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Daily Market Report 26-5-2016‏ by ORBEX

 

EUR/USD

  EUR/USD

1.1190

As we advised yesterday, market managed to hold support 1.1110-30 while managed to rebound so far toward 1.1192

market still facing resistance at 1.1190 and 1.1245 where as long as market holding below 1.1245 another drop correction will be expected toward 1.1150-70 zone

above 1.1245 market will set new target toward 1.1340

below 1.1050 market may enter new downtrend wave which will target 1.0825-50 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1.1110-30 1.1190
  LEVEL2 1.1050-60 1.1245
  LEVEL3 1.0900 1.1345
 
   
 
 
 
 

GBP/USD

  GBP/USD

1.4705

Market managed to sustain advance toward our target 1.4720-40 zone

market facing support levels at 1.4660 and 1.4600 where as long as market holding above one of those support the chance for more advance toward 1.4800-50 zone will be available

below 1.4575 market may enter new drop wave that may target 1.4330-70 over short-run
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1.4660 1.4770
  LEVEL2 1.4570-99 1.4820-50
  LEVEL3 1.4525 1.4915
 
   
 
 
 
 

USD/JPY

  USD/JPY

110.00

As we see over our previous chart, we advised market for another dip toward 109.50 before uptrend back to control market, while USD/JPY managed today to obtain that drop toward 109.40 before rebound above 110.00 again

above 110.60 we will expect farther advance toward 111.50-85 zone , while below 109.10 expect farther drop toward 108.20 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 109.10-20 110.60
  LEVEL2 108.20-40 111.55-85
  LEVEL3 107.40-50 112.50
 
   
 
 
 
 

Crude Oil

  Oil 6N - new contract

49.80

As we see over our previous chart, market managed to head for drop correction toward 48.65 while we advised before that as long as market holding above 48.40 the uptrend wave will sustain toward 50.50-90 zone

below 48.40 expect farther drop toward support zone 47.20-40
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 48.40 50.50-90
  LEVEL2 47.25 52.00
  LEVEL3 45.50 53.95
 
   
 
 
 
 

GOLD

  Gold

1229

As we mentioned yesterday 'market managed to break below support 1238-40 2 days ago which triggered farther drop movement where market facing now support at 1218-20 zone which may give the market chance a rebound correction toward 1230-35 before downtrend resume'

market managed to move along with our expectations where managed to head for rebound correction from 1218 toward 1234 so far

as long as market holding below 1235 the downtrend pressure will sustain, while above 1235 market will have chance for farther advance toward 1250-55 zone where downtrend pressure will back again to affect market with resistance level at 1262

below 1218 market will add more sign of continues drop toward 1209 and 1192 zone

in general zone of 1192 - 1209 will consider as support zone which may hit the market for rebound correction so nee to watch carefully
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1218 1235
  LEVEL2 1209 1262
  LEVEL3 1192 1285
 
   
 
 
 
 

Dow Jones

  US30 Dow-Jones

17875


Market managed to sustain advanced as we advised before where Dow facing now 17935-55 resistance zone

as long as market holding below 17935-55 we will expect another drop wave toward 17540 zone before uptrend continue toward 18000-75 zone

while above 17955 market may sustain advance toward 18075 without any drop correction movement
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 17740 17935-55
  LEVEL2 17630-50 18075
  LEVEL3 17480 18170
 

Source: www.orbex.com

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