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EURUSD daily outlook - Friday

09-05-2008 - Liviu Flesar  |   Forex Technical Analysis
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EURUSD

While medium term sentiment remains bearish, positive momentum is building up on the intra-day studies. The minor resistance at 1.5440 formed by the 50% retracement of the 1.5590-1.5283 move has just been broken and this should favor further gains towards the 1.55 zone. Current quote is 1.5457 @06:08 GMT

Support levels: 1.5390, 1.5340, 1.5280-85, 1.5230.
Resistance levels:  1.5440, 1.5480, 1.5515 and 1.5590.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : bullish

Yesterday recommended trade: stand aside

AUDUSD

Intra-day resistance is clustered into the 0.9445-0.9455 range and a break would signal a resume of the uptrend which is currently on hold. Risk of more downside towards the 0.9300 mark is high. First intraday support is seen at 0.9400 then into the mid 0.93 zone. Current quote is 0.9428 @06:08 GMT

Support levels: 0.9400, 0.9350, 0.9300 and 0.9275.
Resistance levels:  0.9445, 0.9450, 0.9500-05 and 0.9540.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish

Yesterday recommended trade: small long at 0.9300, stop at 0.9270, objective at 0.9350 : 0 (entry not reached)
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