Daily analysis and trading strategies 11-30-09

EURUSD

Trading strategy: short at 1.5180, stop at 1.5240 (1% risk), 1st objective at 1.5120, 2nd objective at 1.5060

The euro opened higher today and climbed higher during the Asian session, recovering most of Thursday’s and Friday’s losses which were quite high (to as low as 1.4828) due to lower liquidity. Now that the upside is back in focus, a re-test of 1.5150 is likely. On an intra-day basis, uptrend will remain intact as long as support into the 1.4990/00 region holds. Current exchange rate is 1.5062 @07:35 GMT

Support: 1.4990/00, 1.4900, 1.4820/50
Resistance: 1.5100, 1.5145/50 and 1.5200

NZDUSD

Trading strategy: stand aside

The NZD has has found support at .7080 which has been a stable bottom in October. However, the break down below the rising trend line coming around .7270 today is a notable bearish sign. Look for a potential test from the downside within the coming trading sessions and as long as it provides resistance, renewed selling may favor further downside action. On a short-term basis, I remain bullish on this pair. Current exchange rate is .7195 @07:35 GMT

Support: .7100, .7080, .7000/30
Resistance: .7200, .7250/70 and .7300

GBPUSD

Trading strategy: stand aside

Cable recovered and the 1.6600 handle is under pressure at the time of writing this. However, a sustained break above 1.6700 is needed to fully confirm uptrend resumption. Short term sentiment is neutral while the intra-day studies are bullish and will remain positive while 1.6450/60 will provide support. Current exchange rate is 1.6567 @07:35 GMT

Support: 1.6450/60, 1.6350 and 1.6275
Resistance: 1.6600, 1.6700 and 1.6840/50

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Post tags: EURUSD, GBPUSD, NZDUSD