 1.4599
S2 1.4568
S3 1.4517

The beauty of EU is sometime we can see the trend clearly. We can see the channel that form along the movement of EU, we know tha EU will move along the channel . When it rouch bottom line, it will be a chance to long EU; if it touch the top of channel, it will be a chance to short EU. That's easy.

Support/Resistance of the Day - GBP/USD (8 June 2011)

H4 Chart

R3 1.6561
R2 1.6505
R1 1.6470
Pivot 1.6414
S1 1.6358
S2 1.6323
S3 1.6267

GU is playing around the support trendline in between R1 and S2 level. This happened might due to uncertainy on both GBP and USD and rarely we can see the MACD show no up or downtrend. GU is going sideway, there is one possibility that we should take caution, once the sideway movment broken, a big trend, either up or down might be created. the longer period of this sideway, the bigger movement in the future trend.

Support/Resistance of the Day - Gold (8 June 2011)

H4 Chart

R3 1557.23

R2 1552.04
R1 1548.83
Pivot 1543.63
S1 1538.44
S2 1535.23
S3 1530.03

Gold fall to lowest price since last week, the last support trendline seem failed to hold the gold price, S3 level will be the last support for gold. According MACD, selling power is strong, however there are still some buyback power to support gold price when we look at the candlestick. Let gold price to make a few more test on the support line, trend of gold will be known soon.

Support/Resistance of the Day - EUR/USD (7 June 2011)

H4 Chart

R3 1.4696

R2 1.4657
R1 1.4634
Pivot 1.4596
S1 1.4557
S2 1.4534
S3 1.4496

As usual, EU is moving with its trend slowly ans steadily. Current EU is in uptrend and haven't meet any strong resistance line yet. I will expect EU to challenge the blue trendline again before it change the trend. Yellow trendline will be a strong support for current EU price.

Support/Resistance of the Day - GBP/USD (7 June 2011)

H4 Chart

R3 1.6503
R2 1.6458
R1 1.6430
Pivot 1.6384
S1 1.6339
S2 1.6311
S3 1.6265

In just 24 hours, GU fall beyond the support line for about 50pips and it able to be pulled back to above supprt trendline level and back to R1 and R2 level. This is power of GU, it you are good scalping trader, you should get good profit today. =)

However, when we check H4 chart, the trend of GU is still uncertainy, the yellow trendline is still the guideline to determinelong or short GU. Patient needed.

Support/Resistance of the Day - Gold (7 June 2011)

H1 Chart

R3 1559.30
R2 1554.41
R1 1551.39
Pivot 1546.50
S1 1541.61
S2 1538.59
S3 1533.70

Good news. Gold pric e already touch the purple support trendline, MACD also show uptrend signal, gold already done its correction period and it will be continue its uptrend and target take profit at R2 or R3 level. Get a right position to long old.

Support/Resistance of the Day - EUR/USD (6 June 2011)

H4 Chart

R3 1.4767
R2 1.4694
R1 1.4649
Pivot 1.4576
S1 1.4503
S2 1.4458
S3 1.4385

I guess EU also take the advantages when USD become weak, buy power of EU is strong and caused EU raise up more than 100 pips today. However, the uptrend of EU is slow down when i meet resistance line at R1 level and also the trendline that formed as flag before. MACD show the uptrend is still exist, EU might go to R2 level before changes of the trend.

Support/Resistance of the Day - GBP/USD (6 June 2011)

H4 Chart

R3 1.6534
R2 1.6476
R1 1.6440
Pivot 1.6382
S1 1.6324
S2 1.6288
S3 1.6230

GU fall beyond support trendline (yellow) once but pull back to above same support level and not going to test this support line again. Due to the negative USD news on last Friday, GU might get more sterngth for this week and it might go to test R2 or R3 level after rebounce from the trendline. However, wait for the confirmed trend after it touch the trendline before enter any trade.

Support/Resistance of the Day - Gold (6 June 2011)

H4 Chart

R3 1560.17
R2 1551.61
R1 1546.32
Pivot 1537.77
S1 1529.21
S2 1523.92
S3 1515.37

Due to negative results of the USD news on last friday, as expectedly Gold become people favourate again to hedge USD and the price is supported by the trendline at S2 level and rebounce back to uptrend. Gold price raise up for about $20 untill R1 level. The effect fomr the news should just started and i will wanted to see gold price will fall to the purple trendline as correction and go back to uptrend until R 2 or R3 level. Its time to long gold..!!!

Support/Resistance of the Day - GBP/USD (3 June 2011)

H4 Chart

R3 1.6477
R2 1.6434
R1 1.6407
Pivot 1.6364
S1 1.6321
S2 1.6294
S3 1.6251

USD is covered by a lots negative news and weaken USD. However, EUR also not doing well because of the debt. I am using the same chart as yesterday, except with updated GU price, GU is moving sideway along pivot level but it reach the support trendline a few times but cou;dn't break it. We also can see strong support of GU when the candlestick have strong pull back (long shadow ) everytime after it touch the support line. Will GU break the downtrend successfully? only time will determine. since current GU price is close to the trendline, entry point might appear anytime.

Support/Resistance of the Day - EUR/USD (3 June 2011)

H4 Chart

R3 1.4642
R2 1.4563
R1 1.4515
Pivot 1.4436
S1 1.4357
S2 1.4309
S3 1.4230

Hope the trendline will not confuse you. As we can seen, EU broke the blue flag last 2 days ago, but now it climbing up along the yellow trendline again. This show a uptrend of EU with support line along the yellow trendline and will meet resistance line at the bottom line of flag. We can long EU and take profit at R2 level, if you could get a good entry point.

Support/Resistance of the Day - Gold (3 June 2011)

H4 Chart

R3 1557.67
R2 1548.15
R1 1542.28
Pivot 1532.77
S1 1523.25
S2 1517.38
S3 1507.87

Gold become volatile nowadays,we can see gold price drop for $20-30 yesterday a just a few hours abd pull back to the current pivot level. We should change our mind and maybe our trading strategic, although gold is still going a mega uptrend, but the gold prive move up and down more actively and we will be get hurt easily if we do not pay a lot attention on the gold downtrend, it not simply a correction anymore. Before that i think that short gold is riskym but now is time to review our trading staregic.

Support/Resistance of the Day - GBP/USD (2 June 2011)

H4 Chart

R3 1.6551
R2 1.6488
R1 1.6449
Pivot 1.6386
S1 1.6323
S2 1.6284
S3 1.6221

Alright, GU broke the support line and fall about 100 pips yesterday, did you catch up some profit?
After the fall i drawn a new support line (yellow) which will be our next guideline to determine the trend of GU. Currently GU unable to pass through pivot level pull back with a strong selling power after it reached high price of 1.6417. We should can see GU price fall back to the support trendline level and MACD show the begining of the downtrend.

Support/Resistance of the Day - EUR/USD (2 June 2011)

H4 Chart

R3 1.4506
R2 1.4453
R1 1.4421
Pivot 1.4368
S1 1.4315
S2 1.4283
S3 1.4230

EU broke the up flag yesterday but not it rebound back to R2 level and met the projected downward trendline from previous high price. EU is facing a stong resistance level from the up glaf and R2 level and the last candle show retrace of EU price after it broke R2 level. MACD show uptrend of the chart, EU will continue test out this level to reach R3 level. It it could broke R3 level, most likely EU will experience another uptrend.

Support/Resistance of the Day - Gold (2 June 2011)

H1 Chart

R3 1561.07
R2 1553.08
R1 1548.15
Pivot 1540.17
S1 1532.18
S2 1527.25
S3 1519.27

Gold price had a jump yesterday that broke the yellow trendline and approaching high price of 1550.70, however, sudden jump of price always followed by quick fall and gold price back to it previous level around current pivot level. Now gold price is moving under the trendline and trying hard to break it to climb back to the high level. It is good to see that gold price keep trying to break the resistance trendline and pivot level will be a strong support for gold to resist gold price to fall untill purple trendline that shown above.

Support/Resistance of the Day - EUR/USD (1 June 2011)

H1 Chart

R3 1.4352
R2 1.4327
R1 1.4312
Pivot 1.4286
S1 1.4261
S2 1.4246
S3 1.4220

EU is testing the bottom level of the channel, it seem broke the bottom support trendline and unable to break the resistance line at R1 level. MACD also show low strength of EU. Waek euro help USD to gain some strength in this currency pairs. Buy and sell power is about same and EU might go sideway untill one of these side win out.

Support/Resistance of the Day - GBP/USD (1 June 2011)

H4 Chart

R3 1.6594
R2 1.6547
R1 1.6518
Pivot 1.6471
S1 1.6424
S2 1.6395
S3 1.6348

GU broke the support trendline. It is not surprise because strong uptrend (45 degree uptrend last few days) will followed by a downtrend, it might be a short correction period or long fall of GU. Candlestick with long shadow and also MACD also show downtrend of GU. We can expect GU to fall untill at least S3 level.

Support/Resistance of the Day - Gold (1 June 2011)

H1 Chart

R3 1544.87
R2 1541.62
R1 1539.61
Pivot 1536.37
S1 1533.12
S2 1531.11
S3 1527.87

Again, gold broke another support trendline and approaching another support trendline that i drawn about 2 weeks ago (purple line). Since gold is weak since last week, i will expect that gold price will fall untill this level by the end of this week before it have chance to get back to uptrend. After it touch this support level, gold price need to be observe again. Seem like gold becmoe more volatile since last dramatis fall.

Support/Resistance of the Day - EUR/USD (31 May 2011)

H1 Chart

R3 1.4352
R2 1.4327
R1 1.4312
Pivot 1.4286
S1 1.4261
S2 1.4246
S3 1.4220

EU price broke the previous strong resistance level (3 arrows as drawn in the chart above). However, i still do not look this is a strong signal for long EU. Most likely EU will rebounced back to R3 level before it could move forward. The trendline i drawn (blue lines) also show that EU met a resistance line at the top of flag. Wait EU to break this flag (either side of the trend lines) to determine long/short EU.

Support/Resistance of the Day - GBP/USD (31 May 2011)

H4 Chart

R3 1.6539
R2 1.6516
R1 1.6502
Pivot 1.6478
S1 1.6455
S2 1.6441
S3 1.6417

Disappointing USD news such as Pending Home Sales m/m, Pending Home Sales m/m etc gave a good chance for GBP to get some strength since last week. Again, GU is climbing up 45 degree until it meet R3 level today. MACD still showing som strength for GU to raise higher although the trend already slow down since last few hours ago. We can refer to the blue trendline for the movement of GU on today.

Support/Resistance of the Day - Gold (31 May 2011)

H1 Chart

R3 1542.47
R2 1540.59
R1 1539.44
Pivot Level 1537.57
S1 1535.69
S2 1534.54
S3 1532.67

Gold still going sideway since yesterday and it broke the bottom line of the flag. Gold rarely going long period of sideway like this and remain its price at around 1535.xx since last week. This is not a usual trend of gold, this make me think that, something big is going to happen?

Support/Resistance of the Day - GNP/USD (30 May2011)

H4 Chart

R3 1.6598
R2 1.6547
R1 1.6515
Pivot 1.6465
S1 1.6414
S2 1.6382
S3 1.6332

GU price is increasing 45 degree after it broke the top of flag and formed a head a shoulder chart pattern last week. The uptrend seem slow down today becaue it met a strong resistance line at R1 level and the price retrace backward after it touch this point. This is not a good chance to enter any trade right now untill it escape from R1 level (continue uptrend) or Pivot level (turn downtrend).

Support/Resistance of the Day - EUR/USD (30 May 2011)

H4 Chart

R3 1.4427
R2 1.4357
R1 1.4314
Pivot 1.4245
S1 1.4175
S2 1.4132
S3 1.4063

What do you see in the chart? I found this is third time EU reach this level (as pointed by red arrow) but result in a fall of price everytime it reached this level. This sign do not mean that EU going to fall soon yet, MACD still showing potential grow on the EU price. However, we should take more caution on this level.

Support/Resistane of the Day - Gold (30 May 2011)

H1 Chart

R3 1550.97
R2 1543.44
R1 1538.79
Pivot 1531.27
S1 1523.74
S2 1519.09
S3 1511.57

Since gold price broke the previous flag at the support line and and undergoing a small downtrend. Let's draw another flag (blue lines) on current gold movement. As what we seen, R1 level is very strong that stop gold from moving upward. We do not know yet either gold price will again break the support line of the flag, however, there are two options now, first is gold price break flag's support line again and going to another small downtrend; or gold price rebound at the bottom of flag and ready to break R1 and R2 level.

Gold price is getting closer to the support line now and we should can see the trend very soon.