Monday

Daily analysis and trading strategies 10-05-09

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 (1403) on October 5, 2009 – 6:08 am GMT | 2 Comments |

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EURUSD

Trading strategy: short at 1.4720, initial stop at 1.4770, objective at 1.4640. Adjust stop to breakeven on +30 pips (at 1.4690) if reached

Not much has changed across the board while I’ve been on my annual vacation during the last two weeks. Current euro’s pullback from 1.4845 seem corrective and the euro has found support on the median retracement level of September’s upward move from 1.4190 to 1.4845 – at 1.4520. Short term momentum remains negative despite the minor recovery from 1.4500/20 to current levels near 1.4650. A daily bar close above 1.4700 would re-initiate the uptrend. Intra-day momentum is positive and will remain intact as long as 1.4600 provides support on pullbacks. Current exchange rate is 1.4645 @06:10 GMT

Support: 1.4600, 1.4550/65 and 1.4500/20
Resistance: 1.4650, 1.4700 and 1.4750

GBPUSD

Trading strategy: stand aside

The low of June have been under pressure recently as the Pound has weaken against the dollar, extending its decline from the 1.67 region. Current recovery from 1.5800 to 1.6 is not enough to signal a change in sentiment and downside bias remains intact as long as the Pound trades below the 1.62 – 1.63 region. Intra-day studies are bullish though and first important resistance is seen at 1.6125 – last week’s top side. Current exchange rate is 1.6011 @06:10 GMT

Support: 1.5900, 1.5850 and 1.5800
Resistance: 1.6050, 1.6100/25 and 1.6200

I will probably get back with an update later today.
Happy trading!