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Daily Recommended Trades

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Daily technical outlook

Mon, Nov 2 2009, 07:07 GMT
by Liviu Flesar

InnerFX

EURUSD

The euro is advancing against the dollar after it retreated from 1.4850 on Friday. Same key support on the 1.4700 handle, formed by the 61.8% of the 1.4480-1.5060 up leg, provided a reversal level and the euro is currently pushing on the upside towards interim resistance at 1.4850. Downside risk remains high as long as the 1.4850/70 resistance region is intact and a sustained break is needed to confirm that the drop to 1.4700 has been corrective, hence resuming up trend. This week brings the release of some key economic events such as: Interest Rate Decisions in Australia, Europe, Great Britain, U.S. and U.S. Non-Farm Payrolls. Short-term sentiment remains bearish while below 1.4850/70 and the intra-day studies are slightly positive due to current recovery. Upside is favored for now but in case of a downtrend resumption, next important downside objective is formed below 1.4700 at 1.4500/50. Current quote is 1.4743 @07:07 GMT

Support: 1.4700, 1.4650, 1.4600 and 1.4550
Resistance: 1.4850/70, 1.4900/20, 1.4950 and 1.5000

GBPUSD

Median line of the 1.6700-1.6250 range at 1.6470 provides the first resistance today and a break would re-initiate uptrend. Upside remains slightly favored, short term sentiment being positive despite recent dips. Intra-day sentiment is also positive as cable recovered 130 points today and important resistance is seen above 1.6470 at 1.6550. On the lower side, support starts at 1.6400, backed by 1.6350 and 1.6200. Current quote is 1.6419 @07:07 GMT

Support: 1.6400, 1.6350 and 1.6200
Resistance: 1.6470, 1.6550 and 1.6650

AUDUSD

The Aussie dollar recovers after finding support on the .8900 handle but has yet to break above .9200 to confirm uptrend resumption. Current recovery could be a result of pricing-in tomorrow’s RBA Interest Rate decision which is expected to rise rate by .25% to 3.50%. Intra-day sentiment is positive and while the Aussie dollar maintains the bid-tone, keep an eye on the resistance levels at .9120/30 and higher, at .9200. Current quote is .9043 @07:07 GMT

Support: .9000, .8950 and .8900
Resistance: .9120/30, .9200 and .9250/70

Published on  Mon, Nov 2 2009, 07:14 GMT