Quote of the day: Enjoy your achievements as well as your plans. – Max Ehrmann
EURUSD
Trading strategy: long at 1.2940, stop at 1.2870 (0.5% risk), 1st objective at 1.32990, 2nd objective at 1.3080
The euro extended its gains and breached above 1.2900 — thus confirming uptrend’s continuation. Now that the short-term studies are bullish due to yesterday’s close above 1.2900 – intra-day pullbacks into the former resistance zone are likely, and it is probably a good idea to look for buying opportunities into the 1.2900-1.2930 zone or above 1.3030, on break higher. So if current bullish scenario stands valid and if you’re looking for upside targets – 1.3300 is one to consider, followed by 1.3500 which is the median retrace of 1.5145-1.1870. Interesting things happened in the last 24 hours — such as USDCHF reaching parity, Gold breaking above 1260, almost reaching 1275 and yen losing ground on BoJ’s intervention last night. The said intervention was likely since weeks ago and eventually occurred today – USDJPY being up 200 pips from 83 – level which triggered the intervention; EURJPY being up 240 pips from today’s open and AUDJPY up 120 pips above recent resistance at 78.50. I can’t say I dislike the intervention, as I got caught in the overnight session with a long AUDJPY position from 77.60. But it could have been the other way around, so one should be aware how dangerous these interventions can be. So, is the SNB next in line – to weaken the CHF? Current exchange rate is 1.2990 @05:42 GMT
Support: 1.2900/30, 1.2850, 1.2800, 1.2750 and 1.2660/70
Resistance: 1.3030/50, 1.3100 and 1.3200
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bullish, intra-day – bullish
- EURUSD 4hrs chart 9-15-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 9-15-2010
AUDJPY
- AUDJPY 4hrs chart 9-15-2010
EURCHF
- EURCHF 4hrs chart 9-15-2010
USDJPY
- USDJPY 4hrs chart 9-15-2010
USDCHF
- USDCHF weekly chart 9-15-2010
Gold
- Gold 4hrs chart 9-15-2010
have a great day!
Could you explain yesterday's rally in gold pls?
1262 wld be our support now? next round number 1300 potential longs from 1275 break or on the contrary put sell limit orders at 1300?
the breakout was not really a surprise. Gold was already on strong uptrend and once it reached the 1250 zone it was in "wait for next reason" mode. Whatever that reason was.
It seems that GS claimed the Fed will announce the next round of asset purchases in November. Check this: http://www.zerohedge.com/article/gold-breakout-re…
I don't think it is wise to sell at 1300. Unless your target is only a few points to scalp. Rather buy again on break higher. Or sell on break down. But not selling on rallies.
and another question after such rally in EURJPY/GBPJPY.. when is better to enter again?.. i mean how big the correction should be to enter again/add up to position?
if the correction is "too big" it will be quite clear that the intervention failed – like we've seen in EURCHF a few times. There are talks doing the rounds about BOJ doing it again. In such cases, I think it's best to have some buy limits above previous tops… just in case they step in and do their thing :)