Friday August 13, 2010 - 12:11:33 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 13-Aug-2010 - 1209 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
R: 1.0550 / 1.0600 / 1.0650
S: 1.0500-480 / 1.0400 / 1.0350
Dollar-Swiss honoured the Support at 1.0500-480 and came up in the European session today. We may still see the pair move in this range of 1.0500-550 before it break on the either side in the US session today. We are not sure of the course the markets will take and will prefer staying out of the markets today.
GBP-USD @ 1.5590/93...May see some more fall
R: 1.5700 / 1.5800 / 1.5900
S: 1.5535 / 1.5500 / 1.5421
Cable touched a high of 1.5665 in the European session today but is currently trading below 1.5600. We see good chances of the pair coming down towards 1.5550-00 before an upmove in the coming days. Please note that the pair has some strong and important Supports in the 1.5500-50 region (21 Month MA at 1.5511, 200 DMA at 1.5510 and a Trendline Support at 1.5550) which may be tested, but may not be broken easily.
Please note that in the longer term, we continue to hold our view of a double bottom on the monthly charts which may result in a very strong upmove in the coming weeks/ months towards 1.62-63.
Limit Buy Order:
Buy GBP 10K @ 1.5540, SL 1.5475, TP Open
Buy GBP 10K @ 1.5500, SL 1.5410, TP Open
AUD-USD 0.8969/72...Important Support at 0.8950
R: 0.9000 / 0.9050 / 0.9150
S: 0.8950 / 0.8850-30 / 0.8719
Aussie has come down and is currently trading just above the important Support at 0.8950. Please note that 0.8950 has been giving good Support to the pair since 3 days now and we need to wait and watch of this holds today also. Please note that a break below 0.8950 may pull the pair towards 0.8850-30 in the coming sessions/days with chances of falling towards 0.8750 in the next week.
Additionally, the 13 Month MA (0.8882) has been moving up steadily and is just below the 8 Month MA (0.8883). We need to keep a close eye on whether the 13 Month MA crosses the 8 Month MA from below in the next week. If it does, it may be bearish for the pair in the coming weeks.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."