Friday

Daily outlook and trading strategies 09-04-09by Liviu

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EURUSD

Trading strategy: stand aside

Yesterday’s rally has been limited by the rising trend line coming from 1.4045 which provided support during the 2′nd half of August. The short term bullish structure remains intact as long as 1.4200 is on the lower side, providing support. On the upside, resistance starts at 1.4350 formed by the mentioned trend line coming from the South region, followed by 1.4400 and 1.4440/50. On the lower zone, a potential break below 1.4200 would open 1.4050 which is the next bearish objective. Today’s NFP data in the U.S. will probably increase the volatility. Current exchange rate is 1.4261 @05:42 GMT

Support: 1.4200, 1.4150 and 1.4050
Resistance: 1.4300, 1.4350 and 1.4400

GBPUSD

Trading strategy: stand aside

1.6375/80 is still up there although yesterday’s rally has extended higher, to 1.6312, which was only 8 points away from my 110 points target. Well, it is not the first time, nor the last time when an excellent trade is turning against from one hundred points, getting back to zero/breakeven. The short term studies are still bearish as a break above 1.6375/80 is needed to confirm that a corrective move is underway, aiming towards 1.6500 and above. As long as 1.6200 is intact, upside will be slightly favored. Current exchange rate is 1.6345 @05:42 GMT

Support: 1.6300, 1.6250 and 1.6200
Resistance: 1.6375/80, 1.6400/20 and 1.6500

I will most likely get back later today with an update report, including some other pair(s)

Have a great day!