EURUSD
Trading strategy: long at 1.4710, initial stop at 1.4660, objective at 1.4810. Adjust stop to breakeven on +30 pips (at 1.4740) if reached
Upside is on focus as the euro recovered on yesterday after it found support at 1.4650. Intra-day uptrend is under development and price may stabilize above 1.4700 which is an important level formed by the weekly open of the last two weeks. Intra-day support is now seen at 1.4700 backed by yesterday’s bottom at 1.4650. Resistance starts at 1.4800 followed by recent top side at 1.4845/50 and the projected targets 1.4900 and 1.5 higher. Upside is favored for now and potential pullbacks may find support into the 1.4650-1.4700 region. Below that 50 points region, selling should intensify and current bullish structure will be canceled. Current exchange rate is 1.4758 @06:00 GMT
Support: 1.4700, 1.4650 and 1.4600
Resistance: 1.4800, 1.4845/50 and 1.4900
- EURUSD 4 hrs chart 10-8-2009
GBPUSD
Trading strategy: stand aside
Cable is recovering but downside pressure remains high as long as gains are unconvincing. First intra-day resistance at 1.6050 seem to be targeted on current rally but there’s still room on the upside until reaching the more notable barrier at 1.6100/30. Above that level, uptrend should resume. On the downside, support starts at 1.5950 backed by 1.5850 and 1.5800. Current exchange rate is 1.5990 @06:00 GMT
Support: 1.5950, 1.5850 and 1.5800
Resistance: 1.6050, 1.6100/30 and 1.6200
- GBPUSD daily chart 10-8-2009
AUDUSD
Trading strategy: short at .9095, initial stop at .9145, objective at .9025. Adjust stop to breakeven on +30 pips (at .9065) if reached.
My yesterday’s plan to buy AUD at .8850 with an objective of 100 points has failed since the expected retracement has ended just before triggering my entry point, therefore it was missed by 15 points. However, uptrend is strong and more buying opportunities are likely to occur. The aussie is trading now into the .9000 region and a notable resistance is formed around .9100 as seen on the chart below – it could limit gains for a while, initiating a corrective cycle. On the downside, potential pullbacks will probably face support into the .8900-.8950 region. Current exchange rate is .9025 @06:00 GMT
Support: .9000, .8950 and .8900
Resistance: .9100, .9150 and .9200
- AUDUSD daily chart 10-8-2009
Have a great day!
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