EURUSD
Trading strategy: long at 1.3490, initial stop at 1.3440, objective at 1.3590. Adjust stop to breakeven on +30 pips (at 1.3520) if reached
Upside is under pressure as the euro rallied on Friday, extending gains by 300 points – reaching fresh highs into the mid 1.36 zone. Important resistance is near, at 1.3735/40 – formed by the top of March. A breach above the 1.3740 barrier is needed to confirm the medium term’s uptrend and open 1.4180 – median retracement of the larger 1.6035-1.2330 decline. Daily momentum is bullish and will probably remain positive for the next days. On potential pullbacks, the euro will face support at 1.3580 then 1.3490/00 and 1.3385. Current exchange rate is 1.3631 @06:07 GMT
Support levels: 1.3580, 1.3490/00 and 1.3385
Resistance levels: 1.3650/60, 1.3735/40 and 1.3850.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
Friday trading strategy: stand aside
AUDUSD
Trading strategy: stand aside
A pullback is underway at the time of this writing and support at .7615 or lower, at .7570 will probably be tested a bit later today. Daily studies are highly bullish and uptrend is expected to resume after the corrective move is over. Below .7500 suspends current positive view and an extended correction may develop, towards .7330/50. Current exchange rate is .7670 @06:07 GMT
Support levels: .7615, .7570 and .7500
Resistance levels: .7700/15, .7750 and .7850
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish
Friday trading strategy: short at .7675, initial stop at .7725, objective at .7575. Adjust stop to breakeven on +30 pips (at .7635) if reached : 0 (target/stop not reached)
EURCHF
Trading strategy: stand aside
Downside is under renewed pressure as the euro failed to hold above the 1.5100 mark on Friday. On a short-term basis – the euro has yet to breach above the 1.5230 region in order to provide a decent clue on a resume of the uptrend. Resistance is seen at 1.5125 then 1.5175 and 1.5230. Support starts at 1.5050 backed by 1.5000/10 and 1.4910. Current exchange rate is 1.5084 @06:07 GMT
Support levels: 1.5050, 1.5000/10, 1.4910/30 and 1.4800
Resistance levels: 1.5125, 1.5175, 1.5200 and 1.5230
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Friday trading strategy: short at 1.5230, initial stop at 1.5270, objective at 1.5150. Adjust stop to breakeven on +30 pips (at 1.5200) if reached : 0 (entry not reached)
