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EURUSD: Break Of The 1.4751/52 Area Required To Reduce Downside Threat

EURUSD- While recovery off the 1.4440 low(Feb 07’08 low) now suggests further strength, such upside incursion must break and maintain above the 1.4751/52 zone, its Nov 09’07/Dec 11’07 highs to open up more gains towards its Feb 02’08/2007 peak at 1.4955/67 and then its psycho resistance at 1.5000.A decisive close above the former will trigger the resumption of the pair’s MT uptrend on hold since Nov 23’07.The daily studies remain biased to the upside as they are pointing higher. On the downside, initial support resides at its ST riding trendline currently at 1.4419 followed by its Jan 22’08 low at 1.4364 with a break below there extending weakness towards the 1.4310 level, its Dec 20’07 low. The latter level is expected to provide a solid support and propel the pair higher. On the whole, although the pair continues to press higher, a sustained close above the 1.4751/52 zone is needed to open up risk towards the 1.4755/67 highs.


Directional Bias:
Nearer Term –Bullish
Short Term –Mixed
Medium Term –Bullish

Performance in %:
Past Week: +1.23%
Past Month: +1.90%
Past Quarter: +2.20%
Year-To-Date: +0.65%

Weekly Range:
High -1.4709
Low -1.4482


GBPUSD: Recovery Above The 1.9938/59 Zone Needed To Avert Weakness Towards The 1.9388/35 Levels

GBPUSD-A positive close at the end of the week has seen the pair recovering part of its losses prompted by its failure at the 1.9959 high posted in Jan’08.A clean breach and hold above there is now required to avert a relapse into further weakness towards its 2008 lows at 1.9388/35.If the latter (1.9388/35) is seen before the former, losses could be seen aiming at its Mar’07 low at 1.9180 and possibly lower. The daily RSI has now turned lower supporting the above scenario. On the other hand, on a close above the 1.9938/59 zone, its psycho resistance at 2.0000 will be exposed ahead of its .382 Ret (2.1160-1.9335 decline) at 2.0034.In short, as long as the pair continues to trade below the 1.9938/59 zone, odds are for a move lower towards the 1.9388/35 level or even lower.


Directional Bias:
Nearer Term -Mixed
Short Term -Bearish
Medium Term -Bearish

Performance in %:
Past Week: +0.79.%
Past Month: +0.23%
Past Quarter: -3.00 %
Year-To-Date: -1.23%

Weekly Range:
High -1.9739
Low -1.9402

AUDUSD: Eyes A Retest Of The 1.9401 Level And Beyond.

AUDUSD- While the pair continues to trade above its Jan 15’08 solid resistance now turned support at 0.9016 following the confirmation of its double bottom pattern (daily chart) break out, risk now remains towards a break and close above its nearby resistance printed on Feb 04’08 at 0.9101. Such a break will signal a move targeting the 0.9202 level, its .786 Ret at first and then its 2007 high at 0.9401 followed by its double bottom breakout price target at 0.9469.The weekly Stochastics and RSI remain positive and advancing suggesting further strength.However, if weakness is seen at the present levels,the 0.9019 area will be targeted ahead of the 0.8885/75 zone, which marks its Feb 07’08 low/Daily 50 ema.The former is expected to provide support and turn the pair higher again. Further support level is located at the 0.8681/41 level, representing its Jan 07’08 low/daily 200 ema.On the whole,AUDUSD continues to maintain its bullish short term structure which is in alignment with its MT uptrend.


Directional Bias:
Nearer Term -Bullish
Short Term -Bullish
Medium Term -Bullish

Performance in %:
Past Week: +1.50%
Past Month: +2.16%
Past Quarter: -1.31%
Year-To-Date: +3.71%

Weekly Range:
High -0.9099
Low -0.8923

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.

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