EURUSD
Trading strategy: stand aside
Downside is under pressure as the euro failed to breach above 1.3300 on yesterday. The rising trendline support started at 1.2455 extended through 1.3090 is being tested at the time of this writing and a break below the 1.3150/65 support region may favor further losses toward key support on the 1.3100 handle then below, at 1.2945/50 – 61.8% of 1.2455-1.3735. Both short-term and intra-day studies are bearish and a break above 1.3400 is needed to signal a resume of the uptrend. Current exchange rate is 1.3186 @06:05 GMT
Support levels: 1.3150/65, 1.3100, 1.2945/50.
Resistance levels: 1.3230, 1.3270 and 1.3390/00.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bearish
Yesterday trading strategy: stand aside
AUDUSD
Trading strategy: stand aside
The decline to .7150 on yesterday has been corrective and the 61.8% retracement of the .7030-.7325 move provided a stable support at .7145/50. Resistance is seen on the recent top at .7325 followed by .7400 and .7475. Minor support is emerging at .7225, backed by yesterday’s bottom at .7150. Below .7150, next bearish objective is noticed at .7090 – top of March. Intra-day momentum is bearish but the daily is bullish and will remain intact while trading above .7000-.7090 region. Current exchange rate is .7254 @06:05 GMT
Support levels: .7225, .7145/50, .7095/00 and .7045/50
Resistance levels: .7325, .7400 and .7470.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
Yesterday trading strategy: stand aside
EURCHF
Trading strategy: long at 1.4980, initial stop at 1.4935, objective at 1.5045. Adjust stop to breakeven on +30 pips (at 1.5010) if reached.
Short-term support at 1.5060 formed by the recent bottom may be tested a bit later as the euro lacks the strength to recover and resume uptrend. Below 1.5060, next objective is eyed on the 1.5010 level – 50% retracement of the 1.4575-1.5445 up leg. The said level will probably limit the downside for a while if tested. Current exchange rate is 1.5106 @06:05 GMT
Support levels: 1.5060, 1.5010/15 and 1.4910.
Resistance levels: 1.5150, 1.5190, 1.5290/00, 1.5350 and 1.5445/50.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Yesterday trading strategy: short at 1.5175, initial stop at 1.5215, objective at 1.5125. Adjust stop to breakeven on +30 pips (at 1.5145) if reached : 0 (entry not reached)
