Daily Recommended Trades

EURUSD, AUDUSD, EURCHF daily outlook − Thursday 05.15.2008

Thu, May 15 2008, 06:05 GMT
by E-Forex Team

E-Forex


EURUSD

The dollar made some minor gains Vs EUR on yesterday but they were short-lived and the Euro recovered after testing support into the 1.5395-1.5420 zone. The short-term recovery has brought pressure on the 1.55 zone as the Euro is preparing to test resistance which is formed at 1.5500 then 1.5570 and 1.5595. Key resistance is seen at 1.5650 and a break would signal the resume of the uptrend. While the Euro remains above the 1.5400-1.5430 support zone, the upside remains favored and momentum gathers strength. A test of the resistance zone of 1.5570-1.5595 seem posible. Current quote is 1.5495 @06:00 GMT

Support levels: 1.5460, 1.5430, 1.5400, 1.5360 and 1.5285
Resistance levels:  1.5500, 1.5570, 1.5595 and 1.5650.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : bullish

AUDUSD

The decline below the support of 0.9350 and also the test of the important barrier at 0.9290 along with the slightly bearish momentum on the daily studies suggest that the Aussie is heavy and there is high risk of more selling to emerge especially on a break below 0.9290. Current fall is corrective and there is a lot of room on the downside until the medium term studies will potentially become bearish. Above 0.9400-25 will resume uptrend. Current quote is 0.9337 @06:00 GMT

Support levels: 0.9290, 0.9225, 0.9200.
Resistance levels: 0.9350, 0.9400, 0.9425, 0.9450, 0.9500-05 and 0.9540.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish

EURCHF

The support at 1.6300 seem stable so far and may hold for a test of the key resistance at 1.6350. Bullish momentum on both short-term and medium term studies are encouraging further gains towards the 1.64 zone. On the downside, support backs 1.6300 at 1.6270 then 1.6240 and 1.6200. Hourly studies are providing clues about a potential retracement towards the lower support zones below 1.6250. Current quote is 1.6308 @06:00 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

Published on  Thu, May 15 2008, 06:06 GMT

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