Quote of the day: It is impossible for a man to learn what he thinks he already knows. — Epictetus
EURUSD
Trading strategy: holding yesterday’s long @1.3655; will close at breakeven if downtrend resumes
1.3700 provides intra-day resistance on current recovery from 1.3640 – 61.8% of last week’s up leg, intra-day sentiment being slightly bullish at the time of writing these lines. However, today’s important events such as the German Zew Economic Sentiment at 11:00 GMT and the Fed Interest Rate Decision along with the FOMC Statement at 19:15 GMT may cause volatile moves. Meanwhile, upside is slightly favored ad gains may extend towards recent top at 1.3795 if yesterday’s decline was corrective in nature. Below 1.3640/50, next support levels emerge at 1.3600/15, 1.3550 and 1.3500. Below 1.3550 – downtrend should resume indicating that the gains to 1.3780/95 were part of a corrective cycle. Current exchange rate is 1.3685 @07:07 GMT
Support: 1.3640/50, 1.3600/15, 1.3550 and 1.3500
Resistance: 1.3700, 1.3750, 1.3790/00, 1.3840/60 and 1.3900
Market sentiment: long term – bullish, medium term – bearish, short term – slightly bullish, intra-day – slightly bullish
- EURUSD 4hrs chart 3-16-2010
NZDUSD
Trading strategy: standing aside
The kiwi dollar recovered in overnight trading and is challenging last 2 days’ top at .7050, ahead of .7100 which is a more important barrier. If current upward trajectory will stay intact, conserving gains above .6960/70 – a potential break above .7100 may occur within the coming days, opening .7275/00 – resistance formed by the downward trend line coming from .7633 of October, extended through December’s .7440. Intra-day sentiment is bullish, short-term sentiment being slightly bullish too. Current exchange rate is .7043 @07:07 GMT
Support: .6960/70, .6940/50, .6900/15, .6850 and .6800
Resistance: .7060, .7100, .7130/50 and .7200
Market sentiment: long term – bullish, medium term – slightly bearish, short term – slightly bullish, intra-day – bullish
- NZDUSD daily chart 3-16-2010
AUDJPY
Trading strategy: standing aside
My last plan to go long on a potential break higher above recent top at 83.30 was not so inspired as the Yen strengthened across the board despite better than expected retail sales figures. Sentiment remains bullish on the pair and extended dips are likely to find strong buying demand – around 81.00, eventually 80.00. Meanwhile, intra-day momentum is bearish and more losses are likely – 82.00 being the first support to watch. Current exchange rate is 82.56 @07:07 GMT
- AUDJPY daily chart 3-16-2010
Have a great day!
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please u say u also contribute to action forex.i would like to know if they still operate?the site is not opening
it works for me. I just checked
I think the euro will keep dropping from now on. It had its short burst up, but now it should be heading down. Al the bad news and the Greece problem were already pressuring the Euro. But now other problems will pull the Euro down, looking closely at Portugal and Spain which also are in debt.
Thit together with some "I think" positive news that will come out regarding the American economy this week, will further ad pressure on the Euro.
"Gods Speed and happy trading"
since everyone is short EUR and expect it to fall like a rock, it's just the right time for a reversal, extending above 1.4. Market always behaves the opposite to mass expectation.