TODAY`S FOREX MARKET OUTLOOK FROM ACETRADER - USD/YEN

Monday, July 19, 2004 3:47 GMT
Daily report
By AceTrader
http://www.acetrader.com

1-week full trial for USD 20 only.



USD/YEN - 108.60

Friday`s selloff from 110.05 suggests a temporary top has been formed there and downside
bias is seen for weakness to 108.10/20 and then towards 107.56 support, below would
confirm the decline from 114.90 has resumed.

Above 109.35/40 would defer this bearish scenario but said Friday`s high should hold.



INTRA-DAY USD/YEN OUTLOOK

Although dollar`s decline from 110.05 has resumed and marginal weakness to 108.30/35 is
likely, near term loss of momentum suggests previous chart support at 108.18 is likely to
hold from here and yield rebound towards Asian high at 108.87 but 109.05/10 would cap
upside.

Venture long on dips, stop below 108.18, break would extend towards 108.00 before
prospect of rebound.


Rate: 108.55

Strategy / Entry Level: Buy at 108.35
Position:

Objective: 108.70

Stop-Loss: 108.10
Range Forecast: 108.55 / 108.85
Resistance: 108.87/109.38/110.05

Support: 108.39/108.18/107.56



YESTERDAY`S RECOMMENDED TRADE:
2004/07/19 00:12GMT
DAILY GBP/USD OUTLOOK - 1.8626

As cable has staged a strg rebound after holding abv sup at 1.8475, suggesting correction fm
1.8664 has ended and above 1.8625 would confirm recent upmove has resumed, bring re-
test of 1.8664, then toward 1.8705/10 but 1.8750/55 would hold today.

Buy dips for 1.8660 or on break of 1.8625 for 1.8700. Below 1.8530/35 risks 1.8475/77
again.

POSITION :
Long at 1.8626
STRATEGY : Hold long
PROFIT TARGET : 1.8700
STOP-LOSS :
1.8581


REALTIME INTRADAY forex trading signals and commentaries which are used by BANKS
through Reuters for MORE than 15 years are now available to individual users. Lead by world
renowned technical analyst Wilson Leung, our team of analysts monitors the FOREX market
24 HOURS A DAY. Please visit us at www.acetrader.com for more information.

DISCLAIMER
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its
service or information contained therein. Trendsetter does not give, whatsoever, warranties,
expressed or implied, to the results to be obtained by using its services or information it
provided. Users are trading on their own risk and Trendsetter shall not be responsible under
any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no
event, be liable to users or any third parties for any consequential damages, however
arising, including but not limited to damages caused by negligence whether such damages
were foreseen or unforeseen.