EURUSD
The euro closed moderately higher on yesterday, recovering 70 points of recent losses.For what we saw on yesterday, it would appear odds favor an extended recovery towards the sloping trend line around 1.4250 – coming from the 1.4445 peak. Intra-day sentiment is in a slightly bullish configuration as higher highs and higher lows have been formed but selling pressure may pick up either on getting back below the 1.4100 fragile intra-day support or by advancing into selling regions such as 1.4250. Short term momentum is weak and a sustained break of resistance into the 1.4250-1.4300 zone is needed for buyers to take control. My plan on selling into the falling trend line resistance region @1.4230-1.4250 remains valid. Current quote is 1.4106 @06:15 GMT
Support: 1.4100, 1.4050 and 1.2980/00
Resistance 1.4190/00, 1.4230/50 and 1.4300
AUDUSD
The Aussie confronts some trouble approaching the .8320 barrier and switched direction at .8305, initiating the current downward move which could be corrective. Minor support is formed by .8230 which is a channel lower band as seen on the chart below. If it holds, a re-test of .8300/20 will be favored. Current quote is .8230 @06:15 GMT
Support: .8230, .8175 and .8085/00
Resistance: .8320, .8400 and .8450
USDJPY
Yesterday’s recovery has been limited by 94.30, 50 points away from my short entry order @95.80. Today’s expectations point South as 94.00 is on focus. A potential breakdown should call for 92.75-93.00 on the coming days. Both intra-day and short-term studies are bearish. On pullbacks, look for 95.00 and 95.50 to guard the upside and limit dollar gains. Current quote is 94.28 @06:15 GMT
Support: 94.00/20, 93.50 and 93.00
Resistance: 95.00, 95.50 and 95.80/00
