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Daily Technical Outlook − Wednesday 01.07.2008

Wed, Jan 7 2009, 07:44 GMT
by E-Forex Team

InnerFX


EURUSD

The Euro has slipped on yesterday to 1.3312 against the greenback before recovering to 1.3545 which is the first intraday upside barrier for now. Above 1.3545/50, other resistance levels are formed at 1.3635 and 1.3815. On the downside support emerges at 1.3430 and 1.3300. Daily studies remain bearish as the downside stays under pressure. A potential recovery may be signaled by a daily close above the 1.3815 resistance, while on the downside, a break below the support region of 1.3300/12 should extend losses towards next key support at 1.3095. Intraday studies are bullish, the Euro testing resistance at 1.3545 at the time of this writing. Current quote is 1.3545 @07:40 GMT

Support levels: 1.3430, 1.3370, 1.3300/12.
Resistance levels: 1.3545, 1.3635, 1.3815 and 1.3900
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bearish

AUDUSD

Short-term bias aims on the upside as key support on the .7000 handle is intact and could not be reached on yesterday. The fast recovery after testing bids at .7030 suggests that the Aussie Dollar is likely to maintain its bid tone especially if key resistance at .7260 will be cleared out. A potential break of the said resistace may open .7560 for a future test. Interim support is now seen at .7135 backed by .7000-.7030. Current quote is .7205 @07:40 GMT

Support levels: .7135, .7000/30 and .6900.
Resistance levels: .7260, .7300 and .7560.
Market sentiment: long-term : bearish, mid-term : slightly bullish , short-term : bullish

EURCHF

Daily studies are slightly bullish as support into the 1.5000-1.5015 region holds but a break of 1.5185 is needed to confirm the recovery. While trading near the fragile support zone at 1.5000/15, risk of a decline to 1.4890 is high. Intraday studies are bearish at the time of this report. Current quote is 1.5047 @07:40 GMT

Support levels: 1.5000/15, 1.4900 and 1.4755.
Resistance levels: 1.5185, 1.5315 and 1.5500.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bullish

Published on  Wed, Jan 7 2009, 07:45 GMT


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