Currency Daily Update 2011-05-03

EUR/USD

Weekly : Bullish + Strong
Daily : Bullish + Strong
4H : Bullish + Flat Range since April 28, 2011.
1H : Neutral, Retracement is progress. Kumo as support.
Trade Idea: Enter long at 4H when EU close above 1.4900 with SL at 1.4820. Enter short when EU close below 1.4750. Current price at 1.4874.

GBP/USD

Weekly : Bullish + Strong
Daily : Bullish + Retrace. Support at 1.6823
4H : Bullish + Weak. GU touched Kumo and bounce back and may want to test Resistance level at 1.6423 again.
1H : Bearish + Retracement is progress. GU currently below Kumo, 
Trade Idea : Enter short when GU close below 1.6423 and SL at 1.6590 or enter short when GU create a lower high at 4H TF. Current price at 1.6531.

GBP/JPY

Weekly : Neutral
Daily : Bullish + Weak. Previous support at 135.46 broken.
4H : Bearish + Strong. Retracement in progress. GJ below Kumo, TS and KS.
1H : Bearish + Retracement in progress. GJ above Kumo. KS react as Resistance (134.35).
Trade Idea : Wait for retracement to complete at TF1H. Enter short GJ close below TS with SL above KS (134.35). Current price at 133.78.

USJ/JPY
Weekly : Bearish + Weak. Support at 80.00
Daily : Neutral + Sideway. Testing Support at 81.15.
4H : Bearish + Strong. Testing Support at 80.00.
1H : Bearish + Strong. Double bottom fail to materialize.
Trade Idea : Wait for bearish retracement somewhere at Kumo 4H TF (81.76) before go for short . SL when price close above 82.26. Current price at 80.93.

EUR/JPY
Weekly : Neutral.
Daily : Bullish + Retracement. Triangle pattern in progress.
4H : Bullish + Weak + Flat. Support at 118.90.
1H : Bearish + Weak. EJ currently pullback from reaching Kumo. Kumo as Resistance at 120.70. 
Trade Idea : As EJ pullback from Kumo. Enter short at 1H TF when candle close lower. SL at 120.70. Possible target profit (TP) at 119.15. Current price at 120.23.

Happy trading to all.