Daily Recommended Trades

EURUSD, AUDUSD, EURCHF daily outlook − Tuesday 05.13.2008

Tue, May 13 2008, 06:09 GMT
by E-Forex Team

E-Forex


EURUSD

Positive momentum starts developing on the daily studies as yesterday's break through the 1.5490-1.5515 resistance zone suggests that a mid-term bottom may be formed at 1.5285. Although the daily studies seem to favor a climb higher towards the 1.58-1.6 zone, the Euro has to confirm the resume of the uptrend by breaking the 1.5650 resistance. Solid resistance is also seen at 1.5595. On the downside, below 1.5425 would cancel short term bullish sentiment. Current quote is 1.5541 @06:05 GMT

Support levels: 1.5500, 1.5485, 1.5425, 1.5365 and 1.5285
Resistance levels:  1.5570, 1.5595, 1.5650 and 1.5700.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : bullish

AUDUSD

The Aussie trades comfortably above the 0.9450 support (previous resistance), not far away from the recent highs into the 0.95 zone. Key resistance is formed at 0.9505 and 0.9540 and a test may occur during the next sessions if the first support lines remain intact. Intra-day support starts at 0.9450 backed by 0.9430, 0.9415, 0.9380 and 0.9350. Current quote is 0.9460 @06:05 GMT

Support levels: 0.9450, 0.9430, 0.9415, 0.9380 and 0.9350.
Resistance levels:  0.9475, 0.9500-05 and 0.9540.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Important resistance at 1.6235 formed by the 61.8% retracement of the 1.6340-1.6065 has temporarily paused the rally but on a potential break, the gains will extend towards 1.6350 and above to 1.6400-50 where mid-term resistance is formed. The upside seem favored for more gains. Current quote is 1.6217 @06:05 GMT

Support levels: 1.6185, 1.6150, 1.6100, 1.6066 and 1.6025.
Resistance levels: 1.6235, 1.6300 and 1.6350.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

Published on  Tue, May 13 2008, 06:10 GMT

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