Quote of the day: If I owe you a pound, I have a problem; but if I owe you a million, the problem is yours. — John Maynard Keynes
EURUSD
Trading strategy: small short at 1.2290, stop at 1.2360 (0.5% risk), 1st objective at 1.2230, 2nd objective at 1.2100
Support at 1.2150 came under pressure yesterday as the euro continued to pullback after breaking below 1.2250 which provided support last week. Short-term sentiment remains slightly bullish as the median retracement of 1.1875-1.2465 is still intact – around 1.2170. Not far below 1.2150 comes 1.2100 which is the next support to watch – formed by the 61.8% of mentioned up leg. More downside action is likely – as long as upside will be capped by 1.2300. Above 1.2300 – uptrend resumes. Current exchange rate is 1.2220 @05:55 GMT
Support: 1.2150, 1.2100 and 1.2000
Resistance: 1.2250, 1.2300, 1.2360 and 1.2400
Market sentiment: long term – bearish, medium term – bearish, short term – slightly bullish, intra-day – bearish
- EURUSD 4hrs chart 6-30-2010
GBPUSD
Trading strategy: small short at 1.4990 on break of 1.5000 (hourly bar closed below 1.5), stop at 1.5070 (0.5% risk), objective at 1.4800
Cable continues to consolidate between 1.5000 and 1.5100 but uptrend is losing steam and an extended correction seems possible in the coming days. Keep an eye on 1.5000 as a potential break down will favor further downside action to 1.4800. On the North side – break above 1.5100/20 will suggest that uptrend resumed, hence offering a buying opportunity. Current exchange rate is 1.5045 @05:55 GMT
Support: 1.5000, 1.4900, 1.4850, 1.4800 and 1.4700/20
Resistance: 1.5100/20, 1.5200 and 1.5250/70
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bearish
- GBPUSD 4hrs chart 6-30-2010
Other setups
EURGBP
- EURGBP daily chart 6-30-2010
EURJPY
- EURJPY 4hrs chart 6-30-2010
NZDUSD
- NZDUSD 4hrs chart 6-30-2010
Gold
- Gold 4hrs chart 6-30-2010
Have a great day!
