BUY AUD/USD 0.8870 TARGET 0.8890 SL 60 pips away

Timeframe: 15mins
Direction: Long
Price: 0.8870
Target: 0.8890
Stop: below 0.8850
comment: aussie likely to hold above 0.8850 and bounce expected as RSI showing extreme oversold reading.

U.S. economy to improve before rate cuts hit, Philly Fed's Plosser says

At least one member of the Federal Open Market Committee believes further cuts in interest rates probably won't be required to heal the economy. In a speech on Tuesday, Philadelphia Fed President Charles Plosser said he believes the weak U.S. economy will "improve appreciably" by the second half of the year, before the effect of any additional rate cuts would be felt. At the same time, Plosser said he saw "worrisome signs of underlying price pressures." Plosser, who is one of 10 voting members of the FOMC this year, is known as one of the most hawkish members of the committee, meaning he focuses more on fighting inflation than on maintaining steady growth

DOW INDUSTRIALS DOWN 200 POINTS AS OIL SURGES AND WORRIES ABOUT ECONOMY INTENSIFY

U.S. stocks fall along with manufacturing index
Crude-oil futures hit $100 on New York Mercantile Exchange
U.S. stocks slumped Wednesday, extending the prior session's losses into 2008, as worries about economic growth mounted amid rising energy prices and signs of continued weakness in the manufacturing sector.

Short EUR/USD 1.4695 Target 1.4665 Stop Loss 1.4755

Timeframe: 15mins
Direction: short
Price: 1.4695
Target: 1.4665
Stop: 1.4755
comment: EUR/USD likely to capped below 1.4705 resistance.