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Friday November 25, 2005 - 13:05:44 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX-Thoughts for the day - Evening - 25-11-05 .... 1300 GMT

Euro @ 1.1756/59....Sideways 'tween 1.1717-1841
---------------------------------------------
R: 1.1770-89 / 1.1804 / 1.1841
S: 1.1738-19 / 1.1681
The Euro dropped to 1.1738 during the day and has bounced slightly from there. Currently ranged between 1.1717-1841, as mentioned in the morning. We are not doing anything while these are not broken on a Day Close basis. Once we see a clear break of either 1.1717 or 1.1841 on a Day Close basis, we'll take a position in the direction of the break.


$-Yen @ 119.38/42....Fresh bullishness? Or mirage?
---------------------------------------------------
R: 119.44-59 / 119.69
S: 118.90-85 / 118.71-62
Dollar-Yen has risen well today and gives rise to hopes of fresh bullishness, if a Day Close above 119.59 is established. BUT, failure to do that could imply a fall back towards 119.00 and lower once again. The way the market has been choppy and ranged, prudence suggests we wait for a range break before getting into the market again.

On suitable range break, we may target 120.05 and 120.40 on the upside. On the downside, 118.50 could be seen again.


Euro-Yen @ 140.36/41...Waiting to go long
-----------------------------------------
R: 140.44 / 140.73-83 /
S: 140.17 / 139.98 / 139.70
Narrow range of 140.17-44 so far since the morning. Above 140.44 we have further Resistance at 140.73-83. The Cross seems to be gearing up for a biggish move next week - either up towards 141.11 (and then higher) or down towards 139.80 and then further towards 139.33. On balance, the chances of the upside seem greater at this point. But, we'd rather wait and follow the market higher than anticipate the move and try and lead the market higher.




$-Swiss @ 1.3156/61....No comments
----------------------------------
No comments as the FXTrek charts are spoilt and the Euro is ranged in any case.



Cable @ 1.7198/7203....Range 1.7065-7288
-------------------------------------------
R: 1.7221 / 1.7269-70 / 1.7288
S: 1.7170 / 1.7130-16 / 1.7085
Very frustrating trading. Our Long at 1.7279 has been stopped out at 1.7190. The Cable dipped to 1.7170 from there, but has bounced back again. The best we can say is that the market is now ranged between 1.71 and 1.73 (or 1.7065-7288) and is slam bang in the middle of this range right now. So, it would be better to wait for the range extremes to either Sell High or Buy Low.




Aussie @ 0.7359/61....Range 0.73-74
------------------------------------------
R: 0.7377 / 0.7391-0.7409 / 0.7424-33
S: 0.7350 / 0.7340-34 / 0.7304
We thought we had a "System Buy" yesterday. But our Long at 0.7283 has been stopped out at 0.7255 today. And we do not have a Sell Signal as yet. Implication is that the market is now indecisive again and likely to range between 0.7300-7400. Attempting any trade in this range apart from 10-20 pip jobbing seems dangerous to us. Staying out now.




Happy Trading!

 

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