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Daily Recommended Trades

Daily Technical Outlook

Fri, Jul 3 2009, 06:06 GMT
by E-Forex Team

InnerFX

EURUSD

Intra-day support on the 1.4100 failed to hold on yesterday and the pullback extended in the overnight trading to 1.2930, before recovering to 1.4000 at the time of this writing. Minor resistance is formed by the 1.4 handle and a breach above would open the more notable barrier at 1.4050/65 - formed by the weekly market open price. A close above the said level would keep both short and medium term studies bullish. However, the euro is facing difficulties on its attempts to establish higher support and aim towards recent top side at 1.4340. Range-bound trading is likely to continue, below 1.4180-1.4200 and above 1.3750. Current quote is 1.3997 @06:00 GMT

Support levels: 1.3930, 1.3900/10, 1.3830 and 1.3750
Resistance levels: 1.4000, 1.4050/65, 1.4100, 1.4180/00
Market sentiment: long-term : bearish, mid-term : bullish, short-term : slightly bullish

AUDUSD

The Aussie dollar tries to rebound and now trades above earlier broken support at .7950. Upside barriers are emerging at .8000, .8030 and .8100. Intra-day sentiment is currently positive but .8030/50 may limit the upside on potential rallies. On the downside, a resume of yesterday's decline may extend to .7800 where important support is formed. Current quote is .7970 @06:00 GMT

Support levels: .8000, .7930 and .7840/50
Resistance levels: .8100, .8155/85, .8235 and .8260
Market sentiment: long-term : bearish, mid-term : bullish, short-term : slightly bullish

EURCHF

The euro continues to push on the downside against the swiss franc, currently trading by ~20 points below 1.5200 which is the first intra-day resistance. Intra-day momentum is bearish and important support is formed by 1.5145/50. Downside is slightly favored for now but extended pullbacks towards 1.5100 or below could trigger another SNB intervention against the franc. Current quote is 1.5178 @06:00 GMT

Support levels: 1.5140/50 and 1.5100
Resistance levels: 1.5230/35, 1.5285, 1.5325 and 1.5380/00
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish

Published on  Fri, Jul 3 2009, 06:07 GMT