EURUSD
Trading strategy: long at 1.5050 on break of 1.5045 (hourly close above 1.5045), initial stop at 1.4990, objective at 1.5130. Adjust stop to breakeven on +30 pips (at 1.5080) if reached
Resistance into the 1.5045/50 region is intact and couldn’t be broken yet although it’s been tested several times. Upside remains favored as long as intra-day support on the 1.5000 handle will hold on potential pullbacks. Intra-day studies are bullish but a sustained break above 1.5050 should encourage faster gains towards the 1.51-1.52 region. Resistance follows 1.5050 at 1.5100 and 1.5150 while on the downside, 1.5000 is backed by notable barriers at 1.4950, 1.4880/00 and 1.4820/50. Current exchange rate is 1.5037 @07:08 GMT
Support: 1.5000, 1.4950, 1.4880/00 and 1.4820/50
Resistance: 1.5045/50, 1.5100, 1.5150 and 1.5200
- EURUSD 4hrs chart 10-26-2009
GBPUSD
Trading strategy: stand aside
Friday’s decline to as low as 1.6300 is a reminder that the pound isn’t performing so well lately and shows weakness across the board, especially against euro and yen. The 390 points decline has erased most of recent gains and the weekly bar suggests a reversal, favoring downside action from now on. Short-term sentiment remains bullish but as long as the 1.6500 resistance is intact, extra caution is advised on potential long positions. If Friday’s decline resumes, downside objectives are emerging at 1.6200 then 16050/80. Current exchange rate is 1.6315 @07:08 GMT
Support: 1.6200, 1.6100 and 1.6050/80
Resistance: 1.6450, 1.6500 and 1.6600
- GBPUSD daily chart 10-26-2009
USDJPY
Trading strategy: short at 92.50, initial stop at 93.00, objective at 91.70. Adjust stop to breakeven on +30 pips (at 92.20) if reached
The dollar continued to advance higher against the yen, reaching the 92.00/10 resistance region on Friday. Today’s pullback into the 91.50 zone seem corrective and if it extends lower, support will be challenged around 91.00. Intra-day momentum is slightly bearish but may turn positive if the dollar returns above 92.00. Current exchange rate is 91.84 @07:08 GMT
Support: 91.50, 91.00 and 90.00
Resistance: 92.00/10, 92.50/60 and 93.00
- USDJPY 4hrs chart 10-26-2009
Have a great day!
