EURUSD
Trading strategy: small long at 1.3240, initial stop at 1.3190, objective at 1.3340. Adjust stop to breakeven on +30 pips (at 1.3270) if reached.
The euro bounced on the 1.3095/00 support formed by the 50% retracement of the 1.2455-1.3735 move, forming a double bottom along with 30 March low. The 265 points rally on yesterday has strengthened the short-term momentum but a resume of the uptrend has yet to be confirmed – such confirmation will occur by breaching above 1.3550/80 – last week’s top side. On a hourly basis, the euro holds just fine into the 1.3350 region and in case of a pullback, support should emerge into the 1.3240/60 zone then lower, at 1.3200 and the key barrier on the 1.3100 handle. Resistance starts at 1.3395/00 – 61.8% of 1.3580-1.3090 – followed by 1.3490/00 and 1.3580. Current exchange rate is 1.3340 @06:00 GMT
Support levels: 1.3300, 1.3240/60, 1.3200 and 1.3100.
Resistance levels: 1.3395/00, 1.3490/00 and 1.3580
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : neutral
Friday trading strategy: stand aside
AUDUSD
Trading strategy: stand aside
The Aussie extended gains above .7225 and .7265 resistance levels and reached a fresh high at .7325. Next short-term resistance is eyed at .7675 – the bottom of 2007 – then .7925 – the median retracement of the big decline from .9845 to .6005. Potential pullbacks from this top side of .7300 may be limited into the .7230 intra-day support zone. Below .7230, other barriers are noticed at .7180 – 50% of .7030-.7325 recent upward swing – and .7090/00 – the high of March. Upside should remain under pressure but a corrective move is likely. Current exchange rate is .7280 @06:00 GMT
Support levels: .7230, .7180 and .7090/00.
Resistance levels: .7325, .7400 and .7470.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
Friday trading strategy: stand aside
EURCHF
Trading strategy: small short at 1.5190, initial stop at 1.5230, objective at 1.5120. Adjust stop to breakeven on +30 pips (at 1.5160) if reached.
Breaking above key resistance at 1.5290 has been a hard task lately and the euro pulled back towards the 1.5100 mark, currently trading around 1.5140. Both intra-day and daily studies are bearish and a break below 1.5150 may open 1.5010/15 for a later test. Key support is formed at 1.5010/15 by 50% retracement of the large upward move from 1.4575 to 1.5445.
Support levels: 1.5100/10, 1.5010/15 and 1.4930.
Resistance levels: 1.5190, 1.5290/00, 1.5350 and 1.5445/50.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Friday trading strategy: stand aside
