Daily Recommended Trades

EURUSD, AUDUSD, EURCHF daily outlook − Wednesday 05.14.2008

Wed, May 14 2008, 06:29 GMT
by E-Forex Team

E-Forex


EURUSD

Yesterday's pullback into the mid 1.54 zone suggests that more rangebound action is likely to be seen into the 1.5450-1.5550 zone. Downside risk remains high since the dollar bulls are back and only above the 1.5595-1.5650 resistance levels would signal a resume of the uptrend. Intra-day support is seen at 1.5435 but it seem fragile and may accelerate a decline towards 1.5350-60 if broken. Below 1.5360, key support is also seen at 1.5285. On the upside, resistance is now seen at 1.5485-00 then higher at 1.5570, 1.5595 and 1.5650. Current quote is 1.5466 @06:25 GMT

Support levels: 1.5435, 1.5360 and 1.5285
Resistance levels:  1.5485, 1.5500, 1.5570, 1.5595 and 1.5650.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : slightly bearish

Yesterday recommended trade: small long at 1.5585 on break of 1.5570, stop at 1.5545, objective at 1.5635 : 0 pips (entry not reached)

AUDUSD

The Aussie has failed to hold above the 0.9450 support and declined below 0.9400. At this point it seem to be aiming towards the important support at 0.9350 but downside should be limited into the 0.9290-0.9350 range for now. The daily charts are slightly bearish and a close above 0.9425-50 is needed in order to rebuild momentum and bring the 0.95 zone back into our attention. Interim resistance is seen at 0.9425 while support is clustered below 0.9350 to 0.9290. Current quote is 0.9384 @06:25 GMT

Support levels: 0.9350, 0.9290 and 0.9250.
Resistance levels:  0.9425, 0.9450, 0.9500-05 and 0.9540.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bearish

Yesterday recommended trade: Long at 0.9480, stop at 0.9450, first objective at 0.9515, second objective at 0.9545 0 (entry not reached)

EURCHF

The previous fib resistance at 1.6235 has been broken as we expected but the 1.6300 level still provides a decent resistance. A full breach would bring the previous week's highs into the 1.6340-50 area in our attention. Both intraday and daily studies are bullish and 1.6250 should provide a stable support for now. Current quote is 1.6288 @06:25 GMT

Support levels: 1.6266, 1.6250, 1.6200 and 1.6185.
Resistance levels: 1.6305, 1.6345-50 and 1.6400.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

Yesterday recommended trade: Long at 1.6250 on break of 1.6235, stop at 1.6215, objective at 1.6300 : +50 pips

Published on  Wed, May 14 2008, 06:30 GMT

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