Quote of the day: “Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.” – Milton Friedman
EURUSD
Trading strategy: standing aside
The euro recovered Tuesday’s losses as the dollar weakened against commodities and commodity currencies. Intra-day resistance around 1.3250 was under pressure earlier today, after breaking above former resistance around 1.3180 yesterday, but the pair shows minor signs of weakness at the time of writing. Momentum studies remain bearish on a short-term basis but should turn positive around 1.3450 if current recovery continues. Most notable data release in the economic calendar today is the US Initial Jobless Claims at 13:30 GMT. I am neutral on EUR/USD at this time and will look for some clues next week. Current exchange rate is 1.3234 @08:50 GMT
Support: 1.3180/00, 1.3070/00, 1.3000/30, 1.2970 and 1.2900
Resistance: 1.3250/75, 1.3300/30 and 1.3400
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD 4hrs chart 12-30-2010
AUDUSD
- AUDUSD daily chart 12-30-2010
EURGBP
- EURGBP daily chart 12-30-2010
Gold
- XAUUSD daily chart 12-30-2010
Have a great day and good luck trading!
