FOREX TRADE ALERT

For EUR/USD, USD/JPY, AUD/USD.

Trade Alert for  Apr 09, 2009.

Euro The euro failed to test resistance at $1.37 and is now headed for short-term support at $1.31. Breakout would test primary support at $1.25. In the long term, failure of the band of support at $1.25 would offer a target of $1.00 (calculated as 1.25 – [ 1.50 - 1.25 ]). Recovery above $1.47 is unlikely, but would signal a primary trend change — and test previous highs at $1.60.

Japanese Yen The dollar penetrated resistance at 100, providing confirmation of the recent breakout from a descending broadening wedge, then retraced to test the new support level. Respect of support would confirm the up-trend, with a target of 105 (calculated as 99 + [ 100 - 94 ]). Reversal below the rising trendline is unlikely, but would warn of a bull trap. In the long term, failure of primary support at 87 is also unlikely, and breakout above 100 offers a target of 110 (the August 2008 high).

The market is stalling. It may be wise to exit this trade. Market is holding above the 99.66 level. The CCI is above 100. This currency pair USD/JPY is overbought at this time.

Australian Dollar The quarter percent rate cut by the RBA did not disturb the up-trend of the Australian dollar against the greenback. Respect of the rising trendline is likely, followed by a test of resistance at $0.7300. Breakout above $0.7300 would offer a target of the September high of $0.8500 (calculated as 0.7250 + [ 0.7250 - 0.6000 ]). Failure of $0.60 now appears unlikely, but would target the 2001 lows between $0.48 and $0.50.

There has been no signal to enter the market at this time.  NOTE: A consolidation of price movement or a price correction may be underway.  The CCI is above 100. This currency pair AUD/USD is overbought at this time.

4xGenie Support Team

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