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Performance: EURUSD

Past Week: -0.41%

Past Month: +1:30%

Past Quarter: +0:01%

COMMODITY TECHNICAL

GOLD: Remains On The Offensive.

Gold (Futures) traded to a new year high on Thursday breaking through its Jan 30’08 high at $942.30 to close the week at $947.50.The current upsurge in price is coming on the back of a break out of a symmetrical triangle (weekly) in late December’07.With the metal now holding above its recent consolidation band between $888.50 and $942.30, further upside gains is likely with the next target seen at its big psycho resistance at $1000 followed by $1050.Longer term outlook as well as the daily studies remain supportive of this view.Alternatively,giving back its recent gains and pushing back below the mentioned band will suggest lower prices towards its Jan 15’08 high at $916 ahead of Feb 05’08 low at $888.50.On further weakness, its Jan 22’08 low at $849.50 which coincides with its Nov 07’07 high at $848 will be targeted. In Summary, the metal is now poised to challenge the $1000 level and possibly break through there in the days and weeks ahead.



DAILY TECHNICAL STRATEGIST 24-July-08 2:37 am EST Author: Mohammed Isah EURUSD: Nearer Term Downside Weakness Turns Focus To The Pair’s LT Rising Trendline. EURUSD: EUR followed through to the downside on its Tuesday losses breaking below its daily 200 ema to close at 1.5683 on Wednesday.The fact that momentum indicators and price action are pointing lower now suggest a trade towards its LT trendline currently residing at 1.5636 which within the vicinity of its .50 Ret (1.5302-1.6037 rally) at 1.5647.This zone is envisaged to provide a strong support and turn the pair higher again but if a failure of there occurs lower prices could be seen towards the 1.5610 level, its July 07’08 low and probably lower. On the upside, recoveries are expected to encounter resistance at the 1.5714 level, representing its daily 50 ema initially followed by the 1.5842 level, its Jun 09’08 high. Closing and maintaining above the latter should open up risk towards the 1.5945 level, its July 22’08 high with subsequent upside gains targeting the 1.6018/37 zone, its April 22’08/YTD highs and then the 1.6182 level, its 1.272 Fib Ext.On the whole, EUR remains under pressure nearer term but should turn higher again on ending that decline as this is corrective taking into consideration its medium and longer term outlooks. Support Comments 1.5647/36 .50 Ret (1.5302-1.6037 rally)/LT rising trendline 1.5610 July 07’08 low 1.5467 Jun 23’08 low Resistance Comments 1.5714 Daily 50 ema 1.5842 Jun 09’08 high 1.5947/45 July 11 & 22’08 highs 1.6018 YTD high WEEKLY TECHNICAL STRATEGIST 20-July-08 9:18 am EST Author: Mohammed Isah EURUSD: Retest Remains In The Offing While Trades Above The 1.5774 Level. EURUSD- Following its test of 1.6037 high and its subsequent decline sharply on Tuesday, EUR managed to trade and hold above key support at the 1.5774 level daily rising channel base) to close the week at 1.5847.With the pair still trading within the said rising channel and maintaining its pattern of higher highs and higher lows, upside risks are envisaged initially towards its July 03’07 high at 1.5908 with a break through there extending gains to the its April 22’08/YTD high at 1.6018/37 and probably higher. Weekly momentum indicators are positive supporting this view. Supports are seen at the 1.5774 level followed by the 1.5610 level, representing its July 07’08(coinciding with its LT rising trendline).Below there should push the pair further lower targeting its Jun 23’08 low at 1.5467 and then the 1.5302 level, its Jun 13’08 low. On the whole, EUR should head to the upside again on completing its current decline. Directional Bias: Nearer Term –Bearish Short Term –Bullish Medium Term –Bullish Performance in %: Past Week: -0.41% Past Month: +1.30% Past Quarter: +0.01% Weekly Range: High -1.6037 Low -1.5782 Click here to read the full contents COMMODITY TECHNICALS 16-Jun-08 7:59 am EST Author:Mohammed Isah CRUDE OIL: Maintains Its Bullish Structure. CRUDE OIL(Futures):Crude Oil Futures continue to exhibit more strength in both the medium and longer terms having put in a fifth quarter of upside gains with the present quarter(higher quarterly close at the end of Jun’08) making it the sixth one since it torched a low of $49.90 in Jan’07.Additionally,Crude futures is up for a second year in a row following a flat year(yearly chart) in 2006.As long as Crude continues to tread on the path of consolidation (after hitting a new year high of $139.15 on Jun 06’08) and remains confined to its daily rising channel while trading above its invalidated weekly rising channel, risk remains to the upside for the resumption of its medium and longer term uptrend now on hold. Support runs from the $130.80 level, its Jun 10’08, the $126.97 level, its May 13’08 high to its Jun 05’08 low at $121.60.A decline through the latter if seen will leave the $118.40 level, currently the location of its rising daily channel vulnerable. The weekly studies are overbought suggesting nearer to short term corrections. However, another attempt on the upside will encounter resistance residing at the $139.15 level, marking its YTD high. Beyond there will keep Crude futures focusing on its key psycho levels standing at $150.00 and 160.00.In summary, consolidation to pullbacks may continue to be seen in the nearer term but the overall bias(medium & longer terms) remains clearly to the upside. Redistribution, republication or copying of FXTechstrategy.com content is clearly prohibited without the prior written permission of FXTechstrategy.com .This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.

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