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.