Quote of the day: Go for a business that any idiot can run – because sooner or later, any idiot probably is going to run it. — Peter Lynch
EURUSD
Trading strategy: stand aside
The euro trades higher today as it managed to return into the mid 1.49 region on yesterday but gains have been limited into the 1.4990 zone by the falling trend line coming from 1.5045 through Monday's top at 1.5015. Short-term sentiment is slightly positive but a sustained breach above the 1.4975 resistance region would be an important bullish confirmation. Euro's rebound may continue as Asian session's pullback is rather corrective. Below 1.4875 would change bias, expecting prolonged weakness towards recent bottom around 1.4820. Current exchange rate is 1.4914 @07:03 GMT
Support: 1.4900, 1.4850/75 and 1.4800/20
Resistance: 1.4975/90, 1.5015/30, 1.5050/60 and 1.5100/15
- EURUSD 4hrs chart 11-19-2009
GBPUSD
Trading strategy: small long at 1.6760 on break of 1.6750 (hourly bar/candle close above 1.6750), stop at 1.6690 (0.5% risk), 1st objective at 1.6830, 2nd objective at 1.6870
Important support around 1.6700 formed by the rising trend line which starts at 1.5715 back in October 13 and also by the 50% of last up leg from 1.6515 to 1.6875 is being challenged at the time of writing this. Keep an eye on this support level as it should suggest the next objectives. In case it holds, cable's rebound would aim above current top side at 1.6875. Else – 1.6600 is next. Intra-day sentiment is bearish while trading below intra-day resistance @ 1.6750 but short term studies are positive (still). Current exchange rate is 1.6707 @07:03 GMT
Support: 1.6700, 1.6600 and 1.6500
Resistance: 1.6750, 1.6800 and 1.6875/00
- GBPUSD 4hrs 11-19-2009
NZDUSD
Trading strategy: long at .7305, stop at .7245 (1%risk), 1st objective at .7365, 2nd objective at .7405
A corrective move is underway as kiwi failed to stabilize above .7450 after orbiting around it for 3 days. As pointed in my previous reports – a potential pullback (as this one) will probably aim the .7300 handle which is a key support. Expect buying to intensify into that region. Intra-day sentiment is bearish while the short term studies are still positive but weakening. Current exchange rate is .7369 @07:03 GMT
Support: .7350, .7300 and .7250
Resistance: .7400, .7450 and .7500/20
- NZDUSD 4hrs 11-19-2009
Have a wonderful day!
