Friday

Daily outlook and trading strategies 08-07-09

by LiviucloseAuthor: Liviu Name: Liviu Flesar
Site: http://www.innerfx.com
About: I am an independant currency trader providing currency market analysis mainly for two reasons: 1. to improve my discipline, keeping a clear track record of my own thoughts, analyzing both my good and bad expectations on market moves; 2. sharing my thoughts with other traders, hoping they may benefit from my opinions and experience. I don't call myself a veteran or trading guru of some sort as there's a lot more I have to learn, a lot more I have to see and my 8 years experience into currency trading is not enough proof that I will be successful during the next 8 years. I dare to believe that my articles are useful to many traders from around the world and I strive to improve in my attempt to become a better and more accurate writer. innerfx.com is my own project, a blog about currency trading where I share my commentaries and market thoughts. The site has been launched to address the needs of other currency traders and also to keep a track record of my articles. I am not fully dedicated to currency trading because I want to diversify my knowledge, therefore I am involved in different areas.See Authors Posts (1400) on August 7, 2009 – 7:53 am GMT | Post a comment |

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EURUSD

Trading strategy: long at 1.4185, initial stop at 1.4125, objective at 1.4285. Adjust stop to breakeven on +30 pips (at 1.4215) if reached

The euro has pulled back on yesterday but 1.4335 provided a stable support and limited losses. Since today is the NFP release day, extra caution is needed, as large moves are possible later today. Upside is expected to remain favored as long as 1.4335 holds, first upside objective being set by the recent top side at 1.4445/50. On the lower zone, below 1.4335, next important support comes around 1.4050, formed by the lower band of the uptrend channel seen on the short-term charts – started at 1.3750 in June. Current exchange rate is 1.4365 @07:45 GMT

Support levels: 1.4335/50, 1.4230/50 and 1.4180
Resistance levels: 1.4445/50, 1.4500 and 1.4620
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

Yesterday trading strategy: long at 1.4185, initial stop at 1.4125, objective at 1.4285. Adjust stop to breakeven on +30 pips (at 1.4215) if reached : 0 (entry not reached)

AUDUSD

Trading strategy: stand aside

The pair has been moving into a slightly narrow range this week, the daily average range being 100 points. .8350 has provided support over the last 3 days and the short-term studies have not been affected by the current narrow retracement from .8470 to .8360. The support at .8350 also coincides with the upward trend line started at .7700 through .8125. Intra-day sentiment is slightly bearish and since .8350 is not far away, keep an eye on it – as a break down would open .8215. Current exchange rate is .8383 @07:45 GMT

Support levels: .8350/85, .8330 and .8255
Resistance levels: .8470, .8500 and .8600
Market sentiment: long-term : slightly bullish, mid-term : bullish, short-term : bullish

Yesterday trading strategy: stand aside

EURCHF

Trading strategy: stand aside

The euro fails to extend gains through minor resistance levels into the 1.53-1.54 region and continues to trade into a narrow range of 50-70 points per day. Upside remains slightly favored but upward action is very limited. Current exchange rate is 1.5292 @07:45 GMT

Support levels: 1.5230, 1.5170, 1.5100, 1.5050 and 1.5000/10
Resistance levels: 1.5300, 1.5350, 1.5380/00
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish

Yesterday trading strategy: stand aside