EURUSD
Trading strategy: long at 1.4765, initial stop at 1.4715, objective at 1.4850. Adjust stop to breakeven on +30 pips (at 1.4795) if reached.
Stronger than expected U.S. GDP lifts the euro to session highs against the dollar. The euro is currently pushing on the interim resistance around 1.4800 and hourly studies are positive, favoring further upside action towards the 1.4850 resistance and above. In case it gets “that far”, resistance is expected to counter the uptrend into the 1.4850-1.4900 region. Above the said resistance region, short-term’s resumption of uptrend will occur, re-focusing into the top side at 1.5000/50. On the lower side, minor support has been formed around 1.4740/50, backed by the more notable bottom at 1.4700 which is also the 61.8% of the last up leg from 1.448- to 1.5060. Current exchange rate is 1.4785 @13:17 GMT
Support: 1.4740/50, 1.4700 and 1.4650
Resistance: 1.4800, 1.4830/50 and 1.4900
- EURUSD 4hrs chart 10-29-2009
GBPUSD
Trading strategy: stand aside
Cable is recovering too, currently testing interim resistance into the middle of last decline from 1.6695 to 1.6250. Both short-term and intra-day charts are bullish and last three days’ price action suggests a re-test of 1.6700 within the coming days. We’ll see if it manages to clear the 1.6500 barrier for now, as such breakout would be an important bullish confirmation. Current exchange rate is 1.6460 @13:17 GMT
Support: 1.6400, 1.6300 and 1.6200
Resistance: 1.6500, 1.6550 and 1.6600
USDJPY
Trading strategy: short at 91.95, initial stop at 92.45, objective at 91.25. Adjust stop to breakeven on +20 pips (at 91.75) if reached.
The dollar bounced on the 90.20 support region and currently regains some of recent lost ground against the Japanese yen, trading near 91.50. In case of extended gains above 91.50, a re-test of 92.00/30 resistance region will probably provide yet another selling point. Both short-term and intra-day studies are positive. Current exchange rate is 91.38 @13:17 GMT
Support: 91.00, 90.50 and 90.00/20
Resistance: 91.50, 92.00/23 and 92.90/00
- USDJPY daily chart 10-29-2009
Have a great day!
