TODAY'S FOREX MARKET OUTLOOK
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EUR/USD - 1.2063
Update Time : 08:15GMT
Further choppy trading is seen within recent range of 1.1968-1.2121 and a break of upper level would signal decline from 1.2462 is being retraced, bring further gain towards 1.2190 chart resistance.
On the downside, below 1.1990 would indicate aforasaid decline has resumed for weakness to 1.1954.
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INTRA-DAY USD/YEN OUTLOOK - 111.55
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Update Time : 2004/08/06 08:48GMT
As dlr has edged lower on cross unwinding in yen, suggesting caution on our intra-day bullishness n below 111.42 wud signal a temp. top has been formed, bring retrace. to 111.20 but y'day's low at 110.82 shud remain intact.
Hold long, stop below there, abv 111.80 wud extend marginal gain to 112.00 but 112.49 wud hold.
Rate: 111.55
Strategy: Hold long
Position: Long at 111.67
Objective: 112.00
Stop-Loss: 111.40
Resistance: 112.23/112.49/113.00
Support: 111.42/110.82/110.40
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Daily/weekly recommendations, medium term outlook, daily
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DAILY OUTLOOK ON USD/CAD - 1.3174
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Update Time : 2004/08/06 07:33GMT
Despite early recovery fm 1.3125, as this move looks corrective, recent decline shud resume later for 1.3100 but 1.3055 low wud remain intact.
Hold short, stop as indicated, only abv 1.3232 confirms temp.low is made n risks 1.3285/90 later.
Rate: 1.3174
Strategy: Short at 1.3210
Position: Short at 1.3210
Objective: 1.3130
Stop-Loss: 1.3210
Resistance: 1.3232/1.3290/1.3347
Support: 1.3125/1.3055/1.3000
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SPOT GOLD DAILY OUTLOOK - 392.50
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Update Time : 2004/08/06 00:15GMT
Despite nr term sideways trading, as long as 390.90 holds, corrective rise fm 385.75 shud resume for test of 394.50 n then twd 398.20.
Hold long, stop below there, break wud signal recovery fm 385.75 has possibly ended, 388.00/50...
Rate: 392.50
Strategy: Long at 392.30
Position:
Objective: 396.50
Stop-Loss: 390.50
Resistance: 394.50/398.20/400.70
Support: 390.90/389.30/385.75
Alex Tsui
Sales Manager - Internet Based Business
Trendsetter Financial Markets Limited
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email: alex@acetrader.com
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Reuters Index: TREN01 since 1989
