MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » General Trading Forum

[kshitij]

EURO, JAP YEN and EURO-YEN
---------------------------
Read our current comments and trade recommendations on EUR-
USD, USD-JPY and EUR-JPY by registering at http://www.kshitij.com/fxthoughts/fx...shtml#register

Our comments on Dollar-Swiss, Sterling Pound and Australian
Dollar are given below
---------------------


$-Swiss @ 1.2456/61.....Buy after fall
---------------------------------------
R: 1.2470 / 1.2500 / 1.2521
S: 1.2430 / 1.2400 / 1.2372
$-Swiss has been trading in a long upward slanting channel since its bottom at 1.1922 on 15- May. Now an important trendline (lower trendline of the channel), joining the lows of 1.1922 (15-May) and 1.2183 (21-Aug) is coming in at 1.2372. It may be tested later on in the day. If that breaks, there may be a bigger fall over the next couple of months towards 1.1922, but for that we must see a close below 1.2372 for the pair.
Intraday the Supports for the pair are coming in at 1.2430 and then at .2400. On the upside the Resistances are coming in at 1.2470 and then at 1.2500. The statistically projected Max High for the day is at 1.2521. The pair can be bought on a dip.

Orders:
Buy $25K at 1.2390, SL 1.2350, TP 1.2520


Cable @ 1.9082/87....The Bull/Bear play-off
--------------------------------------------
R: 1.9100 / 1.9145
S: 1.9030 / 1.9000 / 1.8982
The Cable continues to trade in a narrow range (1.9035 – 1.9100) and it could stay that way until the US NFP, which comes out at 13:30 GMT. It is trading at a very delicate juncture on the longer term chart, near a trendline Resistance joining the Highs of 1.9550 (Dec-04) and 1.9145 (Aug-06) on the Weekly Candles.

It would be natural to find a sharp division of views between Bulls and Bears at this juncture. The Bulls would be looking for a break into the wild blue yonder above 1.9145. BUT, perhaps a dip towards 1.9000 may be needed to provide enough steam to enable a rise past 1.9145. The Bears, conversely, would be looking the Cable to remain below 1.9145. BUT, they would need
a clear break below 1.9000 to really beat back the Bulls.

For today the Supports are coming in at 1.9030 and then at 1.9000. Note that the statistically projected Max Low for the day is at 1.8982. On the upside the Resistances are at 1.9100 and then at 1.9147.

Order:
Sell GBP 15K at 1.9130, SL 1.9190, TP 1.9030
Buy GBP 15K at 1.9010, SL 1.8970, TP 1.9110




Aussie @ 0.7730/4....Holding Long
---------------------------------
R: 0.7750 / 0.7779
S: 0.7706 / 0.7690
The Aussie had broken above its important resistance (now Support) at 0.7727 earlier during the week. It has been trading well above it since then. Now a weekly closing above that level could trigger a rally towards 0.7795 (May-06) and 0.7843 (Apr-05) in the days ahead. For today the Support is coming in at 0.7706, which is the statistically projected Max low on the daily. If that breaks then there could be a fall to 0.7690, which would be a disappointing end to the week. On the upside the Resistances are at 0.7750 and then at 0.7779, which is the statistically projected Max High for the day.

Holding:
AUD 20K Long at 0.7730, SL 0.7700, TP 0.7790




Happy Trading!