Tuesday February 6, 2007 - 13:00:27 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day - Evening - 06-Feb-2007....1251 GMT
EURO, JAP YEN and EURO-YEN
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Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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$-Swiss @ 1.2443/8....Looking to buy
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R: 1.2470 / 1.2500
S: 1.2406 – 2394 / 1.2370
$-Swiss has seen a sharp fall during the day and is coming near to the lower end of its trading range of 1.2380 – 1.2570. Currently the immediate Support is at 1.2406, coming on a trendline on the daily candles joining the lows of 1.1883 (8-Dec-06) and 1.2377 (02-Feb-07). Further below that the Support would come in at 1.2394, the 200-MA on the 4-Hourly. These Supports are expected to hold intraday (and the week). Note the statistically projected Max Low for the day is at 1.2407.
On the upside the Resistances are coming in at 1.2470 and then at 1.2500. The Supports for the pair appear strong and we would like to buy a dip.
Limit Buy order:
Buy $25K at 1.2430, SL 1.2360, TP 1.2510
Cable @ 1.9684/9....Resistance 1.9700. Overall uptrend
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R: 1.9700 / 1.9729 / 1.9750 / 1.9780
S: 1.9640-30 / 1.9590 / 1.9550
The Cable has had a sharp rally during the day and the pair looks to be headed towards the upper end of the trading range of 1.9750–1.9550, within which the pair is expected to trade for another day or so. The bigger picture still remains in an uptrend, while the trendline on daily chart joining the lows of 1.9261 (8-Jan) and 1.9482 (31-Jan) at 1.9536 holds.
Intraday now the Resistance is coming in at 1.9700. If that is crossed then there may be a rally towards 1.9729, the statistically projected Max High for the day. On the downside the immediate Support is at 1.9640-30. A break below that triggers a dip towards 1.9590.
We would like to remind that the BOE interest rate comes out on 08-Feb-07. Take a look at the BOE/ Libor chart at http://www.kshitij.com/utilities/funcharts/ukboe.htm.
Aussie @ 0.7756/60...Buy dip
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R: 0.7770-73 / 0.7798-0.7800 / 0.7826
S: 0.7750-40 / 0.7715-07
The Aussie is currently in a sideways range of 0.7700-70, which is expected to break early tomorrow as the RBA comes out with its interest rates at 22:30 GMT (See the RBA and the Aussie Libor chart at http://www.kshitij.com/utilities/funcharts/aurba.htm).
They are expected to keep the rates unchanged. The greater chances are that the Aussie may see a bullish breakout from the current range and target 0.7800 or 0.7826, the 200-MA on the 4-Hourly candles. In case of a bearish break (currently unexpected) below 0.7700 there may be a decline towards 0.7657, coming on the trendline on the weekly candles joining the lows of 0.7014 (Mar-06) and 0.7415 (Oct-06).
Intraday Aussie has stayed sluggish, but is trading above Support at 0.7735. In case that breaks then there may be a fall towards 0.7715-07, the latter being the statistically projected Max Low for the day. On the upside the Resistance is at 0.7770-73. If that is crossed then there may be a rally towards 0.7798, the statistically projected Max High for the day.
Limit Buy Order:
Buy AUD 20K at 0.7740, SL 0.7710, TP open
Happy Trading!
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Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
