Daily outlook in fewer words 11-25-09

Quote of the day: Forgetting your mistakes is a terrible error if you are trying to improve your cognition. — Charlie Munger

EURUSD

Trading strategy: stand aside

Upside pressure is high as the euro trades near the 1.50 handle. Both short-term and intra-day charts call for higher highs. Watch the 1.5050/60 region for a potential re-test. Current quote is 1.5001 @06:45 GMT

GBPUSD

Trading strategy: holding yesterday’s long @1.6605 (will close it in case of a minor pullback to as low as 1.6590)

Cable’s recovery from 1.6495 was a clear bullish sign and more upside action is likely if a double top won’t form around 1.6650. In case of weakness below 1.6580, intra-day bias will flip to the negative side. Current exchange rate is 1.6629 @06:45 GMT

NZDUSD

Trading strategy: stand aside

.7200 provides a stable support but as a bull, I don’t feel safe while below .7400. Expect more of the same as on the recent days (selling rallies), especially into the .7400 zone if we will get that far. It will be a tough barrier but may break eventually, thus confirming uptrend resumption. Current exchange rate is .7285 @06:45 GMT

USDCAD

Trading strategy: stand aside

The falling trend line from 1.1100 provided yet another reversal point on dollar’s attempt to conquer the upside. 1.0415 is my projected target on a short-term basis. Daily momentum also turns negative, but a close below last two days’ bottom @1.0540 is required. Current exchange rate is 1.0552 @06:45 GMT

I will probably write an update a bit later today. Have a great day, folks!

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Post tags: EURUSD, GBPUSD, NZDUSD, USDCAD