29 January technical analysis and recommended actions report
Thursday 01.29.2009
EURUSD
The Euro has topped at 1.3328 on yesterday and pulled towards daily support at 1.3080. The short-term momentum remains bullish despite current decline but downside pressure is high and a break past resistance into the 1.3150 region is needed to resume uptrend. On the lower side, support emerges at 1.3000 backed by 1.2960 and 1.2860. Below 1.2960 confirms the resume of the downtrend. Hourly sentiment is bearish at the time of this writing. Current quote is 1.3065 @07:30 GMT
Support levels: 1.3000, 1.2960 and 1.2860.
Resistance levels: 1.3150, 1.3250, 1.3330, 1.3360/80 and 1.3565.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bullish
Yesterday recommended trade: stand aside
AUDUSD
A full breach of resistance on the .6700 mark has failed to occur and the downside is under renewed pressure as the Aussie Dollar declined below the .6600 support. Important intra-day support is seen at .6535, formed by the 61.8% retracement of the last upward swing from .6415 to .6730. Below the said support will probably resume downtrend. Intra-day studies are bearish at the time of this report. Current quote is .6570 @07:30 GMT
Support levels: .6535, .6450 and .6400/15.
Resistance levels: .6600, .6730 and .6840/50.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : neutral
Yesterday recommended trade: small short at .6840, initial stop at .6890, objective at .6750. Adjust stop to breakeven on +30 pips (at .6810) if reached : 0 (entry not reached)
EURCHF
Upside is under focus while support on the 1.5100 handle is intact. If the uptrend continues, strong resistance is expected to be tested later into the 1.5250-70 region where the 50% retracement of the 1.5880-1.4655 move is seen. Below the 1.5100 support, other barriers are formed at 1.5030 and 1.4930/50. Current quote is 1.5115 @07:30 GMT
Support levels: 1.5100, 1.5030, 1.4930/50, 1.4850 and 1.4750.
Resistance levels: 1.5190/00, 1.5260/70 and 1.5350.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish
Yesterday recommended trade: small short at 1.5250, initial stop at 1.5290, objective at 1.5165. Adjust stop to breakeven on +30 pips (at 1.5220) if reached : 0 (entry not reached)
