Tuesday 03.03.2009

EURUSD

The Euro recovers to the first intra-day resistance at 1.2675/80 formed by the 50% retracement of the 1.2810-1.2540 move. Above the said resistance will strengthen momentum and favor extended gains to 1.2800/10 and maybe above, towards key resistance at 1.2990. Daily sentiment remains bearish while trading below the 1.2890-1.2990 zone and potential rallies are expected to face strong barriers into the first half of the 1.27 region and above, on the 1.2800 handle. Intra-day sentiment is slightly bullish due to current recovery and will maintain the positive bias while the support at 1.2620 will hold. Current quote is 1.2665 @07:15 GMT

Support levels: 1.2620, 1.2540, 1.2515, 1.2400/15 and 1.2330.
Resistance levels: 1.2675/80, 1.2760, 1.2800/10 and 1.2900.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

Yesterday recommended trade: small short at 1.2705, initial stop at 1.2745, objective at 1.2635. Adjust stop to breakeven on +30 pips (at 1.2675) if reached : 0 (entry not reached)

AUDUSD

The fast rebound brings the .6450 resistance on focus and a potential break may open .6550 for a later test. Above the .6550 mark, daily momentum should turn bullish. Support is now seen at .6390 backed by .6280 and .6245. Intra-day studies are bullish at the time of this writing. Current quote is .6430 @07:15 GMT

Support levels: .6390, .6330, .6280 and .6245.
Resistance levels: .6450, .6550 and .6650.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

Yesterday recommended trade: small short at .6450, initial stop at .6490, objective at .6380. Adjust stop to breakeven on +30 pips (at .6420) if reached : 0 (entry not reached)

EURCHF

Support on the .4800 mark is being formed at the time of this writing. The hourly momentum is slightly bullish due to the recovery from 1.4768. Daily bias remains on the downside while resistance at 1.4930 is intact. Support backs 1.4800 at 1.4750/60 and 1.4700, 1.4650 lower. Resistance at 1.4875 and 1.4930 will probably limit the upside on rallies, providing strong selling points. Current quote is 1.4808 @07:15 GMT

Support levels: 1.4800, 1.4750/60, 1.4700 and 1.4650.
Resistance levels: 1.4875, 1.4930 and 1.5010.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bearish

Yesterday recommended trade: stand aside

This entry was posted on Wednesday, March 4th, 2009 at 3:48 pm and is filed under Forex Daily Quotes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.