Daily Recommended Trades

EURUSD, AUDUSD, EURCHF daily outlook − Monday 05.12.2008

Mon, May 12 2008, 06:14 GMT
by E-Forex Team

E-Forex


EURUSD

Not much happened on Friday as the EURUSD remained trapped inside the 1.5420-1.5490 range. The Euro has failed to climb past the 1.5500 level although the dollar has been weak across the board and the surging oil price was favoring such a move. The Asian session's decline below the intra-day support formed into the 1.5430-40 zone suggest that we may be heading towards the support zone of 1.5365-1.5385. On the upside, the Euro has to break past 1.5500 then 1.5600 higher in order to confirm that a bottom has been formed and the uptrend will resume. Else, downside may bring the lows at 1.5285 and the fibonacci level of 1.5225 on focus. Current quote is 1.5403 @06:04 GMT

Support levels: 1.5400, 1.5385, 1.5365, 1.5280-85, 1.5225.
Resistance levels:  1.5430, 1.5490, 1.5515 and 1.5590.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : bearish

AUDUSD

It's been hard to break above the 0.9450-0.9500 range but even harder to break below 0.9350. Decent support is formed by daily lows and fib levels at 0.9350 and lower at 0.9285. Current fall below 0.9400 seem corrective and uptrend will resume on break above 0.9420. More downside is likely to be seen especially if 0.9350 breaks. On a short-term basis, sentiment is slightly bearish but strong support is clustered into the 0.9285-0.9350 zone and should limit the downside for now. Current quote is 0.9371 @06:04 GMT

Support levels: 0.9350, 0.9335, 0.9300 and 0.9285.
Resistance levels:  0.9415, 0.9450, 0.9500-05 and 0.9540.

Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish

EURCHF

Interim support has been found at 1.6100 after the strong decline from 1.6345. While the support at 1.6100 remains intact, the Eur may regain some lost ground and push higher towards the 1.6185 resistance then 1.6200-08. A break above 1.6200-1.6250 is needed to resume uptrend and confirm that the decline to 1.6100 is corrective. Short term sentiment is bullish. Current quote is 1.6136 @06:04 GMT

Support levels: 1.6100, 1.6066, 1.6025.
Resistance levels: 1.6170, 1.6200, 1.6250.

Published on  Mon, May 12 2008, 06:15 GMT

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