Quote of the day: Anticipation, I suppose, sometimes exceeds realization — Amelia Earhart
EURUSD
Trading strategy: small short at 1.4030, stop at 1.4080(0.5% risk), 1st objective at 1.3980, 2nd objective at 1.3930.
The euro maintains its bid tone, recovering some lost ground against the dollar but still holds below the 1.40 handle. Resistance comes into the 1.4000-1.4030 region where the euro may face solid selling pressure, followed by 1.4130 higher, in case of a rally out of the (potential) corrective range of 1.3850-1.4030, similar in size with the last corrective range of January’s 21 to 26, as seen in the 4hrs chart below. Intra-day sentiment is bullish while the short term studies are negative while below 1.41. On the lower side, support starts at 1.3900, backed by 1.3850 and 1.3800. On an intraday perspective, upside seems favored but treat buying as walking on eggs, because selling may resume at any time. Current exchange rate is 1.3975 @07:15 GMT
Support: 1.3900, 1.3850, 1.3800 and 1.3750
Resistance: 1.4000, 1.4030/50 and 1.4130/50
Market sentiment: long term – bullish, medium term – slightly bullish, short term – bearish, intra-day – bullish
- EURUSD 4hrs chart 2-3-2010
NZDUSD
Trading strategy: small short at .7190, stop at .7240(0.5% risk), objective at .7120
The kiwi dollar recovered some more ground and breached above .7100, hence closing the 2nd half of my short position at break-even. Next notable resistance zone is formed into the .7215-.7265 range by the 50% and 61.8% of .7440 to .6995. Above the said region, short term sentiment turns positive. The Unemployment Rate in the New Zealand will be released tonight at 21:45 GMT, and it is expected to print a 6.8-7% figure. In case of resuming downtrend, support should emerge around .7050 and .7000. Current exchange rate is .7120 @07:15 GMT
Support: .7050, .7000, .6970 and .6900
Resistance: .7150/60, .7200/05 and .7230/50
Market sentiment: long term – bullish, medium term – bullish, short term – bearish, intra-day – slightly bullish
- NZDUSD 4hrs chart 2-3-2010
GBPUSD
Trading strategy: short at 1.6120, stop at 1.6190(1% risk), 1st objective at 1.6050, 2nd objective at 1.5980.
Cable has faced strong resistance on its previous attempts to recover and recently dropped below the 1.61 handle which provided a stable support last week. If the former support around 1.6110 turned resistance, some selling may emerge if cable’s recovery extends up to that level. Intra-day sentiment is bullish and more gains are likely. Current exchange rate is 1.6032 @07:15 GMT
Support: 1.60, 1.5950 and 1.5900
Resistance: 1.6050/60, 1.6100/10 and 1.6200
- GBPUSD 4hrs chart 2-3-2010
Have a great day!
Hi Liviu!
What a great 'reading' in EURUSD, congrats!
I actually put a short a little lower at 1.4014 for a 100p ride..
keep up good word
hi. thanks :)
It's been that kind of day when you look at the charts for an hour, for two, for three… it keeps going up at a slow pace, you go out for lunch and when you're back – the whole intra-day chart turns upside down and you wonder what the heck happened?! My entry was missed by 5 pips but it's not the end of the world. I liked how the corrective range played out, being a repetitive pattern (noted in my 4hrs chart). Too bad we don't get such patterns too often