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Main » Articles » Currency trading

Daily Technical Outlook
by E-Forex Team

E-Forex


EURUSD

Euro's recovery against the US dollar on yesterday fails to suggest much and a clear breach above 1.4045/50 is required to signal a resume of the uptrend. Current pullback to 1.3970 at the time of this writing seem corrective and support at 1.3950 or lower, at 1.3900/25 should hold in order to continue developing the bullish structure. Intra-day sentiment is negative and a breach above first resistance on the 1.4000 mark would turn the hourly momentum positive. On a short-term basis, upside is expected to remain slightly favored - as long as the euro holds gains above 1.3900. Below that, first bearish objective resides at 1.3830. Current quote is 1.3965 @06:05 GMT

Support levels: 1.3925/50, 1.3880/00, 1.3830 and 1.3730/50
Resistance levels: 1.4000, 1.4030/50 and 1.4100
Market sentiment: long-term : bearish, mid-term : bullish, short-term : slightly bearish

AUDUSD

The Aussie dollar failed to recover much on yesterday but trades steady near the .7800 mark. Short-term sentiment remains slightly bearish although current downtrend move is probably corrective. Upside barriers are seen at .7880/00 followed by .7950/60. Downside pressure is likely to remain high and keep the pair into a 'sell the rallies' stance, as long as it holds below .7950. Above that, the Aussie should get another chance on aiming the .8100 key resistance formed by the upper limit of the current downtrend channel formed on the daily charts. Current quote is .7811 @06:05 GMT

Support levels: .7750/60, .7700/20 and .7625/50
Resistance levels: .7830, .7880/00, .7915 and .7950/60
Market sentiment: long-term : bearish, mid-term : bullish, short-term : slightly bearish

EURCHF

Not much has changed since yesterday, the pair being supported by 1.5100. Below 1.5100, extended losses may reach 1.5050. On the upside, resistance starts at 1.5150 followed by 1.5200 and 1.5235/50. Short term sentiment remains bearish and a breach above 1.5235/50 is needed to resume uptrend. The daily range remains very low - around 60 points / day. Current quote is 1.5132 @06:05 GMT

Support levels: 1.5100, 1.5050 and 1.5000/10
Resistance levels: 1.5150, 1.5200 and 1.5235/50
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bearish

Category: Currency trading | Added by: forex-market (2009-07-10)
Views: 395
Total comments: 0
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