Quote of the day: A penny saved is a penny earned. – Benjamin Franklin
EURUSD
Trading strategy: stand aside
The bottom into the 1.4850 area has been challenged once again and provided a stable barrier – the euro recovering to as high as 1.4935 at the time of writing this. Not far away to the upside comes the downward trend line from last week’s top, extended through previous days highs – as seen in the chart below. A break above the said line around 1.4970 would confirm uptrend resumption, opening 1.5030/60. Short term charts suggest further gains so keep an eye on the 1.4970 resistance. Current exchange rate is 1.4911 @06:59 GMT
Support: 1.4900, 1.4850 and 1.4775/00
Resistance: 1.4970, 1.5000/15, 1.5050/60 and 1.5100/15
- EURUSD 4hrs chart 11-20-2009
NZDUSD
Trading strategy: stand aside
The New Zealand dollar remains under pressure as it extended losses on yesterday, reaching the .7300 projected target as noted in my yesterday’s NZDUSD chart. The extended decline also triggered my suggested long entry at .7305, but since the NZD failed to re-gain strength, closing at break-even (NZDUSD trading around .7305 right now) seem the right thing to do. A break above .7350 is needed to re-gain the upside – until then, more selling into minor rallies may emerge. Current exchange rate is .7306 @06:59 GMT
Support: .7250/60, .7200 and .7150
Resistance: .7350, .7400 and .7520
- NZDUSD 4hrs chart 11-20-2009
Have a great day and a nice weekend!
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