Quote of the day: The modern banking system manufactures money out of nothing. — Josiah Stamp
EURUSD
Trading strategy: small long at 1.2330, stop at 1.2260 (0.5% risk), 1st objective at 1.2380, 2nd objective at 1.2450
The euro found support around 1.2250 again and rallied to as high as 1.2415, breaking the 61.8% retracement level of 1.2670-1.1875 at 1.2365, which is now providing a minor intra-day support. Since it is conserving gains around 1.2400, providing no signs of reversal yet – more upside actions seems favored, next key objective being set at 1.2670 of May 21. The economic calendar is pretty light today, so technicals play a notable role. In case of a pullback – look for support into the former resistance region around 1.2350, which also provided a stable reversal on yesterday’s late NY session’s pullback from 1.2410. Lower than that comes 1.2250 and that could be a stronger barrier. Current exchange rate is 1.2392 @05:50 GMT
Support: 1.2350/65, 1.2300/30, 1.2250/70 and 1.2150
Resistance: 1.2415, 1.2500 and 1.2670
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bullish
- EURUSD 4hrs chart 6-18-2010
GBPUSD
Trading strategy: small long at 1.4850, stop at 1.4770 (0.5% risk), objective at 1.4960
The 61.8% retracement of last up leg from 1.4500 to 1.4855 – at 1.4640 provided a good support and yesterday’s pullback was short-lived. Short-term sentiment remains bullish and cable is back orbiting around 1.4800. As I mentioned in my yesterday’s article – a potential weekly close above 1.4800 will provide a strong bullish confirmation and next target to aim could be 1.5350 – trend line coming from last year’s 1.5985 (July 5th), breached in February and providing resistance in April. Intra-day attempts to the downside will probably face support around 1.4730. Current exchange rate is 1.4817 @05:50 GMT
Support: 1.4720, 1.4650/80, 1.4600, 1.4540 and 1.4500
Resistance: 1.4850, 1.5000 and 1.5100
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bullish
- GBPUSD 4hrs chart 6-18-2010
Other setups
EURJPY
- EURJPY 4hrs chart 6-18-2010
NZDUSD
- NZDUSD daily chart 6-18-2010
Gold
- Gold daily chart 6-18-2010
Have a great day and happy trading!
