Daily analysis and trading strategies 3-30-2010

EURUSD

Trading strategy: standing aside

The euro holds gains into recently conquered territory of 1.3450-1.3500. Next upside barriers come around 1.3550 and 1.3600. Short term sentiment remains bearish for now and a close above 1.3600 is needed to sustain the ongoing recovery. Intra-day sentiment is neutral; in case of a pullback from current levels, look for near term support at 1.3450, then lower – at 1.3360/85. Except for Friday’s NFP release in the U.S., this week’s economic schedule is light, and trading may remain slightly quiet ahead of Easter weekend. Current exchange rate is 1.3498 @06:00 GMT

Support: 1.3450, 1.3360/85, 1.3300 and 1.3265
Resistance: 1.3500, 1.3550/60 and 1.3600
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – neutral

GBPUSD

Trading strategy: looking to sell at 1.5160, stop at 1.5230(0.5% risk), objective at 1.5020

Cable couldn’t break above 1.50 yesterday and consolidated for several hours into the 1.4960-1.50 range but today it seems stronger and currently tests offers around 1.5010. A better than expected GDP figure at 9:30 GMT should fuel further gains towards 1.5150 where next important resistance is seen. Short-term sentiment remains bearish while below the upside said barrier. Current exchange rate is 1.5034 @06:00 GMT

Support:  1.5000, 1.4950, 1.4880/00 and 1.4850
Resistance: 1.5100, 1.5150/70 and 1.5200
Market sentiment: long term – bearish, medium term – bearish, short term – bearish, intra-day – bullish

Have a good day!

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Post tags: EURUSD, GBPUSD