Quote of the day: Never confuse motion with action. — Benjamin Franklin
EURUSD
Trading strategy: stand aside
Despite recent selling pressure ahead of $1.37 – upside seems slightly favored and last recoveries from 1.3450 are suggesting that a temporary bottom has been formed, initiating a short-term trend reversal. A proper confirmation would occur if the EUR will manage to overcome the 1.3850 resistance. Meanwhile, interim resistance around 1.3700 remains in focus, as long as 1.3550 and 1.3500 will provide support on dips. A double top has been formed last week at 1.3680, not allowing the EUR to reach a higher high – but last sell-off was one of moderate intensity, therefore the euro maintains a bid tone for now. Current exchange rate is 1.3595 @07:05 GMT
Support: 1.3570, 1.3530/50, 1.3500 and 1.3445/50
Resistance: 1.3680/00, 1.3780 and 1.3850/60
Market sentiment: long term – bullish, medium term – bearish, short term – slightly bearish, intra-day – bullish
- EURUSD 4hrs chart 3-1-2010
- EURUSD weekly chart 3-1-2010
NZDUSD
Trading strategy: stand aside
The trend line coming from .7150 – joining recent highs – now seen around .7000 has been reached in recent sessions and currently provides an important short-term resistance. Next upside barriers follow .7000 at .7070/80 and .7150 which is a more notable barrier. On an intra-day basis, the upside remains slightly favored for now but caution is advised while holding below the mentioned trend line resistance. Current exchange rate is .6976 @07:05 GMT
Support: .6950, .6900, .6850 and .6800/20
Resistance: .6990/00, .7070/80, .7100 and .7150
Market sentiment: long term – bullish, medium term – slightly bearish, short term – bearish, intra-day – bullish
- NZDUSD 4hrs chart 3-1-2010
GBPUSD
Trading strategy: small long at 1.5005, stop at 1.4935(0.5% risk), 1st objective at 1.5105, 2nd objective at 1.5205
Cable is still in free-fall mode and the key 1.5000 mark is in focus as price gapped lower over the weekend and the minor recovery of Friday has been short-lived. Since key round numbers act like magnets – it’s likely that cable will decline a bit more, reaching 1.5000, before initiating a correction. Current exchange rate is 1.5114 @07:05 GMT
- GBPUSD 4hrs chart 3-1-2010
Have a great week!
