Daily Technical Strategist

Daily Forex Technicals | Written by FXTechstrategy | Apr 03 09 10:24 GMT |

Today's Focus: EURUSD & AUDUSD

• EURUSD: Back Above The 1.3330 Level With Potential For Further Higher Recovery.
• AUDUSD: Takes Out The 0.7094 Level, Eyes The 0.7269 Level.

EURUSD

The declines triggered off the 1.3738 level, its Mar 23'09 high looks to have bottomed as the pair reversed sharply higher Thursday through the 1.3330 level, its Jan 27'09 high/range top to close higher at 1.3460. Sustaining those gains will call for additional upside risk towards the 1.3738 level, Mar 19'09 high. This significant resistance level must give way for the resumption of the pair's short term uptrend initiated at the 1.2456 level, its Mar 04'09 low to occur towards the 1.3869 level, its .618 Ret and then the 1.4363 level, its Dec 29'08 high. While the daily RSI which is now trending higher remains supportive of the current upmove, EUR has to maintain above the 1.3330 level to keep its hope of resuming its ST uptrend alive. On the downside, supports are located at the 1.3419 level, its Mar 25'09 with a breach of there turning focus to the 1.3330 level where a cap is expected. Further down, the 1.3113 level, its Mar 30'09 low and the 1.3097/93 area, its Feb 09'09 high/.50 Ret(1.2456- 1.3738 rally)will be targeted if the 1.3330 level snaps. On the whole, with the 1.3330 level broken again, the pair is now expected to build on that gain and target higher prices

Support	Comments
1.3419	Mar 25'09 low
1.333	Jan 27'09 high
1.3113	Mar 30'09 low
Resistance	Comments
1.3738	Mar 19'09 high
1.4363	Dec 29'08 high
1.4719	Dec 18'08 high

AUDUSD

With the pair breaking through its key resistance at the 0.7094 level, its Mar 24'09 high and holding above there on Thursday, a continuation of that strength is expected to yield further upside gains towards the 0.7269 level, its range top/Jan 06'09 high. On a sustained penetration of the level, the 0.7400 level, its Psycho resistance will be aimed at ahead of the 0.7565 level, its.618 Ret(0.8520-0.6008 declines). Both the daily RSI and stochastics continue to advance and point towards higher prices. Downside objectives are seen at the 0.7094 level, its Mar 24'09 high initially which should now revert to support and turn the pair higher again. Breaking below there will invalidate our upside scenario and bring losses towards the 0.6850 level, its Feb 09'09 high with a break below there accelerating further downside weakness towards the 0.6527 level, its Mar 04'09 high and the 0.6249 level, its Feb 02'09 low.Overall,we envisage that the pair should head higher towards the 0.7269 level and may be even higher.

Support	Comments
0.7094	Mar 24'09 high
0.685	Feb 09'09 high
0.6527	Mar 04'09 high
Resistance	Comments
0.7269	Range top
0.74	Psycho level
0.7565	.618 Ret(0.8520-0.6008 declines)

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report