Daily Recommended Trades

Daily Technical Outlook − Tuesday 07.01.2008

Tue, Jul 1 2008, 06:39 GMT
by E-Forex Team

E-Forex


EURUSD

The key resistance into the 1.5840 region couldn't be broken yet but new tests are possible while the Euro is well supported into the 1.5715-1.5740 region and below, around 1.5660. Short term studies remain bullish despite yesterday's minor retreat from 1.5835 to 1.5727. Interim resistance is being tested at the time of this report at 1.5775. Stronger resistance zone is formed into the 1.5815-1.5843 range. Current quote is 1.5771 @06:35 GMT

Support levels: 1.5740, 1.5727, 1.5715 and 1.5660.
Resistance levels: 1.5775, 1.5800, 1.5815, 1.5840 and 1.5900.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

AUDUSD

Intraday support is noticed at .9535/40 formed by an upward trendline and while it holds, a resume of the uptrend is possible. Bearish objective below the said support is eyed at .9490. Interim resistance is seen at .9590 while stronger resistance area is formed at .9650/66. Intraday momentum favours more downside action towards the .9490 support region. Keep an eye on the .9535/40 bottom for a potential break. On the upside, above .9590 would re-establish uptrend and bring focus back on the .9650 zone. Current quote is .9555 @06:35 GMT

Support levels: .9535/40, .9490 and .9450/60.
Resistance levels: .9590, .9620 and .9650/66.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Key support into the 1.6030 zone is focused and a potential break may provide some fuel for an extended decline towards 1.5845 during the upcoming days. Interim support is noticed into the 1.5975-1.5983 zone. On the upside, resistance is seen at 1.6090 and 1.6110. Current quote is 1.6058 @06:35 GMT

Support levels: 1.6030, 1.5975/83 and 1.5845.
Resistance levels: 1.6090, 1.6110 and 1.6150.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish

Published on  Tue, Jul 1 2008, 06:39 GMT

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