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INTRA-DAY AUD/USD OUTLOOK : +0.6690+

Updating time :09 Feb 2009 01:37 GMT

Although aussie has retreated after Friday's
rally to 0.6802 n minor consolidation below there
is seen in Asia, 0.6680/90 shud limit downside n
yield rebound, however, a firm break abv 0.6755/60
is needed to signal upmove has resumed, 0.6802 1st.

Buy on pullback with stop as indicated, below
wud suggest top is possibly made n risk 0.6630/40..

Range Forecast
+0.6680 / 0.6720+

Resistance/Support
R: 0.6768/0.6802/0.6844
S: 0.6666/0.6633/0.6583

http://www.acetraderfx.com

USDCHF remains in short term uptrend. The pullback from 1.1742 is treated as consolidation of the uptrend. Near term support is at 1.1399 and key support is at 1.1313. As long as 1.1399 support holds, we’d expect uptrend to resume, and further rally could be seen to 1.2000 zone in next several days. Only fall below 1.1313 will indicate that the medium term uptrend from 1.0366 (Dec 29,2008 low) has completed.



Daily Forex Forecast

Saturday February, 7 2009 2:37 PM EST.
The Euro ended the week up for the first time in 5 weeks. Will that continue for the week ahead? It depends on several factors. The first factor to consider is the support and resistance levels that have been previously maintained. Last week the price bottomed out at 1.2700 which is going to be a key level of support next week. In Fridays Trading the pair attempted to close above 1.3000 but as soon as the price hit the 1.3000 resistance level the pair back down. Last week was a consolidation was going on without any clear indication as to which way the pair might be heading next week.

Upcoming News to watch--

The most important news item next week for this pair is ...

USDCAD formed a sideways consolidation in a range between 1.1464 and 1.3015 for several months. The price action from 1.3015 is more likely a triangle pattern. Consolidation in a range between 1.1761 and 1.2765 is now in favor in a couple of weeks. Long term key resistance is located at 1.3015, a break above this level will signal the resumption of the long term uptrend from 0.9056 (Nov 7, 2007 low).

For long term analysis, USDCAD remains in bullish movement, and the price action from 1.3015 is treated as consolidation of long term up trend. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.



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