EUR/USD
Time: 00.30 Rate: 1.4827
Strategy: short
Daily time frame
The price broke out the level of 1.49 and returned to the ranging areas when the price leaves a long shadow above it. We believe that the price will go bellow the level of 1.4750, and the breakdown of the level of 1.4750, will lead the price to the level of 1.4640, retracement of 38.2% of the last continuous upward movement. (Broken black)
As can be seen by the graph bellow:
4 hour time frame
Potential trade
Short
Enter: 1.4760
Stop: 1.4890
First target: 1.4620
Second target: 1.4530
As can be seen by the graph bellow:
USD/CAD
Time: 00.40 Rate: 0.9591
Strategy: long
Daily time frame
The price created a double bottom in the level of 0.9450 and broke out the resistance level of 0.9580. We believe that the next target is the level of 0.9720 which is also used as a harmonious target pattern which is called “the wave wolf pattern”.
As can be seen by the graph bellow:
4 hour time frame
Potential trade
Long
Enter: 0.9608
Stop: 0.9500
First target: 0.6500
Second Target: 0.9720
As can be seen by the graph bellow:
Important news for the 05.05.2011 (GMT)
Time: 09:30 GBP- Services PMI
Time: 12:00 GBP- Official bank rate
Time: 12:45 EUR- Minimum bid rate
Time: 13:30 CAD-Building permits m/m
Time: 13:30 EUR- ECB press conference
Time: 13:30 USD- Unemployment claims
Time: 14:30 USD- Fed chairman Bernanke speaks
Time: 15:00 CAD- Ivey PMI
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