EURUSD
The euro has tested bids at 1.3365 on Friday, after the NFP data release - reading in line with consensus expectations - but managed to recover, climbing above the 1.3500 mark. First resistance is formed at 1.3590 - 50% retracement of the 1.4720-1.2455 decline. Notable resistance is seen higher, formed by the recent highs into the 1.3740 region and above that, key mid-term barrier is formed by the 61.8% retracement of the 1.4720-1.2455 move at 1.3855. A break above 1.3855 will confirm that medium term trend is not only a corrective cycle. On the lower side, intra-day support is seen at 1.3515 backed by 1.3475 and 1.3365. Both intra-day and daily studies are bullish and the upside is favored, a test of 1.3740/50 being possible on the upcoming sessions. Current quote is 1.3553 @06:00 GMT
Support levels: 1.3515, 1.3475 and 1.3365.
Resistance levels: 1.3640/50, 1.3740 and 1.3850/55.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bullish
Friday recommended trade: small long at 1.3385, initial stop at 1.3335, objective at 1.3515. Adjust stop to breakeven on +30 pips (at 1.3415) if reached : +130 pips
AUDUSD
The Aussie dollar holds gains near the medium term resistance at .7270 but a correction may occur ahead of tomorrow RBA Interest Rate Decision - expected to cut by .50 bps to 2.75%. In case of an extended pullback, support into the .6945-.7000 zone will probably limit the downside. Below the said support zone, the pair will lose strength and daily momentum should turn negative. Intra-day support is seen at .7130 and .7100. Current quote is .7174 @06:00 GMT
Support levels: .7130, .7100, .7000 and .6945/50.
Resistance levels: .7225/30, .7265/70 and .7400.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
Friday recommended trade: stand aside
EURCHF
Resistance at 1.5290/00 is still intact and a break is needed to confirm that uptrend resumed. Above 1.5290/00, next objectives are formed at 1.5350 and 1.5445/50. On the downside, support starts at 1.5250, backed by 1.5200, 1.5150, 1.5070 and 1.5015. Both daily and intra-day studies are bullish and the upside is favored for now. Current quote is 1.5272 @06:00
Support levels: 1.5250, 1.5200, 1.5150, 1.5070 and 1.5000/16.
Resistance levels: 1.5290/00, 1.5350 and 1.5445/50.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bullish
Friday recommended trade: stand aside
