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Daily Recommended Trades

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Daily Technical Outlook − Tuesday 10.07.2008

Tue, Oct 7 2008, 06:37 GMT
by E-Forex Team

E-Forex

EURUSD

The downside is under high pressure as the Euro fell to its lowest level since August 2007, testing bids at 1.3440 on yesterday. The intraday studies are now bullish and the current rebound may extend towards resistance levels at within the 1.37-1.38 region. Near term support is eyed at 1.3500 and 1.3440/50. Minor resistance at 1.3650 is on focus now and a potential break will most likely encourage further gains towards the mid 1.37 region, filling yesterday's gap. Current quote is 1.3576 @06:33 GMT

Support levels: 1.3550/60, 1.3500 and 1.3440/50.
Resistance levels: 1.3650, 1.3700,1.3750 and 1.3800.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

AUDUSD

The test of .7000/15 long term support happened a lot faster than expected, as suggested by the recent breach of .7700. Current pullback is corrective while trading below the .7400 mark, ultimately .7700 which should limit the upside for a while. However, "minor" retracements of 400 or even 700 points are not usual on this pair. Current quote is .7263 @06:33 GMT

Support levels: .7200, .7090 and .7000
Resistance levels: .7300/05, .7400 and .7500.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

EURCHF

Now that the minor resistance at 1.5525 has been cleared, the recovery may extend further towards the 1.5660 mark. Intraday studies are bullish at the time of this writing but the dailies remain highly bearish. Current quote is 1.5535 @06:33 GMT

Support levels: 1.5525, 1.5470, 1.5380 and 1.5335.
Resistance levels: 1.5560, 1.5600 and 1.5650/60.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : bearish

Published on  Tue, Oct 7 2008, 06:38 GMT