TODAY`S FOREX MARKET OUTLOOK FROM ACETRADER
Mon, 23 Aug 2004 08:39GMT
Daily report
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EUR/USD - 1.2293
Update Time : 08:10GMT

Although last Friday`s selloff indicates downside bias remains for corrective decline from 1.2390 to bring marginal weakness, reckon 1.2250 would limit downside due to oversold condition and bring retest of said resistance later this week.

INTRA-DAY GBP/USD OUTLOOK - +1.8150+
Update Time : 2004/08/23 08:31GMT

As cable has retreated after meeting renewed selling earlier at 1.8180/85, suggesting intra-day downside bias remains for last week`s decline to resume n extend weakness to 1.8120 later, however, nr term `loss of momentum` shud keep price abv 1.8085.

Suggest to sell on minor pullback n only abv 1.8203 (Australia) wud confirm low is made...

Rate: +1.8150+

Strategy: +Hold short+

Position: +Short at 1.8165+
Objective: 1.8120

Stop-Loss: +1.8185+
Resistance:
1.8203/1.8246/1.8295
Support: 1.8129/1.8085/1.8012


DAILY OUTLOOK ON USD/CAD - 1.2998
Update Time : 2004/08/23 07:28GMT

Usd`s recovery fm 1.2957 suggests consolidation is seen b4 recent decline resumes but loss of momentum wud keep price abv 1.2900 n yield rebound.

Sell at 1.3020 for 1.2930 n if usd falls to 1.2930 1st, venture long for rebound to 1.3025/30...

Rate: 1.2998

Strategy: 1) Sell at 1.3020 or 2) Buy at 1.2930
Position:

Objective: 1) 1.2930 or 2) 1.3025
Stop-Loss: 50 points
Resistance:
1.3049/1.3113/1.3146
Support: 1.2957/1.2934/1.2833


SPOT GOLD DAILY OUTLOOK - +411.10+
Update Time : 2004/08/23 08:09GMT

Gold`s retreat fm 414.05 indicates consolidation wud be seen b4 upmove fm 392.75 resumes n abv said res wud extend gain to 417/418 but 420.00 wud hold.

Buy dips, stop as indicated. Only below 407.75 wud signal temp. top is made n risk test of 405.70.

Rate: +411.10+

Strategy: +Long at 411.00+
Position: +Long at 411.00+
Objective: 417.00
Stop-Loss: 409.00
Resistance:
414.05/417.75/420.00
Support: 410.00/407.75/405.70




YESTERDAY`S RECOMMENDED TRADES

INTRA-DAY GBP/USD OUTLOOK - +1.8175+
Update Time : 2004/08/20 18:57GMT

As cable has fallen again after brief bounce to 1.8230/35, suggesting y`day`s decline fm 1.8246 remains in progress n further weakness to 1.8170/75 is seen but 1.8133 sup shud remain intact due to loss of nr term momentum n bring rebound later.

Hold short, stop as indicated, then buy at 1.8160 for 1.8200. Only abv 1.8235 signals low is made.

Rate: +1.8175+

Strategy: 1.+Target met+ or 2. buy at 1.8160
Position: 1. Short @ 1.8213
Objective: 1) 1.8175 or 2) 1.8200
Stop-Loss: 2) 1.8130
Resistance:
1.8295/1.8346/1.8438
Support: 1.8133/1.8085/1.8050


INTRA-DAY EUR/CHF CROSS OUTLOOK - +1.5400+
Update Time : 2004/08/20 12:18GMT

Euro`s retreat after failing to penetrate resat 1.5379 indicates further consolidation is in store but as long as 1.5344/48 holds, bullishness remains for corrective upmove fm 1.5307 to extend to 1.5400/05 b4 prospect of a selloff.

Hold long with stop as indicated, below 1.5344 wud risk test of sup at 1.5325 1st...

Rate: +1.5400+

Strategy: +Target met+
Position: Long at 1.5371
Objective: 1.5400
Stop-Loss:

Resistance:
1.5415/1.5449/1.5476
Support: 1.5344/1.5307/1.5280


INTRA-DAY EUR/YEN OUTLOOK - +135.00+
Update Time : 2004/08/20 01:36GMT

Near term choppy sideways trading within 134.70-135.46 is likely to continue n as long as said res holds, intra-day downside bias remains for weakness to indicated obj. but below 134.86 needed to signal recent decline has resumed n yield 134.50 later.

Sell recovery with stop as indicated n take profit on subsequent fall..

Rate: +135.00+

Strategy: +Target met+
Position: +Short at 135.35+
Objective: 135.00
Stop-Loss:

Resistance:
135.50/135.75/136.00
Support: 134.70/134.42/134.09

DAILY EUR/YEN CROSS OUTLOOK - 135.02
Update Time : 2004/08/20 07:59GMT

Despite euro`s recovery fm 134.70, upside wud be ltd to 135.65/70 n this wk`s decline fm 137.07 to retrace upmove fm 132.86 shud resume later for weakness twds 134.42 sup, however, loss of momentum wud keep price abv 134.00 n bring rebound.

Hold short for 134.50, stop at break-even, then turn long there for 135.40, stop 133.95...

Rate: 135.02

Strategy: 1.Hold short n 2.Buy at 134.50
Position: 1.Short @ 135.50
Objective: 1) 134.50 n 2) 135.40
Stop-Loss: 1) 135.50 n 2) 133.95
Resistance:
135.50/136.00/136.66
Support: 134.70/134.42/133.72



SPOT GOLD DAILY OUTLOOK - +408.00+
Update Time : 2004/08/20 13:16GMT

As long as 405.10 holds, outlook remains supportive for recent upmove to bring test of 408.70 res, abv wud extend gain twds 411.00 next week.

Hold long, stop below said sup, break wud risk retrace. to 401/402 b4 prospect of another rise...

Rate: +408.00+

Strategy: +Target met+
Position: Long at 403.00
Objective: 408.00
Stop-Loss:

Resistance:
407.75/408.70/410.00
Support: 404.50/401.70/400.60



AceTrader Performance Update

July 2004 (Pips)












Intraday



Daily
USD/YEN





+217





-31
EUR/USD





+509





+186
USD/CHF





+529





+499
GBP/USD





+752





+301

YTD 2004 (Pips)












Intraday



Daily
USD/YEN





+338





-31
EUR/USD





+2550



+1130
USD/CHF





+2421



+1001
GBP/USD





+2941



+548

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