Trading strategy:
small long at 1.3700, initial stop at 1.3660, objective at 1.3800. Adjust stop to breakeven on +30 pips (at 1.3730) if reached.Dollar’s weakness intensifies across the board and the Euro gained 320 points on yesterday, breaking above resistance at 1.3590 – median retracement level of the 1.4720-1.2455 move. Near term resistance is seen at 1.3800 and 1.3855 – the 61.8% retracement of the large move mentioned earlier. Upside is likely to remain under pressure within the upcoming days and the medium term bias will turn positive if the Euro will overcome the barriers into the 1.38 region, focusing towards 1.4360 and 1.4720 in the coming weeks. On the downside, the Euro is backed by 1.3540/50 then 1.3400/15 and 1.3330. Intra-day momentum is neutral at the time of this writing. Current exchange rate is 1.3664 @07:18 GMT
Support levels: 1.3540/50, 1.3400/15, 1.3330 and 1.3200/30.
Resistance levels: 1.3740, 1.3800 and 1.3855.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bullish
Yesterday trading strategy: small long at 1.3260, initial stop at 1.3220, objective at 1.3360. Adjust stop to breakeven on +30 pips (at 1.3290) if reached : 0 (entry not reached)
AUDUSD
Trading strategy: stand aside
The Aussie holds steady above .6850, below yesterday’s top at .6940. The .7000 mark is on focus and extended gains above the said barrier are possible, aiming towards January’s high at .7265. On the downside, support is emerging at .6850 backed by .6755 and .6635. Current exchange rate is .6884 @07:18 GMT
Support levels: .6850, .6755 and .6635.
Resistance levels: .6950, .7000 and .7130.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
Yesterday trading strategy: stand aside
EURCHF
Trading strategy: stand aside
The pair is pulling back from the 1.54 region, testing bids in the lower half of the 1.53 region. Below 1.5300, other support levels are seen at 1.5250/65 and 1.5150/90. Upside should stay under pressure as long as support zone of 1.5150 is intact. Hourly momentum is bearish at the time of this writing. Current exchange rate is 1.5327 @07:18 GMT
Support levels: 1.5300/10, 1.5250/65, 1.5150/90 and 1.5000.
Resistance levels: 1.5440/50, 1.5500/30 and 1.5590.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish
Yesterday trading strategy: small short at 1.5530, initial stop at 1.5570, objective at 1.5460. Adjust stop to breakeven on +30 pips (at 1.5500) if reached : 0 (entry not reached)
