Daily Recommended Trades

Daily technical outlook − Tuesday 06.24.2008

Tue, Jun 24 2008, 06:36 GMT
by E-Forex Team

E-Forex


EURUSD

The Euro declined on yesterday, erasing its Friday gains against the dollar but managed to confirm the short term support into the 1.5470 zone. The modest recovery after testing bids into the 1.5475 zone has got our attention on the 1.5530 and 1.5550 levels which are aimed by the Euro at the time of this report. More ranging action is likely ahead of the Fed interest rate decision tomorrow. Potential rallies may find strong offers around 1.5630 and higher, at 1.5770 as strong resistance levels are noticed there. On the downside, below recent bottom at 1.5770-75 we notice good support around 1.5420 and lower at 1.5320. Intraday momentum is currently neutral while short term studies are slightly bullish and will remain so while the Euro holds above 1.5420, preferably above 1.5480 too. Current quote is 1.5544 @06:30 GMT

Support levels: 1.5500, 1.5475, 1.5420 and 1.5320.
Resistance levels: 1.5570, 1.5620, 1.5650, 1.5700 and 1.5770.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bullish


AUDUSD

Despite recent pullback, the Australian dollar maintains its bid tone above the .9500 mark and the upward channel is intact. Although short term sentiment favours gains towards .9600, downside risk is high and a potential break of .9500 may extend a decline towards .9440-50 on first phase then .9350 later. Key resistance is noticed at .9550 followed by .9565 and .9600. Current quote is .9526 @06:30 GMT

Support levels: .9500, .9490 and .9450.
Resistance levels: .9550, .9565, .9600 and .9630-50.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish


EURCHF

Key resistance into the 1.6250 zone will probably be tested soon and a potential break could accelerate a rally towards 1.6300 where next important resistance level is seen. Support starts at 1.6200 backed by 1.6160. Current quote is 1.6230 @06:30 GMT

Support levels: 1.6200, 1.6150-60, 1.6100 and 1.6070.
Resistance levels: 1.6250-65, 1.6300 and 1.6370.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

Published on  Tue, Jun 24 2008, 06:36 GMT

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