Wednesday May 24, 2006 - 12:28:50 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 24-May-2006....1220 GMT
$-Swiss @ 1.2063/68....Sideways
R: 1.2079-96 / 1.2114-15 / 1.2186
S: 1.2043-33 / 1.1998
The $-Swiss had a fresh decline in the afternoon and it tested an important trendline Support at 1.2033 on the 4-Hourly, joining the lows of 1.1923 (14-May-06) and 1.2017 (22-May-06). Now a fall below that could test 1.1998, the statistically projected Max low for the day.
On the upside strong Resistances are coming in at 1.2079-96 and 1.2114-15. The High so far during today of 1.2140 would also be a very important Resistance. Overall trend is sideways currently for the past 7-9 days and may continue like this for another couple of days.
We were stopped at 1.2074 out of our Short position entered at 1.2086.
Cable @ 1.8819/24....Buy Dip or Sell Rally
R: 1.8840 / 1.8896
S: 1.8800-8795 / 1.8729
The Cable is trading within a wide range of 1.9000 on the upside and 1.8700 on the downside for the last few days and as of now there are negligible chances of a break out of this range for today at least. Currently the Cable is trading in the middle of the range and looks to be heading to test the Resistance of 1.90 as the Cable has already tested a low of 1.8728 earlier today. This however may take place over today or tomorrow.
Within the range the Resistance are coming in at 1.8840 and then at 1.8896. On the downside the Supports are at 1.8800-8795 and then at 1.8729.
Although we wonâ€™t be doing it, selling a rally or buying a dip is the suggested strategy for today.
Aussie @ 0.7552/57.....Holding Short
R: 0.7585-87 / 0.7606-11
S: 0.7539-29 / 0.7520-17
The Aussie has moved up during the day as its intraday volatility has increased. It is still trading near its crucial 200-MA on the 4-Hourly, which is currently at 0.7543. Now on the upside there would be critical Resistance at 0.7576 and near yesterdayâ€™s High at 0.7596. The significance of this has increased as the statistically projected Max High for the day is at 0.7587 while on the weekly it is at 0.7606.
On the downside the Supports are coming in at 0.7539-29 and a fall below that will cause a fresh fall to 0.7520-17. The Intraday bias is currently bearish as long as the Aussie trades below 0.7606. We are holding a Short position.
Short AUD 20K at 0.7526, SL 0.7600, TP open
Sell AUD 20K at 0.7574, SL 0.7610 (up from 0.7600), TP open
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