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

Daily Recommended Trades

Daily Technical Outlook

Thu, May 28 2009, 06:21 GMT
by E-Forex Team

InnerFX  |  View company's profile

EURUSD

The euro failed to climb past 1.4000 on yesterday and initiated a decline, testing bids to as low as 1.3792 a bit earlier today. Short term sentiment remains positive as the 250 points pullback is probably corrective. As long as 1.3700 remains intact, the short-term objectives at 1.4185 then 1.4700 are valid. Intra-day momentum is currently bearish and a break above the 1.3890/00 resistance is needed to confirm a resume of the uptrend, aiming back towards yesterday's top side on the 1.4000 handle. Current quote is 1.3843 @06:20 GMT

Support levels: 1.3790/00, 1.3730/50 and 1.3650/60
Resistance levels: 1.3850, 1.3890/00, 1.4000, and 1.4050
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

AUDUSD

Support has been found on a rising trend-line extended through previous days bottoms and a recovery seem underway. If the Aussie dollar manages to gather strength, objectives will be aimed at .7830 then .7890 - the fresh top where the current pullback has started on yesterday. On the downside, support backs .7750 at .7670 - median retracement of the .7450-.7890 up leg, then .7440/50 and .7330. Short-term momentum is positive while the intra-day is bearish at the time of this writing - a break above .7815 being required to confirm that uptrend resumed. Current quote is .7787 @06:20 GMT

Support levels: .7750/70, .7700 and .7670
Resistance levels: .7815, .7890/00, .7930 and .8000
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

EURCHF

The euro is losing ground against the swiss franc and reached lows on the 61.8% retracement of the 1.5005-1.5235 move - at 1.5095. Short-term studies are slightly bearish and a breach above 1.5160 is needed to resume uptrend, aiming towards key resistance at 1.5225/30. Intra-day momentum is bearish as well. Current quote is 1.5115 @06:20 GMT

Support levels: 1.5095, 1.5050 and 1.5000/10
Resistance levels: 1.5150/60, 1.5225/30, 1.5300 and 1.5350
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bearish

Published on  Thu, May 28 2009, 06:23 GMT