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[poll id="3"]
EURUSD
Trading strategy: stand aside
Yesterday’s losses in equities caused the euro’s decline into the key support zone into the 1.4820/50 region. Former resistance around 1.4830 which is the top side of September provides support and while it holds, uptrend will remain intact, despite yesterday’s decline of 220 points which is probably corrective. Although the euro recovered throughout today’s Asian session, downside risk remain high as the equities may resume the decline later today, therefore keep an eye on the 1.4820/50 support zone until the euro will get back into a ‘safer zone’, eventually – above the 1.5000 mark. Intra-day sentiment is slightly positive and first upside objective is formed by the 50% retracement of yesterday’s down leg – at 1.4950. Next upside barriers are formed by 1.5000 and 1.5050. Breaking above 1.4950/80 would re-initiate short-term’s bullish framework. Current exchange rate is 1.4920 @07:08 GMT
Support: 1.4820/50, 1.4770 and 1.4700
Resistance: 1.4950/80, 1.5000 and 1.5050
- EURUSD 4hrs chart 10-27-2009
GBPUSD
Trading strategy: short at 1.6500, initial stop at 1.6560, objective at 1.6400. Adjust stop to breakeven on +30 pips (at 1.6470) if reached
Cable’s recovery on yesterday has been limited by 1.6400 therefore the downside pressure remains high, a break above 1.6500 being required to signal a resume of the uptrend. Intra-day studies are slightly positive, uptrend being favored for now. Resistance starts at 1.6400 followed by 1.6470/00 and 1.6600, while support is emerging at 1.6300, then lower at 1.6200 and 1.6080/00. Current exchange rate is 1.6365 @07:08 GMT
Support: 1.6300, 1.6200 and 1.6080/00
Resistance: 1.6400, 1.6470/00 and 1.6600
- GBPUSD daily chart 10-27-2009
USDJPY
Trading strategy: short at 92.60, initial stop at 93.20, objective at 91.60. Adjust stop to breakeven on +30 pips (at 92.30) if reached
Upside remains favored as the dollar is slowly advancing higher vs the Japanese yen. Resistance into the 92.10/30 zone is intact but a potential break may open 92.90/00 for a later test – within the coming days. A potential test against the 92.90/00 resistance could be a decisive challenge and solid selling interest will probably emerge near 93.00. Short-term sentiment is bullish, price action suggesting further gains on dollar’s side. On the downside, support starts into the 91.50 region, backed by 91.00 and 90.00. Current exchange rate is 92.02 @07:08 GMT
Support: 91.50, 91.00 and 90.00
Resistance: 92.10/30, 92.50/60 and 92.90/00
- USDJPY daily chart 10-27-2009
Have a great day!
