PDA

View Full Version : WEEKLY TECHNICAL OUTLOOK ON EUR/USD by AceTrader



acetraderfx
11-16-2008, 10:57 PM
Updating time : 16/11/2008 23:59 GMT


EUR/USD - 1.2530... Euro declined vs the dlr (as well as the yen) last
week to 1.2388 on risk aversion n weaker growth prospects for the eurozone next
year (which wud prompt the ECB to cut rates) b4 rebounding to 1.2830 on Thursday
on the back of the recovery in U.S. stocks, however, the single currency has
fallen again this morning after the weekend G-20 meeting failed to bring much in
terms of concrete plans to tackle the global financial crisis.
On the daily chart, price continues to 'gyrate' inside broad established
range of 1.2329-1.3300 n as long as 1.2388 holds, another bounce to 1.2830 is
likely, abv wud bring stronger retrace. of erratic decline fm 1.3300 to 1.2952
(61.8% r of 1.3300-1.2388) but res at 1.3117 shud cap upside n yield retreat.
Below 1.2450 wud bring re-test of 1.2388 but breach of this sup is needed
to signal 'downside break' of aforesaid range has taken place, yield resumption
of MT downtrend fm this year's record high at 1.6040 to 1.2329 n then 1.2134
(50% r of entire rise fm 2002 low at 0.8228-1.6040) but reckon 1.2000 lvl (below
50% proj. of 1.4867-1.2329 fm 1.3300 at 1.2031) shud contain weakness...

acetraderfx
11-16-2008, 10:59 PM
INTRA-DAY GBP/USD OUTLOOK: 1.4759

Updating time :17 Nov 2008 04:23 GMT

Cable's rebound after finding buying interest at
1.4675/80 suggests choppy trading abv 1.4646 (NZ)
wud continue ahead of European opening n correction
of nr term decline fm 1.4962 (Friday's high) to
1.4810/20 cannot be ruled out b4 selloff.

Stand aside n look to sell for day trade as be-
low 1.4675/80 needed for re-test of 1.4646 n 1.4600

Range Forecast
1.4735 / 1.4775

Resistance/Support
R: 1.4858/1.4902/1.4962
S: 1.4678/1.4646/1.4600