Friday

Daily analysis and trading strategies 2-26-10

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 26, 2010 – 6:59 am GMT | Post a comment |

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EURUSD

Trading strategy: stand aside

Yesterday’s recovery continued through today’s Asian session and 1.3600 is under pressure at the time of writing this article. My yesterday’s small short at 1.3560 was triggered and is still in play. Short-term sentiment remains unchanged as there’s enough room to the upside up to 1.3850/60, where a sustained break would confirm a trend change. On intra-day basis, the bias is to the upside for now but we’ll see if the EUR will manage to hold its gains. Support starts at 1.3570, backed by 1.3530, 1.3500 and 1.3450. On the North side, immediate resistance comes around 1.3620 (trend line starting from 1.4025 of February 3′rd). This week’s top at 1.3690/00 provides the next technical resistance, followed by 1.3780 higher. Current exchange rate is 1.3575 @07:00 GMT

Support: 1.3570, 1.3530, 1.3500 and 1.3445/50
Resistance: 1.3600/25, 1.3690/00, 1.3780 and 1.3850/60
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bullish

NZDUSD

Trading strategy: stand aside

Former bottom around .6950 is being challenged as the kiwi dollar recovered some of its recent losses. On a short-term basis, the downward channel started in October is valid and the pair is not far from the lower channel’s band, which is seen around .6760. Momentum remains bearish while below recent top at .7080 and the hourly charts are currently bullish, as long as .6900 holds. Current exchange rate is .6937 @07:00 GMT

Support: .6900, .6850, .6800/20 and .6770/00
Resistance: .6950, .6990/00, .7050/75, .7100 and .7150
Market sentiment: long term – bullish, medium term – slightly bearish, short term – bearish, intra-day – bullish

Have a great weekend!