Tuesday

Daily analysis and trading strategies 2-23-10

by LiviucloseAuthor: Liviu Name: Liviu Flesar
Site: http://www.innerfx.com
About: I am an independant currency trader providing currency market analysis mainly for two reasons: 1. to improve my discipline, keeping a clear track record of my own thoughts, analyzing both my good and bad expectations on market moves; 2. sharing my thoughts with other traders, hoping they may benefit from my opinions and experience. I don't call myself a veteran or trading guru of some sort as there's a lot more I have to learn, a lot more I have to see and my 8 years experience into currency trading is not enough proof that I will be successful during the next 8 years. I dare to believe that my articles are useful to many traders from around the world and I strive to improve in my attempt to become a better and more accurate writer. innerfx.com is my own project, a blog about currency trading where I share my commentaries and market thoughts. The site has been launched to address the needs of other currency traders and also to keep a track record of my articles. I am not fully dedicated to currency trading because I want to diversify my knowledge, therefore I am involved in different areas.See Authors Posts (1400) on February 23, 2010 – 6:58 am GMT | Post a comment |

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Quote of the day: He that can have patience can have what he will. — Benjamin Franklin

EURUSD

Trading strategy: stand aside

Still trading in a narrow range but holding up above the 1.3600 mark, below yesterday’s top at 1.3655 – 61.8% of last down leg from 1.3790 to 1.3445. Break above the intra-day resistance at 1.3655 would favor further gains, opening the 1.3750/90 region which servers as a main objective if current recovery doesn’t run out of steam within the coming sessions. On the lower side, a pullback should face intra-day support into the 1.3550/75 zone, backed by 1.35. Hourly sentiment remains bullish for now while the short-term studies are bearish as long as 1.3850/60 does not come under pressure. Current exchange rate is 1.3627 @07:00 GMT

Support: 1.3600, 1.3550/75,  1.3500 and 1.3445
Resistance: 1.3650/60, 1.3700, 1.3760/70 and 1.3840/60
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bullish

NZDUSD

Trading strategy: stand aside

The NZ dollar is unchanged Vs. the US dollar since yesterday and is consolidating recent gains into the lower half of the .7000 region. Minor resistance comes around .7045/50 – formed by the downward trendline from .7150 of February 3, through last week’s top around .7080. Above the said barrier, next notable bullish objective is set by the .7150 – monthly high. Short-term sentiment is slightly bullish but a confirmation, such as breaking above .7150, would add more fuel to the ongoing recovery. Current exchange rate is .7016 @07:00 GMT

Support: .6980/00, .6950 and .6900
Resistance: .7050/75, .7100 and .7150
Market sentiment: long term – bullish, medium term – slightly bearish, short term – slightly bullish, intra-day – slightly bullish

Have a great day!