EURUSD
Trading strategy: stand aside
The euro lost some ground on yesterday, falling 260 points to as low as 1.3320. The pair should remain heavy while trading below median resistance at 1.3450. Interim resistance is seen at 1.3400 but a break above 1.3450 is needed to confirm that the sell-off to 1.3321 was corrective, as 1.3325 is the 61.8% retracement of the 1.3165-1.3582 upward swing. Daily sentiment is still bullish but downside risk intensified. Intra-day momentum is slightly bullish at the time of this writing due to the 60 points recovery. Current exchange rate is 1.3365 @06:17 GMT
Support levels: 1.3320/25, 1.3245/50 and 1.3100.
Resistance levels: 1.3400, 1.3450 and 1.3580.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : slightly bullish
Yesterday trading strategy: stand aside
AUDUSD
Trading strategy: stand aside
The Aussie pulled back on yesterday, ahead of the RBA Interest Rate Decision and bounced back above the .7100 mark as the RBA has reduced interest rates by 25 bps instead of 50 bps which was the consensus. The pair already recovered half of yesterday’s losses and intra-day resistance is now formed by .7150 followed by .7210/25 and the key barrier at .7270. On the downside, support starts at .7100 backed by .7040/50 – yesterday’s low – then the .7000 psychological barrier – also the 50% retracement of .6770-.7225 – and .6945/50 – 61.8% of the .6770-.7225 upward move. Upside is likely to remain favored. Current exchange rate is .7130 @06:17 GMT
Support levels: .7100, .7040/50, .7000 and .6945/50.
Resistance levels: .7150, .7210/25 and .7070.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
Yesterday trading strategy: stand aside
EURCHF
Trading strategy: stand aside
The downside is under renewed pressure as the euro has failed to hold above 1.5200 and collapsed, testing bids on the 1.5145/50 support level. However, today’s recovery may extend past 1.5200 which is being tested at the time of this writing. Above the said level, next objective is seen at 1.5290. A break of 1.5290 is needed – since days ago – to confirm that uptrend resumed and strengthen momentum for gains towards recent top at 1.5445/50. Current exchange rate is 1.5200 @06:17 GMT
Support levels: 1.5145/50, 1.5070 and 1.5015.
Resistance levels: 1.5200, 1.5290/00, 1.5350 and 1.5445/50.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bullish
Yesterday trading strategy: stand aside
