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FX Thoughts for the day − Evening − 21−Nov−2006...1216 GMT

Tue, Nov 21 2006, 12:23 GMT
by Kshitij Consultancy Service Team

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EURO, JAP YEN and EURO-YEN
---------------------------
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register

Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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$-Swiss @ 1.2428/33…..Buy a dip
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R: 1.2450 / 1.2475 / 1.2502
S: 1.2400-2396 / 1.2364
$-Swiss has consolidated within a narrow range of 1.2450 and 1.2418 during the day. Intraday now there is an important Resistance at 1.2450. A move above that is required to trigger a rally towards 1.2475 and then towards 1.2502, the statistically projected Max High for the day. For today the Supports are at 1.2400-2396 and then at 1.2364, the statistically projected Max Low for the day.

In the bigger picture, there is very important Support in the 1.2390-50 region. While this holds, we may look for the market to trade sideways within 1.2370-2545 for the next few days, with a propensity to try and rise past 1.2540. A break below 1.2350 will require some strong catalyst. IN CASE a break materialises, we could see the market fall towards 1.22 in the weeks ahead. We may look to a buy a dip towards 1.2400-2380 over today-tomorrow.

Order:
Buy $25K at 1.2400, SL 1.2340, TP 1.2500
 
 Cable @ 1.8985/90….Bullish biased
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R: 1.9010 / 1.9040 / 1.9073
S: 1.8960 / 1.8932 / 1.8883
The Cable has moved slightly higher during the day but it continues to trade below its Resistance at 1.9010. Now a rise above that is required for an increase in upward momentum during the day. If so, then the pair would move towards 1.9040 and then at 1.9073, the statistically projected Max High for the day. On the downside the Supports are coming in at 1.8960 and then at 1.8932. The statistically projected Max Low for the day is at 1.8883. The bias for the day is bullish while the pair trades above 1.8932. A buy on a dip to 1.8930 is recommended with a Stop below 1.8880 as an intraday trade. Else, look to buy on a deeper fall to 1.8850. We elect to stay out.

 
 Aussie @ 0.7688/92…….Buy a Dip
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R: 0.7710 / 0.7729 / 0.7750
S: 0.7680 / 0.7660
The Aussie has continued to stay sideways near 0.7700-0.7690 during the day after testing 0.7710 yesterday. Now a move above that Resistance is required to inject fresh momentum in the pair. If that is crossed, there may be a rally towards 0.7729, the statistically projected Max High for the day. We continue to believe that there may be a test of 0.7750 sometime during the week. On the downside the Supports are coming in at 0.7680 and then at 0.7660, the statistically projected Max Low for the day.
IN CASE of a fall (closing) below 0.7660, chances of a rise past 0.7710 will reduce considerably and correspondingly the chances of a fall towards 0.7620 will increase

Order:
Buy AUD 20K @ 0.7670 (up from 0.7660), SL 0.7649 (up from 0.7639), TP 0.7725 (up from 0.7713)

Happy Trading!
 

Published on  Tue, Nov 21 2006, 12:26 GMT

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