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Weekly Currency Outlook

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Weekly Currency Outlook

Mon, Dec 22 2008, 04:58 GMT
by Zubair Ali Khan

Z2FX


Week 51 of 2008

Dec 22 - Dec 26


AUDUSD (0.6823)

AUDUSD seems to be completing its retracement and it seems that it will
gradually settle back into its downward trend.

Selling around 0.6980 seems to be a good opportunity for target 0.6680
level initially which can then be further extended to 0.6500 level.
Resistances 0.7000 0.7150 0.7250
Supports 0.6600 0.6320 0.6080


GBPUSD (1.4916)

GBPUSD seemed to have completed its retracement and it is now heading back
to its downward trend.

GBPUSD is setting itself up for a nice move below 1.4700 level and for
that, traders will look to sell GBPUSD around 1.5380 level for target
around 1.5120 level.


Resistances 1.5250 1.5400 1.5820
Supports 1.4750 1.4550 1.4000


USDJPY (89.11)

USDJPY is moving nicely in its downward trend and it seems that the moment
will continue during this week as well.

Currently traders will look to sell USDJPY for anything around 90.80 level
for initial target around 88.40 level.
Resistances 90.80 91.80 93.80
Supports 88.20 87.00 85.00


NZDUSD (0.5748)

NZDUSD also have taken correction last week and has resumed its downward
trend.

Traders will look to sell NZDUSD around 0.5900 for initial target at
0.5620 which could be further extended to 0.5480 level.
Resistances 0.5900 0.6050 0.6280
Supports 0.5580 0.5450 0.5180


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