Weekly Reports AUD, EUR, GBP 2 MAY 09

AUD Monthly and Weekly

AUD heading back into the Yearly balance point @ 76 cents

However, I would still like to see AUD find test support in 1 out of the 4 weeks in MAY around the MAY 50% level.

This will verify support and then continue upwards.

Because at this stage I would treat AUD as more up and down trading weeks:- Short resistance and BUY support.

Resistance next Week's Weekly highs

Euro Monthly and Weekly

Of all the things that I keep track of in all my reports the Euro is the only one that is trading below the Quarterly 50% levels.

Even after last Week's up move Friday still couldn't close above it.

The monthly balance point like in most markets pushed prices higher. A perfect example is in the OIL report.

I don't have a view on the Euro, as it struggles to move higher.

It could even dip back into the MAY 50% level early next week.

Euro 5-day pattern

Even though the BUY set-up didn't come around early in the Week, the Euro should have continued higher on Thursday from the 5-day 50% level and continued higher up on Friday.

Because it didn't, we simply have to trade on the side of the levels either way.

especially 1.3300 on Monday

GBP Monthly and Weekly

GBP heading back into the Yearly balance point @ 1.6165 +

However, I would still like to see GBP find test support in 1 out of the 4 weeks in MAY around the MAY 50% level.

This will verify support and then continue upwards.

Even though April has found support above the 50% levels, I would like to confirm support with single monthly pivot lows at the same time.

And then hopefully continue up in the 3rd Quarter.

Because at this stage I would treat GBP as more up and down trading weeks:- Short resistance and BUY support.

Resistance next Week's Weekly highs