Thursday March 27, 2008 - 12:53:37 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 27-Mar-2008....1250 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
GBP-USD @ 2.0176/80...200-Day MA at 2.0145
R: 2.0220 / 2.0270
S: 2.0140 / 2.0100
GBP-USD has had a sharp rally during the day and with that it has moved above its 200-Day MA of 2.0145. The pair is currently below its Resistance of 2.0220, which is likely to see selling. Above that strong Resistance would come in at 2.0270.
On the downside the Support is at 2.0140 and 2.0100. The pair is likely to see buying on rallies, however we are now removing our pending buy order, as we are holding position(s) elsewhere.
USD-CHF @ 0.9928/32....Holding Short
R: 0.9940 / 0.9990
S: 0.9870 / 0.9830 / 0.9800
USD-CHF had a very sharp fall yesterday, as the pair seems to have restarted the long-term downswing, which was seen up until 17-Mar. Note that yesterdayâ€™s fall was the largest in the last 10-days. The chart is at http://www.kshitij.com/graphgallery/chfcandle.shtml . Thus, should the current losses sustain, the pair could fall towards its prior low of 0.9637 in the next 2-weeks. Note the pair also failed near its MAâ€™s in the last few days, adding to the bearishness. The MAâ€™s chart is at http://www.kshitij.com/graphgallery/chfma.shtml
The pair rallied to a high of 0.9988 during the day, which has seen selling come in. Today the immediate Support is at 0.9885-82, and a sustained break below that would trigger a fall towards 0.9840. On the upside the Resistance is at 0.9980 and 1.0010. We are holding a Short position.
USD 10K Short at 0.9960, TSL 0.9960 (down from 1.0030), TP 0.9830
AUD-USD @ 0.9228/32...Holding Long
R: 0.9250-60 / 0.9309
S: 0.9190-80 / 0.9140
AUD-USD has been relatively firm during the day, however it is maintaining below its important level of 0.9250-60. A close above that on a sustained basis would add to the upward momentum, and if that is seen then there could be a rally towards 0.9309, the statistically projected Max High for the day.
On the downside the Support is at 0.9190-80, on a trendline on the 4-Hourly joining the lows of 0.8982 (24-Mar) and 0.9121 (26-Mar). Below that the Support is at 0.9140. We are holding a Long position in the pair currently. We would be looking to add to long on a dip.
AUD 10K Long at 0.9223, SL 0.9160 (up from 0.9108), TP 0.9278
Limit Buy Order:
Buy AUD 10K at 0.9142, SL 0.9108, TP 0.9205
See a range of Aussie Dollar charts at
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