Quote of the day: Nothing is as simple as we hope it will be. — Jim Horning
EURUSD
Trading strategy: small short at 1.3560, stop at 1.3610(0.5% risk), 1st objective at 1.3510, 2nd objective at 1.3440
Fresh selling emerged and limited yesterday’s rally to 1.3625 session high, downside pressure intensifying through the Asian session. Recent multi-month bottom at 1.3445 is in focus and a break down would open $1.32. As recent rallies have been short-lived, it’s unlikely that the euro will surprise by initiating an extended recovery – important selling points being seen around 1.3550, then higher at 1.3600/30 and 1.3700. Short-term sentiment remains bearish while 1.3800/50 resistance zone is intact. Current hourly bars are showing weak signs of a potential recovery so keep an eye on the 1.3550-1.3600 intra-day resistance layer if the euro gets a lift. Current exchange rate is 1.3465 @05:50 GMT
Support: 1.3445, 1.3400, 1.3350 and 1.3300
Resistance: 1.3500, 1.3550, 1.3600/25 and 1.3650/60
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish
- EURUSD hourly chart 2-25-2010
NZDUSD
Trading strategy: stand aside
Former support around .6950 provided resistance on yesterday’s minor rally and the kiwi dollar continued to lose ground against the greenback – the .6800 mark being in focus. Both intra-day and short-term studies are bearish and the short-term momentum will remain unchanged while below .7000. If current decline continues, the .6770/00 support region may provide support, limiting losses for a while. Current exchange rate is .6880 @05:50 GMT
Support: .6850, .6800/20 and .6770/00
Resistance: .6900, .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 2-25-2010
Have a great day!
