22-12-2008 Daily Forex quotes and recommended actions
EURUSD
The Euro currently recovers after the large retracement which occured on Friday. First resistance is seen at around 1.4150 followed by 1.4260 and 1.4450. On the downside, minor support is seen at 1.4000 backed by 1.3900 and 1.3840. Key support is seen lower, at 1.3635, formed by the 50% retracement of the 1.2550-1.4720 move. Daily sentiment is bullish despite Friday’s pullback of 500 points. Hourly momentum is also bullish. Current quote is 1.4080 @07:45 GMT
Support levels: 1.4000, 1.3900, 1.3840 and 1.3635.
Resistance levels: 1.4150, 1.4260 and 1.4450.
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish
Friday recommended trade: small short at 1.4150, initial stop at 1.4190, objective at 1.4050. Adjust stop to breakeven on +30 pips (at 1.4120) if reached : +100 pips
AUDUSD
Support at .6770 is intact and while it holds, a re-test of the .7140 resistance is possible. Key resistance is seen higher, at .7260. On the other side, support backs .6770 at .6600 and .6500. Both daily and hourly studies are bullish at the time of this report. Current quote is .6855 @07:45 GMT
Support levels: .6770, .6600 and .6500.
Resistance levels: .7010, .7135/40 and .7260.
Market sentiment: long-term : bearish, mid-term : slightly bullish , short-term : bullish
Friday recommended trade: stand aside
EURCHF
Downside is still under pressure and the decline may continue towards key support at 1.5080. On the upside, resistance starts at 1.5400 followed by 1.5520 and 1.5700. Short term momentum is bearish while the hourly studies are neutral at the time of this report. Current quote is 1.5378 @07:45 GMT
Support levels: 1.5270, 1.5200 and 1.5080.
Resistance levels: 1.5400, 1.5520, 1.5600 and 1.5700.
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bearish
Friday recommended trade: small long at 1.5085, initial stop at 1.5045, objective at 1.5165. Adjust stop to breakeven on +30 pips (at 1.5115) if reached : 0 (entry not reached)
