TODAY'S FOREX MARKET OUTLOOK
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Update Time : 08:15GMT
EUR/USD - 1.2072
As euro has rebounded after Friday's selloff to 1.2002, suggesting consolidation with upside bias is seen for re-test of 1.2121 resistance, however, a firm break above there is needed to confirm a retracement of recent decline fm 1.2462 is under way for further gain towards 1.2190.
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DAILY EUR/USD OUTLOOK - +1.2090+
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Update Time : 2004/08/02 09:10GMT
Current price action suggests as long as Friday's 1.2002 low holds, choppy consolidation with upside bias is seen n abv 1.2097 wud signal a correction of recent fall fm 1.2462 has taken place, bring re-test of 1.2121 1st, then later 1.2170/80.
Trade fm long side, stop below 1.1990, break wud risk weakness twd 1.1954 b4 correction occurs..
Rate: +1.2090+
Strategy: Hold long
Position: Long at 1.2040
Objective: 1.2115
Stop-Loss: +1.2040+
Resistance: 1.2097/1.2121/1.2190
Support: 1.1990/1.1954/1.1900
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Daily/weekly recommendations, medium term outlook, daily
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(Majors) - USD 150/m, (Majors/Minors/Crosses) - USD 240/m
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DAILY NZD/USD OUTLOOK - 0.6380
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Update Time : 2004/08/02 05:18GMT
Kiwi's rebound fm 0.6332 suggests nr term rise fm 0.6235 has resumed, bring retrace. of recent decline fm 0.6610 twds 0.6443 res b4 retreat.
Hold long, stop as indicated, break wud signal correction has ended n yield 0.6270/75....
Rate: 0.6380
Strategy: Long at 0.6360
Position: Long at 0.6360
Objective: 0.6425
Stop-Loss: 0.6300
Resistance: 0.6408/0.6443/0.6505
Support: 0.6332/0.6304/0.6235
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Spot Gold, Spot Silver, UT T-Bond Future, EURODLR Future
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SPOT GOLD DAILY OUTLOOK - 394.00
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Update Time : 2004/08/02 00:19GMT
Gold's breach of 393.50 confirms a temp. low has been formed at 385.75 n correction of recent fall to 396/397 wud be seen but 400.70 res wud hold.
Trade fm long side with stop as indicated, below wud risk pullback to 390.00 b4 rebound...
Rate: 394.00
Strategy: Long at 391.60
Position: Long at 391.60
Objective: 395.00
Stop-Loss: 392.50
Resistance: 398.20/400.70/402.00
Support: 392.10/388.05/385.75
Alex Tsui
Sales Manager - Internet Based Business
Trendsetter Financial Markets Limited
Tel: (852) 2865 2059
Fax: (852) 2525 9443
email: alex@acetrader.com
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Reuters Index: TREN01 since 1989
