EURUSD
Trading strategy: stand aside
The potential retreat from 1.4620 I noted on last report is currently in progress, the euro testing bids near the 1.4500 mark at the time of writing this. Intra-day sentiment is bearish and the downside seem favored for now, important support emerging at 1.4450/65 and 1.4400. Short-term sentiment is likely to remain positive as long as the euro holds gains above the 1.4400 mark. On the upside, minor resistance is noticed at 1.4550/55 followed by 1.4600 and 1.4620/35. Extended losses of current pullback may extend to 1.4400 within the coming session so keep an eye on that level if we get there, as it is an important bottom. Current exchange rate is 1.4519 @05:55 GMT
Support: 1.4500, 1.4450/65 and 1.4400
Resistance: 1.4550/55, 1.4600 and 1.4620/35
- EURUSD 4hrs chart 9-14-2009
- EURUSD daily chart 9-14-2009
GBPUSD
Trading strategy: long at 1.6485, initial stop at 1.6425, objective at 1.6565. Adjust stop to breakeven on +30 pips (at 1.6515) if reached.
Support formed by a rising trend line as seen on the 4-hrs chart below is under pressure and a break down will call for 1.6500/15 as a potential downside objective on the coming sessions. Intra-day momentum is negative and price action suggests further weakness. However, the short-term studies are positive and sentiment won’t be affected as long as Cable holds above 1.6400. Upside barriers are formed by 1.6650, 1.6700 and the top side at 1.6740/50. Current exchange rate is 1.6578 @05:55 GMT
Support: 1.6570/80, 1.6500/15 and 1.6400/30
Resistance: 1.6650, 1.6700 and 1.6740/50
- GBPUSD 4hrs chart 9-14-2009
I will probably write an update a bit later today. Good luck and happy trading!
