EURUSD
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.
The Euro declined after the failed attempts on breaking resistance into the 1.5750 zone, reaching lows at 1.5555. Short term momentum is negative and the break of the support at 1.5625/30 suggests that more downside action is possible especially if the previous support at 1.5630 will provide a strong barrier on the upside during the upcoming sessions. Near term support comes at 1.5550 backed by the 1.5445/65 support zone which should limit downside for now. Longer term charts as the weekly are turning bearish now on the 3′rd consecutive bearish candle. A potential resume of the uptrend may be signaled only by breaking the resistance into the 1.5750 region. Until then, selling the rallies seem the way to go. Current exchange rate is 1.5571 @06:25 GMT
Support levels: 1.5550, 1.5500 and 1.5445/65
Resistance levels: 1.5630, 1.5670 and 1.5750.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish
Yesterday trading strategy: stand aside
AUDUSD
Trading strategy: small long at .9395, initial stop at .9360, objective at .9445. Adjust stop to breakeven on +30 pips (at .9425) if reached.
Important support at .9470 is being tested now and if it holds, a double bottom will be formed providing some support on a potential pullback towards the .96 zone. On the downside, a sustained break of .9470 may bring the key trendline support at .9390/95 on focus. Both daily and intraday studies are bearish. Current exchange rate is .9473 @06:25 GMT
Support levels: .9470, .9390/00 and .9295.
Resistance levels: .9505, .9555 and .9600.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish
Yesterday trading strategy: stand aside
EURCHF
Trading strategy: stand aside.
Important resistance into the 1.6300/20 region provides a decent barrier on the upside while support emerges at 1.6240/50 backed by 1.6225 and 1.6160. Above 1.6320 may aim for resistance at 1.6370. Short term studies are bullish. Current exchange rate is 1.6303 @06:25 GMT
Support levels: 1.6240/50, 1.6225 and 1.6160
Resistance levels: 1.6300/20 and 1.6375.
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)
