Monday

Daily analysis and trading strategies 03-01-10

by LiviucloseAuthor: Liviu Name: Liviu Flesar
Site: http://www.innerfx.com
About: I am an independant currency trader providing currency market analysis mainly for two reasons: 1. to improve my discipline, keeping a clear track record of my own thoughts, analyzing both my good and bad expectations on market moves; 2. sharing my thoughts with other traders, hoping they may benefit from my opinions and experience. I don't call myself a veteran or trading guru of some sort as there's a lot more I have to learn, a lot more I have to see and my 8 years experience into currency trading is not enough proof that I will be successful during the next 8 years. I dare to believe that my articles are useful to many traders from around the world and I strive to improve in my attempt to become a better and more accurate writer. innerfx.com is my own project, a blog about currency trading where I share my commentaries and market thoughts. The site has been launched to address the needs of other currency traders and also to keep a track record of my articles. I am not fully dedicated to currency trading because I want to diversify my knowledge, therefore I am involved in different areas.See Authors Posts (1400) on March 1, 2010 – 7:06 am GMT | Post a comment |

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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

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

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

Have a great week!