Daily analysis and trading strategies 9-3-10

EURUSD

Trading strategy: small long at 1.2780, stop at 1.2720(0.5% risk), 1st objective at 1.2830, 2nd objective at 1.2900

The euro is relatively quiet since yesterday, trading in a narrow range of 70 points, but holding gains above 1.2800. Upside is slightly favored and a pullback may provide a buying opportunity if former resistance at 1.2750 provides support. Sentiment is currently mixed and a break above 1.2900 should be seen as a bullish confirmation. We definitely could see more buying and test of 1.2900, perhaps 1.3000 – depending on the NFP data later today, which is today’s most important event in the economic calendar. Current exchange rate is 1.2819 @05:35 GMT

Support: 1.2750/70, 1.2650, 1.2600, 1.2500 and 1.2430/50
Resistance: 1.2850, 1.2900/20 and 1.3000
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bullish

EURUSD 4hrs chart 9-3-2010
EURUSD 4hrs chart 9-3-2010

More trading setups

NZDUSD

NZDUSD 4hrs chart 9-3-2010
NZDUSD 4hrs chart 9-3-2010

AUDUSD

AUDUSD 4hrs chart 9-3-2010
AUDUSD 4hrs chart 9-3-2010

AUDJPY

AUDJPY 4hrs chart 9-3-2010
AUDJPY 4hrs chart 9-3-2010

Have a nice day!

3 thoughts on “Daily analysis and trading strategies 9-3-10

  1. Liviu Post author

    main problem with "oversold/overbought" things is that people get into trades against the market.

    To be honest, what I'd do is buy the best performer pair, hence the most overbought one. Either buy again on retracement or when it breaks higher. Preferably when/if it breaks higher (momentum thing…)

    Reply

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