Quote of the day: A great truth is a truth whose opposite is also a truth. — Thomas Mann
EURUSD
Trading strategy: small short at 1.3655, stop at 1.3695(0.5% risk), objective at 1.3575
Yesterday’s rally went out of steam ahead of 1.3700 where resistance is formed by the downward trend line coming from 1.4025 (February 3rd) along with the 61.8% of the last two weeks down leg from 1.3840 to 1.3445. The short-term momentum remains bearish as long as a key breakout is not validated by a daily bar close above 1.3850. Therefore, potential gains should face selling pressure into the intra-day resistance layers around 1.3600 then higher, at 1.3650 and 1.3700. Intra-day sentiment is negative as well as the minor gains from 1.3500 up to 1.3550 at the time of this report are corrective in nature. Key events today are The German GDP data release at 7:00 GMT and Fed Bernanke’s testimony at 15:00 GMT. Current exchange rate is 1.3542 @06:40 GMT
Support: 1.3500, 1.3445 and 1.3400
Resistance: 1.3600, 1.3650/60, 1.3700 and 1.3760/70
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish
- EURUSD 4hrs chart 2-24-2010
NZDUSD
Trading strategy: small short at .7015, stop at .7045(0.5% risk), objective at .6965.
The kiwi dollar reversed into last week’s top side around .7050 and also breached below intra-day bottoms formed by two rising trend lines coming from .6815 and .6890, respectively. Although it currently recovers some ground and re-entered last week’s range, downside pressure remains high due to yesterday’s accelerated sell-off in risk pairs. In case of an extended recovery, look for resistance to limit gains around the .7000 mark. On the south side, minor support comes around .6890/00 backed by a more notable barrier formed by the recent bottom at .6800/20. Current exchange rate is .6932 @06:40 GMT
Support: .6890/00, .6850 and .6800/20
Resistance: .6990/00, .7050/75, .7100 and .7150
Market sentiment: long term – bullish, medium term – slightly bearish, short term – neutral, intra-day – bearish
- NZDUSD 4hrs chart 2-24-2010
have a great day!
Your analysis is great. I follow you every day. Could you be so kind to tell me what is the indicator on your grafs in a lover left corner that is writing weekly and daily changes.
thank you
I'll send the indicator to you by email