25 July 2008
Last Updated on 22 August 2012
Mohammed Isah
EURUSD: Turns Above The 1.2442 Level, Eys Further Upside
EURUSD: With EUR turning above the 1.2442 level, it now faces the risk of further bullish offensive. Further out, resistance lies at the 1.2482 level, its .618 Fib Ret where a breach will aim at the 1.2539 level. Its daily RSI is bullish and pointing higher suggesting further strength. The alternative scenario will be for the pair return to the 1.2239 level. A clearance of here will set the stage for a move lower towards the 1.2132/17 levels. Further down, support stands at the 1.2040 level where a breach will pave the way for more declines towards the 1.2000 level, its big psycho level. We expect EUR to face price hesitation ahead of or at this level. This could see it back off higher but if that level is breached, the pair should weaken further towards the 1.1950 level. All in all, EUR continues to faces recovery threats.
AUDUSD: Takes Out Major Resistance, Resumes Long Term Uptrend
AUDUSD: With the pair breaking through the 1.1009 level, its 2011 high on Tuesday and following through higher in early trading today, further upside gains are likely in the days ahead. This is coming on the back of a recovery tone set from the 1.0389 level, its Jun 27’2011 low. Further gains now targets the 1.1100, its psycho level with a cut through there allowing for more strength towards the 1.1200 level, its psycho level and possibly higher towards the 1.1300 level. Its daily and weekly RSI are bullish and pointing higher suggesting further gains. On the downside, the 1.1009 level and the 1.0800 level, its July 13’2011 high come in as supports. As long as these levels hold as supports its present bullish build up remains intact. However, the risk to our analysis will be a break and hold below the 1.0525 level, its July 12’2011 low followed by the 1.0389 level. Further down, support lies at its April 05’2011 low at 1.0287 and next its .618 Fib Ret.(0.9702-1.1009 rally) at 1.0200.
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