EURUSD
Trading strategy: stand aside
The euro maintains a bid tone against the dollar and trades into a narrow range above the 1.4300 mark at the time of this report. Short term sentiment is positive and will remain intact while trading above 1.4200/30. Intra-day momentum is neutral since yesterday’s European session due to the U.S. Labor Day holiday. Upside barriers are noticed at 1.4350 then 1.4400. Important resistance resided at 1.4450. Since recent gains achieved during the last 4 days are still below the top side zone of 1.4350-1.4400 reached in the 2′nd half of August, a confirmation of current uptrend may occur by breaking above current range – establishing support above 1.4400. Upside is slightly favored for now. Current exchange rate is 1.4345 @06:00 GMT
Support: 1.4300, 1.4250 and 1.4200/30
Resistance: 1.4350, 1.4400, 1.4450 and 1.4500
- EURUSD 4 hrs chart 9-8-2009
GBPUSD
Trading strategy: long at 1.6405 on break of 1.6400 (hourly bar close above 1.6400), initial stop at 1.6345, objective at 1.6485. Adjust stop to breakeven on +30 pips (at 1.6435) if reached
Yesterday’s 1.6430 calls for a decline since that’s the 61.8% of 1.6620-1.6110. Price already pulled back 100 points, reacting to yesterday’s test on the mentioned fib resistance. Intra-day sentiment is slightly bearish. While above the 1.6300, I maintain my bullish view on GBP. However, current recovery could be a simple correction therefore a clear break above 1.6400 would confirm the uptrend and the pair would gain strength. Potential rallies are expected to face solid selling interest into the 1.6450-1.6500 region. Current exchange rate is 1.6371 @06:00 GMT
Support: 1.6300, 1.6250 and 1.6200
Resistance: 1.6400, 1.6450 and 1.6500
- GBPUSD hourly chart 9-8-2009
nice recommendation on GBPUSD, thnx again =)
however im not sure about any further gains …
yeah it's been a nice ride! I'll write an update report a bit later today and also write a few words on the anatomy of this GBPUSD trade.
I'm sure that you are not sure (sounds funny? ;-) ) about any further gains… I wrote a few words about "sure" on the "useful tips for traders – part II" article
now at 16563 … additional +80 missed =( ..
anyway first +80 better than nothing =)
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