EURUSD
Trading strategy: stand aside
The Euro has failed to breach the resistance at 1.2900 on yesterday and collapsed, filling the weekend’s gap and also testing support at 1.2675. Since support at 1.2675 is intact, the daily momentum is still bullish but losing strength. Below the said support should resume downtrend and aim towards 1.2525. On the upside, resistance is seen at 1.2790 followed by 1.2900 and 1.3050. On a near term basis, the consolidation is likely to continue but a break out of the triangle formation (daily charts) is expected within the next few trading sessions. None of the triangle sides are being favored therefore we maintain the “wait and see” attitude. Current exchange rate is 1.2730 @07:45 GMT
Support levels: 1.2675, 1.2525 and 1.2335.
Resistance levels: 1.2790, 1.2900, 1.3050 and 1.3260.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bullish
Yesterday trading strategy: stand aside
AUDUSD
Trading strategy: stand aside
Recent break of support at .6780 brings the downside back on focus and the bullish structure remains fragile while trading near support at .6630. Below .6630, support is also seen at .6510 – the 50% retracement of last upward move to .7010. A potential break below the said support will re-establish bearish momentum on the daily studies. Resistance is seen at .6780 followed by .6860 and .7010. Current exchange rate is .6685 @07:45 GMT
Support levels: .6630, .6510 and .6400.
Resistance levels: .6780, .6860, .7010, .7135 and .7245.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : slightly bullish
Yesterday trading strategy: stand aside
EURCHF
Trading strategy: small short at 1.4960 on break of 1.4970, initial stop at 1.5000, objective at 1.4860. Adjust stop to breakeven on +30 pips (at 1.4930) if reached.
Resistance at 1.5150 could not be cleared out on yesterday and support at 1.4970 is on focus at the time of this report. A potential break may extend losses towards key support at 1.4835 later today. On the other side, a recovery will be fully signaled by a sustained break of 1.5150. Current exchange rate is 1.5010 @07:45 GMT
Support levels: 1.4970, 1.4900 and 1.4835.
Resistance levels: 1.5050, 1.5100, 1.5150 and 1.5290.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bullish
Yesterday trading strategy: small short at 1.5290, initial stop at 1.5330, objective at 1.5200. Adjust stop to breakeven on +30 pips (at 1.5260) if reached : 0 (entry not reached)
