• Home ::
• Technical ::
• Forex Forecasts ::
• Daily Recommended Trades

Daily Recommended Trades

Daily Technical Outlook

Thu, May 14 2009, 06:17 GMT
by E-Forex Team

InnerFX  |  View company's profile

EURUSD

The failed attempt on climbing higher towards the 1.3735/50 zone resulted into a decline of 190 points, below earlier established lows of the current week. Short term sentiment remains bullish but a bit fragile, as the current pullback may continue towards last week's median zone into the 1.3405-1.3465 support range - formed by the 61.8% and 50% of the 1.3210-1.3720 up leg. Intra-day sentiment is bearish at the time of this writing and a change will be signaled in case of a breach above the 1.3620 - 1.3635 minor resistance zone - formed by the median retracement of the last decline from 1.3715 to 1.3525 and the previous support formed by a rising trend line extended through last two days lows. Current quote is 1.3552 @06:15 GMT

Support levels: 1.3525, 1.3490/00, 1.3465 and 1.3405
Resistance levels: 1.3620/35, 1.3665 and 1.3720/35
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish

AUDUSD

Support zone of .7480-.7525 is under pressure at the time of this writing and there are no signs of a recovery yet. The decline is corrective so far, but may extend even more without affecting too much the short term positive sentiment. Below the current support zone mentioned earlier, next bearish objective is emerging at .7350 - 50% retracement of the .6990-.7710 upward swing. Current quote is .7518 @06:15 GMT

Support levels: .7480, .7400 and .7350
Resistance levels: .7600, .7650 and .7710
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

EURCHF

The lack of movement on this pair continues as yesterday range matched the 5 day average of 51 points and there are no serious expectations while the range is so tight. Current quote is 1.5049 @06:15 GMT

Support levels: 1.5040/50, 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  Thu, May 14 2009, 08:17 GMT