EURUSD
Trading strategy: long at 1.4160, initial stop at 1.4110, objective at 1.4230. Adjust stop to breakeven on +30 pips (at 1.4190) if reached
The 1.4300 mark is under renewed pressure as the euro resumed uptrend and rallied on Friday, overcoming the intra-day resistance at 1.4160/70. On a medium term basis, the bullish structure remains intact as last week’s bar close was 25 points higher than the open price – closing at 1.4250 Vs 1.4225 open. Important resistance is formed by the 1.4300 handle which could not be broken on last month’s attempts. Above 1.4300, next barrier is formed by 1.4340/50. A break above 1.4300 should also provide the signal of extended gains to 1.4620 which is the 61.8% retracement of the large decline from 1.6035 to 1.2330. On the downside, intra-day support is seen at 1.4200 backed by former resistance at 1.4160. Upside should remain favored as long as the 1.4150/60 support holds on potential pullbacks. Current exchange rate is 1.4247 @05:35 GMT
Support levels: 1.4200, 1.4150/60, 1.4125 and 1.4100
Resistance levels: 1.4300, 1.4340/50 and 1.4400
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish
Friday trading strategy: stand aside
AUDUSD
Trading strategy: stand aside
The Aussie dollar advanced higher against the US dollar and has reached the 61.8% retracement of the .9850-.6005 decline, at .8380. Price action does not suggest a massive selling into the .8380/90 region therefore the upside is likely to remain on focus, aiming towards .8500 on the coming days. Potential pullbacks should face support into the .8235-.8285 region. Both intra-day and short-term studies are bullish. Current exchange rate is .8369 @05:35 GMT
Support levels: .8285/00, .8235/50 and .8200
Resistance levels: .8380/00, .8450 and .8500
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish
Friday trading strategy: short at .8390, initial stop at .8450, objective at .8300. Adjust stop to breakeven on +30 pips (at .8360) if reached : 0 (entry not reached)
EURCHF
Trading strategy: stand aside
The euro has failed to advance higher towards 1.5380 on Friday and pulled back to as low as 1.5210 where it found support and currently tries to recover the lost ground. Minor resistance is formed at 1.5275 followed by 1.5350 and the more notable barrier at 1.5380. Upside is slightly favored. Current exchange rate is 1.5255 @05:35 GMT
Support levels: 1.5230, 1.5170, 1.5100, 1.5050 and 1.5000/10
Resistance levels: 1.5275, 1.5300 and 1.5350
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish
Friday trading strategy: stand aside
