Thursday

Daily analysis and trading strategies 3-11-10

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 March 11, 2010 – 7:15 am GMT | 4 Comments |

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EURUSD

Trading strategy: waiting for potential break above 1.3700 to consider a long position

The euro is approaching the trend line resistance extended from 1.3840, now around 1.3690. Yesterday’s gains were limited ahead of the said resistance level but the euro is conserving recent gains above 1.3600 so a new test is likely. To the downside, support is seen around 1.3550- formed by the median retracement of the last week’s upward move, backed by 1.3490. Intra-day sentiment is slightly bullish and the shor-term momentum will turn positive on break of 1.3690/00. Current exchange rate is 1.3639 @07:15 GMT

Support:  1.3600, 1.3550, 1.3490/00 and 1.3440/50
Resistance: 1.3690/00, 1.3735/50, 1.3780 and 1.3840/60
Market sentiment: long term – bullish, medium term – bearish, short term – neutral, intra-day – slightly bullish

NZDUSD

Trading strategy: short at .7045, stop at .7105(1% risk), objective at .6945. Alternative in case of sell-off: to buy at .6900, stop at .6840(1% risk), objective at .7000

The RBNZ left interest rate unchanged at 2.5% and the kiwi dollar declined from fresh highs at .7095 – forming a doji candle on the daily charts – suggesting further weakness. Support comes on the former resistance trend line around .6950. Intra-day momentum is bearish while the short-term remains positive. Current exchange rate is .6995 @07:15 GMT

Support: .6940/50, .6900/15, .6850 and .6800
Resistance: .7060, .6990/00, .7130/50 and .7200
Market sentiment: long term – bullish, medium term – slightly bearish, short term – slightly bullish, intra-day – bearish

AUDJPY

Trading strategy: in case of sell-off, will look to buy at 80.75, stop 79.75(1% risk), objective at 82.75

My yesterday’s strategy to buy at 82.60 played out nicely even though the 100 points target was not reached. Upside remains favored for now and the overnight pullback was probably corrective only. Minor resistance comes around 83.00, followed by 83.30/50 and 84.00. Support comes around 82.00 and a breach below would favor weakness to 80.30/50. Current exchange rate is 82.76 @07:15 GMT

Have a great day!