EURUSD
Trading strategy: standing aside
The euro lost more than 1% against the dollar yesterday and the opening gap at 1.3360 was a good opportunity for sellers to initiate their positions again. 1.3200/10 provides intra-day resistance after holding for few hours, as support. In case of a bounce 1.3260/80 might be the first region where to look for selling opportunities, followed by 1.3400 a bit higher. Downside barriers are emerging at 1.3150 then at 1.3100/15 lower, eventually the psychological support at 1.300. Short-term sentiment remains bearish while the pair trades below 1.3500 and the intra-day momentum is bearish too. Current exchange rate is 1.3176 @06:20 GMT
Support: 1.3150, 1.3100/15 and 1.3000
Resistance: 1.3200/10, 1.3260/80, 1.3350 and 1.3400
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish
- EURUSD 4hrs chart 5-4-2010
GBPUSD
Trading strategy: looking to buy at 1.5150, stop at 1.5080 (1% risk), objective at 1.5300
Yesterday’s recovery attempts were limited into the 1.5250/70 region and support at 1.5200/10 is again in focus as cable weakened, making the 1.5125/50 support – last month’s bottom an attractive target. A potential break down below 1.5150 would be an important bearish confirmation, opening 1.5000. On the upside, break above 1.5400 is needed to confirm that uptrend resumes. Current exchange rate is 1.5234 @06:20 GMT
Support: 1.5200/10, 1.5125/50 and 1.5075
Resistance: 1.5250/70, 1.5300, 1.5400 and 1.5500/20
Market sentiment: long term – bearish, medium term – bearish, short term – slightly bearish, intra-day – bearish
- GBPUSD 4hrs chart 5-4-2010
Other setups:
EURJPY
Short-term uptrend started in March losing strength below two trend line resistance zones. Pullback to 122.50 likely.
- EURJPY daily chart 5-4-2010
AUDUSD
The Aussie is pulling back despite today’s 0.25% rate increase. .9150 provides important short-term support and likely a buying on dips opportunity, if reached.
- AUDUSD 4hrs chart 5-4-2010
USDCAD
1.0190/00 is still a tough resistance but upside is slightly favored as the U.S. dollar managed to recover from the .9950 region, stabilizing above 1.0100 for now. Potential break above 1.0200 might provide a buying opportunity with objectives at 1.0300, eventually 1.0400.
- USDCAD daily chart 5-4-2010
Have a good day!
