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Daily Recommended Trades

Daily Technical Outlook

Tue, May 12 2009, 05:58 GMT
by E-Forex Team

InnerFX  |  View company's profile


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EURUSD

The euro is currently consolidating around the 1.3600 mark, not far from Friday's high of 1.3665. As long as the euro keeps trading above the 1.3450/60 support zone, the upside will remain favored and extended gains past Friday's high are possible towards important resistance at 1.3735/40 and maybe 1.3850/55 - the 61.8% retracement of the 1.4720-1.2455 move. Intra-day studies are slightly bullish at the time of this writing and support is seen at 1.3560 backed by 1.3490/00 and 1.3385. Current quote is 1.3617 @05:55 GMT

Support levels: 1.3560, 1.3490/00 and 1.3385
Resistance levels: 1.3650/60, 1.3735/40 and 1.3850.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish

AUDUSD

The Aussie dollar pulled back into the .7560/70 support zone on yesterday and needs to breach above .7650 to resume uptrend. The 150 points decline is corrective, so far, and may extend even lower - towards .7525 or .7480 without affecting the short term's bullish sentiment. Intra-day studies are slightly bearish at the time of this report, as the pullback doesn't seem to be over yet. Current quote is .7593 @05:55 GMT

Support levels: .7570, .7525 and .7480
Resistance levels: .7650, .7700/15, .7750 and .7850
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

EURCHF

The pair lacks direction since a month ago and continues to trade into a narrow range, averaging 60 points / day. Downside seem a bit favored lately and key support is formed into the 1.5000/10 zone. On the upside, barriers are emerging at 1.5115/25 then 1.5175 and 1.5230. A breach above 1.5230 is needed to resume uptrend. Current quote is 1.5068 @05:55 GMT

Support levels: 1.5050, 1.5000/10, 1.4910/30 and 1.4800
Resistance levels: 1.5115/25, 1.5175, 1.5200 and 1.5230
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

Published on  Tue, May 12 2009, 05:58 GMT


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