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[kshitij]

Euro @ 1.2082/5....Intra-day down. Mid-term Up?
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R: 1.2118-28 / 1.2152 / 1.2181
S: 1.2070 / 1.2039 / 1.2010-07
The market has been quiet since the morning. The Euro has fallen quite a bit since the 1.2321 High seen on Wednesday last, a dip of 1.92%. If the Euro is really bullish, there should be value in buying it on a dip to 1.2039, or above 1.2130, which the closest important Resistance. However, a Day Close below 1.2030 would cast a serious doubt on the bullishness seen since the beginning of the year. Remember also, that the Euro is once again trading BELOW the 200-day MA at 1.2149. At the same time, we have a "System Sell" on an intra-day basis. All in all, the picture is a little confused in the short term.

Order:
EUR 20K at 1.2050, SL 1.2020, TP open


$-Yen @ 117.66/70....Watch Resistance at 118.14
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R: 117.95 / 118.15-25
S: 117.35 / 117.07-116.99
Dollar-Yen has moved up since the morning as the Support at 117.20 has held well. That Support has now moved up to 117.35. Resistances as above. The trend is currently firmly up. That said, there are chances that the market may run out of steam near 118. In other words, if Dollar-weakness is to be the theme for 2006, then the market ought not rise too much past 118. While so, we may look for a wide range of 113-118 to prevail for a few weeks.

However, in case the market does not top out near 118 in a couple of days, and moves convincingly past 118, we'd have to target 120 in a couple of weeks.


Euro-Yen @ 142.16/21....Consolidation on
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R: 142.50 / 142.76 / 143.38
S: 142.03-141.90 / 141.50 / 141.12
There is nice consolidation going on in the Euro-Yen after its big gains in the past two weeks. The Current range is 141.50-142.50 which could last another day. In case of a break below 141.50 today there is Support at 141.12, the projected Max Low for today. The probability of this level being tested is very low as of now. Above 142.50 we have Resistance at 142.75. The intraday view is neutral while the weekly view is bullish. Looking to buy dip.

Order:
Buy Euro 20K at 141.20, SL 140.80, TP 142.50




$-Swiss @ 1.2876/81....Buying some
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R: 1.2885-94 / 1.2927 / 1.2958
S: 1.2822-15 / 1.2780-84 / 1.2852-58
$-Swiss seems to be building upon its gains from Friday. Support at 1.2838. While above, there is potential to rise to 1.2925, the projected Max High for today. If that also breaks, we may see 1.2958 by tomorrow. Immediate Resistance at 1.2903-16 (Range High since 03-Jan). Below that level there may be a dip towards 1.2780-84 and then 1.2752-58, which is the projected Max Low for the day. The 200-Day MA comes in at 1.2752.

Trade:
Buy $25K at current level, SL 1.2806, TP 1.2943. As soon as the market trades 1.2905, bring SL up to 1.2840


Cable @ 1.7654/59....Staying out
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R: 1.7680-97 / 1.7715-25 / 1.7747
S: 1.7635 / 1.7612-1.7593 / 1.7572-63
The pair has dipped below a crucial support region of 1.7700-1.7658 to 1.7635 and has bounced a bit from there. But, it may find sellers at 1.7679. This suggests that an immediate rise in Cable might be difficult. At the same time, important Support on the downside is the 200-MA on the 4-hourly at 1.7570. Currently the market is almost in the middle of the 1.7570-7715 range.




Aussie @ 0.7494/99....Indecisive between 0.7488-0.7516
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R: 0.7508-21 / 0.7550
S: 0.7484 / 0.7459-51 / 0.7432
On the 4-hourly candle charts the pair is currently ranged between 0.7488-0.7516. While trading below the resistance at 0.7516, there are chances of a fall below 0.7488 today to 0.7443. If the support at 0.7488 holds today, there are equal chances of a bounce back to test the 200-Day MA at 0.7551. Today, we prefer to stay out of the range and wait for a valid movement.




Happy Trading!