Week of June 2, 2009

EURUSD has reached our target with yesterday’s 1.4245 high with the December 18, 2008 high of 1.4718 as the next objective. EURUSD’s short term rise from the May 28, 2009 low of 1.3792 remains active as ONLY a daily open and close below 1.4072 will complete this rise while yesterday’s 1.4245 high holds. As to the rise from the May 18, 2009 low of 1.3423, this wave remains active as ONLY a daily open and close below 1.3931 will complete this rise with prices then continuing to move lower within a 1.3737-1.3931 consolidation zone before another attempt to the upside.  For the session ahead, look to buy EURUSD ahead of 1.4072 for 1.4718 target.

GBPUSD has reached our 1.6084 and 1.6455 targets with 1.6711 and 1.6851 as the next objectives.  As to the intraday rise from yesterday’s 1.6182 6:00 GMT low, this rise remains active as ONLY a 1 hour open and close below 1.6377 will complete this rise with prices then continuing to move lower within a 1.6302-1.6377 consolidation zone before another attempt to the upside.  As to the short term rise from the May 28, 2009 low of 1.5852, this rise remains active as ONLY a daily open and close below 1.6251 will complete  this rise while yesterday’s 1.6497 high holds, as prices will then continue to move lower within a 1.6098-1.6251 consolidation zone before another attempt to the upside.  Fot the session ahead, look to buy GBPUSD within the 1.6302-1.6377 zone with stop loss below 1.6256 for 1.6711 as the next objective.