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FX Thoughts for the Day
Wed, Oct 15 2008, 12:06 GMT
by Kshitij Consultancy Service Team
EURO, JAP YEN and EURO-YEN
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R: 1.1400-20 / 1.1460 / 1.1500 / 1.1600
S: 1.1350-25 / 1.1300 / 1.1270-50 / 1.1200
Once again the pair was unable to rise beyond 1.14 and has slipped to a low of 1.1315 after facing resistance. However, 1.1315 happens to be the 13-SMA on the daily chart and is holding as Support for over a considerable period.
For now, it is difficult to formulate a target for the pair, as it could remain directionless and ranged within 1.1100-1.1500. Immediate Support is seen at 1.1315-00 and then at 1.1250, with Resistance at 1.1400 and 1.1450.
GBP-USD @ 1.7538/42... Could test 1.77
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R: 1.7600 / 1.7650 / 1.7700 / 1.7770
S: 1.7500 / 1.7450 / 1.7400 / 1.7350
The pair has been rising steadily since the morning and could rise towards 1.77 over the course of the day ahead.
For now, it could face Resistance at 1.7620-35 and once above it, at 1.7725, which happens to be the 50% retracement of the fall from 1.8671 (25-Sep) to 1.6779 (10-Oct). The pair might not see further rise from thereon as the Projected Max High also provides Resistance in the region. On the downside there is Support seen at 1.7500 and at 1.7450 however.
Holding:
Long GBP 10K at 1.7542, SL 1.7360 (from Open earlier), TP 1.7700
AUD-USD @ 0.7010/14... Could rise higher
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R: 0.7060-50 / 0.7125 / 0.7235-50
S: 0.7000 / 0.6960-50 / 0.6877-50 / 0.6800 / 0.6770
The pair did face Resistance at 0.700 for a good part during the day. However, a break above has been seen already and the day ahead could see a further rally from here towards 0.71 and then possibly towards 0.7267 over the course of the week.
For now, the Support at 0.7000 is important and as long as it holds a further rise could be played for.
Happy Trading!
Published on Wed, Oct 15 2008, 12:07 GMT
Archive
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Published On Fri, Jul 3 2009, 12:23 GMT - FX Thoughts for the Day
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Kshitij Consultancy Service
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Legal disclaimer and risk disclosure
These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsibly for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.Related reports
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