Pair is facing right now, what we can consider an inflexion point: the 38.2% of the upside daily rally from 93.54 to 101.44. Daily charts show correction extends almost to the 76.4% of the mentioned rally, before regaining the upside, with a clear reversal hammer at the bottom from past Wednesday. Long term perspective will confirm bullish once the pair manages to close a daily candle above the 98.45 zone. Next resistances will came at 98.90 and 99.20 ahead of the 99.60 zone. Failure to break today, while remaining above the 98.00 level supports the view. Pair must break under 97.55 to regain the downside, and does not seem likely at this point.
Upside bias is also supported by the break of the descendant channel, of around 180 pips height that sets a probable target for the formation around the 99.00 area.

Here is the link to the majors technical hourly report:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-04-30.v03.html

Majors have align and dollar is leading the way, with Europeans loosing ground quickly, and Japanese yen about to break the key 98.45 zone, where we have a big daily Fibo. Euro is about to test the 1.3200 zone, while Gbp already lost 150 pips from today’s low and reached the 38.2% of the last upleg from 1.4514 to 1.4947. If Euro and Gbp break under these levels, downside correction could extend further. 

Here is the majors sentiment for today:

Eur/Usd: Bullish

Gbp/Usd: Bullish

Usd/Chf: Bearish

Usd/Jpy: Bullish

Eur/Gbp: Neutral

Hi everybody, and welcome back. Risk appetite continued rising in Asia and Europe, with Gbp and Euro rising above yesterday’s highs, and  yen falling against major rivals. Nikkei close to the upside more than a 2 per cent, European stocks are up, and Wall Street futures are also rising. Europeans are correcting now, and seems corrrection would extend a bit further, due to the over bought state, and not because a trend change. We have some data to take care of the U.S. today, so here is the link to today’s calendar

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day!

First couple of minutes reaction favor greenback all across the board. All majors, including sleepy japanese yen are falling quicky and Japanese yen broke above the roof of the descednant channel and continues pushing higher. Things could change a lot if the pair manages to close above this zone. 200 EMA is offering some resistance here, but pair woke up and next important resistance zone here will come at 88.40/60 zone.

Europeans are just correcting the two days rally, and seem ready to continue falling.

Times of joy could last just one more hour, or extend the next couple of days: majors are up, stocks are up, could FOMC statement keep investors happy? we have to wait and see, i don’t dare to say that much. One thing we could say: Euro broke above the descendant trend line and remains comfortable above, maybe a bit exhausted maybe a small correction, nothing serious till now. Gbp test the 1.4810 and is also correcting a bit. in fact 3 European majors, including Swiss Franc seem to need a correction after past two days run. The extension of that corrections, will depend on stocks reaction to FOMC minutes. Japanese Yen has spent all day long around the 97.00 level against dollar, yet the rest of yen crosses are up with no signs of giving back ground. I will be here waiting for the FOMC and post first reactions.

EUR/USD Current price: 1.3241
First signs of exhaustion in the hourly chart are weighting in the pair, despite bigger charts remain bullish. The pair reached the 14.6% of the last up leg, so probably under 1.3230 corrections could extend to the 1.3300 zone. Pair failed to reach the strong descendant trend line around 1.3310, yet as long as remains around here, probabilities still favor the upside. Volume is high at this time, and probably increasing in the next couple of hours.
Support levels: 1.3230 1.3200 1.3160
Resistance levels: 1.3275 1.3310 1.3340
GBP/USD Current price: 1.4705
Also correcting to the downside, the pair is right now fighting a descendant trend line coming from yesterday’s low. Indicators are giving bearish signs with CCI cutting the 0.00 line and momentum pointing down. New candle opening under the trend line, could extend the downside correction to the 1.4660 zone.
Support levels: 1.4660 1.4610 1.4572
Resistance levels: 1.4740 1.4794 1.4830

 More majors, and charts, can be seen following next link:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-04-29.v03.html

Wall Street continues rising despite poor GDP now up more than 100 points since opening  and above yesterday’s high. Gbp continues up, but Euro is exhausted, and can’t break above the 1.3260 for now. Japanese yen, is hovering around the 96.90 zone, with no much aims to define yet. Market could well wait for the FOMC to regain momentum.

 U.S. Advance GDP for the first quarter of the year came out  -6.1% form a forecast of -4.8% and a previous reading of -6.3%, falling much more than expected and dragging Wall Street futures down. GDP Price Index rose 2.9%, better than the expected 1.8% previous 0.5%. Dollar is holding at the time, let’s see how stocks react better than dollar itself.