Monday
Analysis and forecastsDaily outlook in fewer words 12-07-09
EURUSD
Trading strategy: stand aside
The euro is currently recovering some lost ground, testing offers at 1.4900. Intra-day sentiment is slightly bullish but stronger resistance levels are seen a bit higher – at 1.4950/55 and 1.5000. On a short-term basis – a break above 1.5000 is needed to confirm that the drop to 1.4820 was corrective in nature. Current exchange rate is 1.4888 @07:00 GMT
- EURUSD daily chart 12-7-2009
GBPUSD
Trading strategy: stand aside
Already up by 0.35% for today, cable also tries to advance higher, recovering Friday losses. Short-term momentum remains bearish, favoring selling into rallies, as long as 1.6700 is intact – while on the downside, a resume of the decline would open 1.4270/00. More upside price action is likely, for now. Current exchange rate is 1.6485 @07:00 GMT
- GBPUSD 4hrs chart 12-7-2009
NZDUSD
Trading strategy: stand aside
The 50% retracement of the .6685-.7635 up leg provides a temporary support around .7160 but it is under pressure as a break higher, past .7270 is required to change the current sentiment. Below .7160, important support is emerging at .7055. I expect the NZD to face a solid barrier around .7300/25 in case of a rally. Current exchange rate is .7169 @07:00 GMT
- NZDUSD daily chart 12-7-2009
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Post Tags: eurusd, forex forecast, gbpusd, nzdusd, technical analysis, trading strategies
