Quote of the day: The best thing about the future is that it comes one day at a time. – Abraham Lincoln
EURUSD
Trading strategy: standing aside
The euro recovered to as high as 1.3180 yesterday as the dollar was softer across the board and risk sensitive pairs such as EUR/JPY and AUD/JPY were some of the best performers. Since EUR/JPY is currently testing resistance around 110.60, we better keep an eye on this level as the EUR/USD will most likely follow it in case of break out, hence breaking higher towards 1.34. Short-term sentiment is still strongly bearish and trying to pick bottoms into this area requires extra caution. My plan to sell on pull back to 1.3100 yesterday was ok, as the 50 pips objective was reached relatively fast, but the 2nd target was too optimistic, hence best thing to do was to close at break even point. I remain bearish on euro but current conditions suggest an extended recovery and a break above 1.3180/00 could be a decent buying opportunity. The key events in the economic calendar today are the ECB Interest Rate Decision and the Press Conference after. Current exchange rate is 1.3161 @07:50 GMT
Support: 1.3100, 1.3000/30, 1.2950/70, 1.2900 and 1.2800
Resistance: 1.3180/00, 1.3250, 1.3300 and 1.3380/00
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD 4hrs forex chart 12-2-2010
EURJPY
- EURJPY 4hrs forex chart 12-2-2010
More trading setups
EURGBP
- EURGBP 4hrs forex chart 12-2-2010
USDJPY
- USDJPY 4hrs forex chart 12-2-2010
AUDUSD
- AUDUSD 4hrs forex chart 12-2-2010
Gold
- Gold 4hrs chart 12-2-2010
Have a nice day and good luck trading
Liviu, did you look at USDCAD? I am tempted to go long.
hi
I checked the 1D chart in the morning and I got scared. It looks too messy for my liking. But the 4hr one is cleaner. I assume you are tempted to buy on this rising trend line support coming from .9975 of November? if so, it looks good.. if you are ready to switch direction on the trend line break.
Correct. The 1D is messy. AUDCAD is smtg to keep an eye for. Despite the bad numbers reported this night and the night before the Aussie is very resilient. I believe the recovery will be short lived.
agreee, AUDCAD is interesting. That .9800 level looks so fragile. Perhaps .9400 is the target of this correction, if .9800 breaks
I am liking the short AUD/CAD trade. Have to get in early though, and not try to time the break to perfection, and risk getting a nasty whipsaw.
it just keeps screaming 'sell me, sell me, sell me' :D
gold shining over 1400 until tomorrow close? what's your take on that?
USDCAD broke below the 4h trend line.
I see great chances of a major correction, however one has to keep accumulating longer term. So I have protection on my gold/silver and gold/silver stocks. using puts.
and so did the AUDCAD
I do not trade gold. Do you follow Ashraf Laidi? I check his site every day.
"Ashraf's analysis on gold for Cantos Charts focusing on the 55-week MA confluence with the June trendline http://bit.ly/eJ6hWt And for a closer daily look at gold, you can review yesterday's video on here http://bit.ly/gcP5af
Tags: Ashraf, Gold
December 1, 2010 19:09 ET: Ashraf's Video Market Highlights dissecting the $1389 level in gold and the 1206 barrier in the S&P500
http://www.youtube.com/watch?v=pCkAk-Sq79o
"
thanks for the links.
I follow Ashraf's insightful reports but not on regular basis, so I miss some of his analysis.
seems that USD is again under pressure, i'm long Aud/Usd
Morning. I'm short AUDUSD.
Morning. I was long and closed yesterday evening. It doesn't look good for a short so I wish you good luck. What's your stop and target?
AUD/JPY and EUR/JPY could be good buys as equities will probably continue to sky rocket a la buy,buy,buy mode when the <del>fake </del>employment data comes out :)
Target is .95 so I will be in the trade for some time.
it is well supported by commodities which are again flirting with the roof
How is the internet in Buc? I am fed up with the unreliability of internet in this place. Had no internet yesterday morning for one and a half hrs and no internet this afternoon for an other hr.
i don't know how it is today because I am in Sibiu until Sunday.
Here is ok…