Quote of the day: Some rise by sin, and some by virtue fall. — William Shakespeare
EURUSD
Trading strategy: stand aside
Lower region of 1.3440-1.3500 is again under pressure as the euro couldn’t hold gains above the 1.36 mark, being hit by cable’s weakness. Resistance formed by the trend line joining recent weekly highs, coming around 1.3640 today, is the first important level to watch in case of recovery. A break out above the said barrier may trigger further strength – opening 1.3690/00 on first phase then 1.3850 – key short term resistance. While below 1.3640, short-term sentiment remains in a bearish configuration. Intra-day sentiment is bearish too, but above today’s open at 1.3560 it will turn positive. Current exchange rate is 1.3527 @06:55 GMT
Support: 1.3500, 1.3445/50, 1.3400 and 1.3300
Resistance: 1.3580/00, 1.3640/50, 1.3680/00, 1.3780 and 1.3850/60
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish
- EURUSD 4hrs chart 3-2-2010
GBPUSD
Trading strategy: stand aside
The GBP, or Great Bearish Pound, continued its decline and lost 420 points in yesterday’s mind blowing collapse. The 1.5000 mark which was likely to provide an interim support has been breached in a matter of seconds and provides resistance today. Above 1.5000, next levels which may trigger renewed selling are 1.5050 and 1.5100/10 – fib retracement levels of last two days’ range from 1.5320 to 1.4780. Short term sentiment remains highly bearish as long as cable holds below 1.5500, intra-day momentum being also bearish – a break above 1.5000 being required to signal a change of intra-day bias. Current exchange rate is 1.4901 @06:55 GMT
Support: 1.4900, 1.4850 and 1.4780
Resistance: 1.5000, 1.5050 and 1.5100/10
Market sentiment: long term – bearish, medium term – bearish, short term – bearish, intra-day – bearish
- GBPUSD hourly chart 3-2-2010
NZDUSD
Trading strategy: stand aside
Still below .7000 – the kiwi dollar is facing difficulties on its attempts to extend the recovery away from the short-term channel’s lower band – as seen in the daily chart below. The .6920/30 support zone formed by last two days’ bottoms may come in focus later and it should limit losses, or the current short-term recovery initiated at .6810 will be negated. Current exchange rate is .6956 @06:55 GMT
Support: .6950, .6910/30, .6850 and .6800/20
Resistance: .6990/00, .7070/80, .7100 and .7150
Market sentiment: long term – bullish, medium term – slightly bearish, short term – bearish, intra-day – bearish
- NZDUSD daily chart 3-2-2010
Have a great day!
The price is really crazy today. I just saw a 60 pips drop in like 30 seconds. Hadn't even time to press sell. Hehe. No trades for me today.
those fast moves out of pre-established ranges are wonderful if you set Sell Stop entry orders a few pips below the bottoms, so you don't miss the train. EUR still finding support for now, but looks ugly from a bullish perspective.