EURUSD
Trading strategy: standing aside
Downside is under renewed pressure and euro sits at 1.3405, 130 points down from yesterday’s top at 1.3537. The 50% retracement of the last up leg from 1.3265 to 1.3535 provides support at 1.3400. backed by 1.3370 a bit lower but both levels are weak under the heavy euro and may breach, re-opening 1.3265/00. Both short-term and intra-day studies are bearish and a break above 1.3450/70 is needed to signal a change on the intra-day basis, while short-term studies are not affected until $1.36 comes in focus – which seems unlikely for now. Watch for a potential breakdown below 1.3370/00 while the euro trades at current levels. Current exchange rate is 1.3405 @06:20 GMT
Support: 1.3400, 1.3370/00, 1.3300 and 1.3265
Resistance: 1.3450/70, 1.3500, 1.3550/60 and 1.3600
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish
- EURUSD 4hrs chart 3-31-2010
GBPUSD
Trading strategy: standing aside
Cable advanced higher and maintains the upward course, trading around 1.5050 at the time of writing. The downward trend line coming from 1.6455 is near current levels, around 1.5120. A potential break above the said trend line would be a notable bullish confirmation – opening 1.56 and 1.58. Meanwhile, short term sentiment remains negative and sell-offs may initiate at any time so play with caution on the long side. On the lower side, former resistance zone between 1.4960 and 1.5 may provide support. Current exchange rate is 1.5050 @06:20 GMT
Support: 1.5020, 1.4950, 1.4880/00 and 1.4850
Resistance: 1.5100/30, 1.5150/70 and 1.5200
Market sentiment: long term – bearish, medium term – bearish, short term – bearish, intra-day – bullish
- GBPUSD daily chart 3-31-2010
Have a good day!
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