EURUSD
Trading strategy: stand aside
The recovery to 1.5600 after testing bids at 1.5520 suggests that the resistance into the 1.5635 zone and later at 1.5660 may be tested today. Short term sentiment is bearish and a sustained break of the higher resistance at 1.5750 is required in order to confirm a potential resume of the uptrend. While rallies are sold, extra caution is advised on the long positions. Intraday sentiment is slightly bullish at the time of this report, minor resistance at 1.5615 being tested now. Current exchange rate is 1.5607 @06:30 GMT
Support levels: 1.5580, 1.5550, 1.5520 and 1.5445/65
Resistance levels: 1.5615, 1.5635, 1.5660/70 and 1.5750.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish
Yesterday trading strategy: small short at 1.5635, initial stop at 1.5675, objective at 1.5575. Adjust stop to breakeven on +30 pips (at 1.5605) if reached : 0 (entry not reached)
AUDUSD
Trading strategy: small long at .9390, initial stop at .9355, objective at .9440. Adjust stop to breakeven on +30 pips (at .9420) if reached
The extended decline on yesterday has stalled before testing the key trendline support into the .9390 zone but the said support remains on focus while the Aussie is trading below the .9470/75 resistance. Above .9470/75 may extend gains towards the mid .95 zone. Current exchange rate is .9440 @06:25 GMT
Support levels: .9410, .9390/00 and .9295.
Resistance levels: .9470/75, .9505, .9555 and .9600.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish
Yesterday trading strategy: small long at .9395, initial stop at .9360, objective at .9445. Adjust stop to breakeven on +30 pips (at .9425) if reached : 0 (entry not reached)
EURCHF
Trading strategy: small short at 1.6290 on break of 1.6300, initial stop at 1.6330, objective at 1.6240. Adjust stop to breakeven on +30 pips (at 1.6260) if reached.
Support is now formed by the previous resistance at 1.6300 and a potential rally towards the 1.6375 resistance region is possible if the said support will be confirmed. Else, a break below 1.6300 may accelerate a decline into the 1.6250 zone where secondary support is seen. Current exchange rate is 1.6317 @06:30 GMT
Support levels: 1.6300, 1.6240/50, 1.6225 and 1.6160
Resistance levels: 1.6350, 1.6375 and 1.6400.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish
Yesterday trading strategy: small short at 1.6370, initial stop at 1.6410, objective at 1.6320. Adjust stop to breakeven on +30 pips (at 1.6340) if reached : 0 (entry not reached)
