28 January technical analysis and recommended actions report
Wednesday 01.28.2009
EURUSD
The Euro is currently consolidating recent gains maintaining a bullish bias. Near term resistance is seen at 1.3280 and 1.3380 and a potential break will most likely extend gains towards 1.3550. On the downside, support is seen at 1.3100 and the daily studies will remain bullish while the said support holds. Below 1.3100, other barriers are formed at 1.3000 and 1.2960. Hourly studies are slightly bullish at the time of this writing and a break of 1.3380 is needed to confirm the end of current consolidation. Current quote is 1.3244 @07:40 GMT
Support levels: 1.3100, 1.3000, 1.2960 and 1.2860.
Resistance levels: 1.3280, 1.3360/80 and 1.3565.
Market sentiment: long-term : bearish, mid-term : bullish, short-term : slightly bullish
Yesterday recommended trade: stand aside
AUDUSD
Minor resistance emerges at .6700 and a potential break is likely to encourage further gains towards .6900. The daily studies are slightly bullish and the intra-day momentum also points to the upside. Support is seen at .6600 backed by .6530 and .6450. Current quote is .6646 @07:40 GMT
Support levels: .6600, .6530 and .6450.
Resistance levels: .6709, .6815 and .6990.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : slightly bullish
Yesterday recommended trade: small short at .6815, initial stop at .6855, objective at .6745. Adjust stop to breakeven on +30 pips (at .6785) if reached : 0 (entry not reached)
EURCHF
The strong resistance at 1.5100 is under renewed pressure today and a potential break may open 1.5260 for a later test. The short-term studies are bullish and the overall bullish structure will remain intact while support into the 1.4930/50 region holds. Hourly momentum is also bullish. Current quote is 1.5055 @07:40 GMT
Support levels: 1.5000, 1.4930/50, 1.4850 and 1.4750.
Resistance levels: 1.5100, 1.5150 and 1.5260/70.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish
Yesterday recommended trade: small short at 1.5260, initial stop at 1.5300, objective at 1.5160. Adjust stop to breakeven on +30 pips (at 1.5230) if reached. : 0 (entry not reached)
