Fx Analysis 03/30/2009

March 30, 2009 by hyiperz

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Forex Forecast for EURUSD Currency

Downside is under pressure today after the euro lost 330 points against the dollar on Friday, extending losses today to as low as 1.3180. Next important support is seen at 1.3095/00 - 50% retracement of the 1.2455-1.3735 move also February’s top. A potential break below this barrier will cancel the bullish structure, resuming longer-term downtrend. The daily momentum is slightly bearish due to the violent decline from 1.3600. Intra-day sentiment is bearish. Resistance starts at 1.3290 followed by 1.3345/50 and 1.3400/15. Downside is likely to remain favored for now and a test of 1.3095/00 seem possible within the upcoming sessions. Current quote is 1.3197 @06:00 GMT

Support levels: 1.3200, 1.3095/00 and 1.3000.
Resistance levels: 1.3290, 1.3345/50 and 1.3400/15.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : slightly bearish

Forex Forecast for AUDUSD Currency

Minor support on the .6800 mark is being tested at the time of this writing and if it fails, next barrier emerges at .6700 - 50% retracement of .6305-.7090. Intra-day momentum is highly bearish and a break above .6900 is needed to resume uptrend. Resistance is seen at .6845/50 followed by .6900 and .6950. Current quote is .6816 @06:00 GMT

Support levels: .6800, .6700 and .6600/05.
Resistance levels: .6845/50, .6900 and .6950.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : slightly bearish

Forex Forecast for EURCHF Currency

Support into the 1.5150 zone is under pressure today and a potential break will open 1.5000/10 which is the next important downside barrier. Both intra-day and short-term studies are bearish but it is not clear yet if the drop from the 1.53-1.54 region to 1.5150 is corrective or part of the downtrend. Current quote is 1.5152 @06:00 GMT

Support levels: 1.5150, 1.5000/10 and 1.4915.
Resistance levels: 1.5200, 1.5290/00 and 1.5350.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bearish

Source: FxStreet

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