Daily Technical Outlook - Wednesday 03.04.2009

Daily Recommended Trades

EURUSD

Fresh intra-day lows have been reached after the short-lived recovery to 1.2675 on yesterday. The decline to 1.2450 brings last year's lows under pressure and a potential break below 1.2420 may extend losses towards long-term support at 1.2330. Daily sentiment is bearish and no change is expected while trading below the 1.2890-1.2990 resistance region. Intra-day resistance is seen at 1.2540 and 1.2590 followed by a minor barrier at 1.2630 and yesterday's high at 1.2675. Above 1.2540, hourly momentum will turn bullish but extended rallies are likely to be limited within the 1.2630-1.2675 zone. Current quote is 1.2530 @07:30 GMT

Support levels: 1.2450, 1.2400/15 and 1.2330.
Resistance levels: 1.2540, 1.2590, 1.2630 and 1.2675.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

AUDUSD

Support at .6280/90 holds after three attempts on breaking towards the downside. However, the daily studies remain bearish and strong near-term resistance levels are formed at .6450, .6550 and .6650. Above .6550, daily momentum will turn positive. Support backs .6280/90 at .6245 - last month's low. Minor interim resistance into the .6370-.6390 region is on focus as the Aussie Dollar is currently recovering overnight's losses. Current quote is .6361 @07:30 GMT

Support levels: .6330 .6280/90 and .6245.
Resistance levels: .6370/90, .6450, .6550 and .6650.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

EURCHF

Sentiment is mixed as the pair lacks the strength to break the range on either side. Important resistance is formed into the 1.4875-1.4930 region and a potential break will turn daily momentum on the positive side. On the other side, important support is formed into the 1.4655-1.4695 zone. Minor resistance is being tested at 1.4800 at the time of this writing. Above the 1.48 mark, intra-day momentum will favor further climbing to 1.4900/30. Current quote is 1.4796 @07:30 GMT

Support levels: 1.4750/60, 1.4700 and 1.4650.
Resistance levels: 1.4800, 1.4875, 1.4930 and 1.5010.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bearish

Published On Wed, Mar 4 2009, 07:32 GMT

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