Quote of the day: There are no facts, only interpretations. – Friedrich Nietzsche
EURUSD
Trading strategy: standing aside
Another week is almost over and the euro remains into the 4-week range, near same levels where it was trading last Friday. Yesterday’s recovery was capped by 1.3950 and current pullback from 1.3950 to 1.3880 (at the time of writing) looks corrective. If it really is corrective – then upside will be favored and the 1.3950-1.400 region will be tested later today. Although I doubt it will close above the 1.400 handle today, dollar weakness in near-term will likely continue. 1.3800 is today’s key support while upside barriers are formed around 1.3950 then higher, at 1.400 and 1.4050. Today’s notable event in the economic calendar is the U.S. GDP release, at 12:30 GMT. Current exchange rate is 1.3880 @05:55 GMT
Support: 1.3800, 1.3700, 1.3650 and 1.3600
Resistance: 1.3950/70, 1.400, 1.4050 and 1.4150/60
Market sentiment: long term – mixed, medium term – bullish, short term – mixed, intra-day – slightly bullish
- EURUSD 4hrs chart 10-29-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 10-29-2010
EURCHF
- EURCHF 4hrs chart 10-29-2010
USDJPY
- USDJPY 4hrs chart 10-29-2010
EURCAD
- EURCAD 4hrs chart 10-29-2010
Gold
- XAUUSD 4hrs chart 10-29-2010
Have a nice weekend!
interesting situation on USDJPY:
one one side aiming 78 and then 68.50 (minimum 4 months)
on the other side i m not sure that there will be no intervention during next 4 months.. plus it was 6th bearish month in a row ..critical levels?
it is a proved fact that CB interventions only cause spikes to clear some positions (mostly intra-day/short term) within a day or two.
Depends what will be this week's reaction to QE2.
The whole bear cycle in USDJPY will end sometime, but given current market conditions it doesn't seem that the reversal day is near.
hey niajy, what I just said yesterday (comment above). QED
today's USDJPY spike was quite a joke, even in such low volume trading. I reckon there are better and cheaper ways to intervene, such as manipulation through news & media etc. Oh, but that happens every day! riiight.. :)