FX Thoughts for the Day
EUR-USD @ 1.5796/99...Holding Long
R: 1.5843 / 1.5875-80 / 1.5904
S: 1.5775-65 / 1.5735 / 1.5709 / 1.5669
The Euro is sustaining its gains and has risen to near 1.5840. However, unless some more buying comes in during the US session and pulls the Euro further up past 1.5840, there could be a bit of a pullback towards 1.5735-10.
The point is that although it can be said that the Euro is looking bullish from one point of view, when looked at from another points of view, it may be argued that the market is actually ranged between 1.5850 on the upside and 1.5375, as bounded by the Red Trendlines on the following page: http://www.kshitij.com/graphgallery/eurcandle.shtml
Statistically, the projected Max High for the Day is 1.5916
Holding:
- EUR 10K Long at 1.5814, SL 1.5744,TP 1.5894
AUD-USD @ 0.9626/29...Bullish
R: 0.9650 / 0.9695
S: 0.9598 / 0.9580 / 0.9540-35
The Aussie rose to nearly 0.9650 during the day, but has not risen past that as yet. There is Support at 0.9600-9595 at the moment. In case that breaks, we could see a dip towards 0.9560.
Overall, the Aussie is looking bullish enough to rise towards 0.9700, possibly even 0.9800 over the course of the week.
Holding:
- AUD 10K Long at 0.9633, SL 0.9550 (up from 0.9540), TP 0.9770. As soon as the market trades 0.9680, bring SL up to Entry.
Limit Buy Order:
- Buy AUD 10K at 0.9565, SL 0.9530, TP 0.9680.
Kshitij Consultancy Service
http://www.fxthoughts.com
Legal disclaimer and risk disclosure
These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsibly for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
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