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Daily Recommended Trades

EURUSD, AUDUSD, EURCHF daily outlook − Friday 05.16.2008

Fri, May 16 2008, 06:32 GMT
by E-Forex Team

E-Forex


EURUSD

The Euro continues to look for direction into rangebound configuration. A break above 1.5595 preferably 1.5650 is needed to confirm a resume of the uptrend while the downside should extend below 1.5360 to re-establish bearish structure on short-term studies. Intra-day support is seen at 1.5435, 1.5400 and 1.5365 while resistance emerges at 1.5500 followed by 1.5545-50 and 1.5595. Current quote is 1.5477 @06:23 GMT

Support levels: 1.5435, 1.5400, 1.5360 and 1.5285
Resistance levels:  1.5500, 1.5545-50, 1.5595 and 1.5650.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : neutral

Yesterday recommended trade: small long in the 1.5515 on break of 1.5500, initial stop at 1.5480, objective at 1.5590. Adjust stop to breakeven on +30 pips if reached : 0 (closed at breakeven)

AUDUSD

The important resistance at 0.9450 is being tested at the time of this report and the upside seem favored now after the Aussie managed to recover its recent losses caused by the test of the key support at 0.9290. Strong selling zone is formed within the 0.9500-0.9540 range and should limit the upside for now. Intra-day support is noticed at 0.9420 backed by 0.9400 and 0.9350. Resistance is formed at 0.9500-05 and 0.9540. Current quote is 0.9442 @06:23 GMT

Support levels: 0.9420, 0.9400 and 0.9350.
Resistance levels: 0.9450, 0.9500-05, 0.9540.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

Yesterday recommended trade: stand aside

EURCHF

Current tight ranges of 60 points on yesterday and 20 points today suggest that a big move is due to emerge soon. The resistance at 1.6350 is still intact and a potential break will extend the gains towards 1.6400 where another set of solid resistance levels are seen. On the other side, good support is currently seen at 1.6280 backed by 1.6250 and 1.6210. Positive momentum on short-term studies is favoring a move higher towards 1.6400. Current quote is 1.6325 @06:23 GMT

Support levels: 1.6300, 1.6280, 1.6250, 1.6210 and 1.6185.
Resistance levels: 1.6350, 1.6380 and 1.6400.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

Yesterday recommended trade: stand aside

Published on  Fri, May 16 2008, 06:32 GMT

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