 | |  | | May 14, 2003
The majors backed down a bit in the last session before posturing a renewed bullishness against USD, who itself seems to be bluffing on equal terms. The same can also be said about the mighty DOW that appears a little shy about reaching 8870 resistance just yet. Only CAD buyers are still hanging in the mid 1.3800s seemingly unopposed by sellers. CAD's technical outlook, as mentioned repeatedly, supports a 1.3660 scenario after 1.4000 support caved down last week. Elsewhere, EUR's upside move continues to be checked by its upper channel resistance at 1.1620-50, while its downside correction (if taking place suddenly) can easily drop down to 1.1200 level. GBP's upside ceiling has also shifted slightly upward from 1.6270 to 1.6300, with 1.6000 coming up as a support against a possible speedy sell-off. SWF on the other hand looks more ready to explore toward 1.3000 than otherwise. If so, buyers may still seize any up tick near 1.3250 to re-enter the market for the march to reach 1.3000 or below. AUD buyers appear reluctant to abandon testing 0.6500 resistance just yet. As commented before, they can either head up to 0.6700s against all odds, or hurry up to unload some of their weight to the 0.6200s before coming back up again. In any case, the boundaries of 0.6700-0.6200 should confine any drastic AUD moves that may come up next. Stay tuned.
Took profit on AUD's 0.6500 sell position at 0.6450.
Holding AUD's 0.6300 sell position, RRR-250/+150pts.
Wait to sell AUD at 0.6700, RRR-150/+300pts, or take profit at close.
Wait to sell EUR at 1.1650, RRR-150/+300pts, or take profit at close.
Wait to sell GBP at 1.6300, RRR-50/+200pts, or take profit at close.
Wait to sell SWF at 1.2730, RRR-150/+300pts, or take profit at close.
Wait to buy SWF at 1.3250, RRR-50/+200pts, or take profit at close. |  |  |  |  |
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