Happy New Year! I hope you all had a great time during the holidays and I wish you all the best in 2010!
Trading strategy: long at 1.4370, stop at 1.4320 (1% risk), 1st objective at 1.4420, 2nd objective at 1.4470
The euro started this new year by recovering some losses - rallying for 200 points yesterday. On an intra-day basis, the upside remains under pressure and the 1.4450/60 resistance zone looks fragile. Short term sentiment is turning positive and I believe that a test of 1.4680/00 within the coming days is likely, as long as 1.4350/70 support zone holds. Other support levels are seen below 1.4350/70 at 1.4300 and 1.4230. On the upside, interim barriers up to 1.4680/00 are formed by 1.4500, 1.4550 and 1.4600. Current exchange rate is 1.4457 @06:47 GMT
Support: 1.4350/70, 1.4300 and 1.4230
Resistance: 1.4450/60, 1.4500, 1.4550, 1.4600 and 1.4680/00
Market sentiment: long term - bullish, medium term - slightly bullish, short term - slightly bullish, intra-day - bullish
Trading strategy: small long at .7300, stop at .7260 (0.5% risk), 1st objective at .7340, 2nd objective at .7380
The NZD's recovery initiated into the .6970/00 territory has been smooth and December's losses have been recovered. The .7500 resistance zone is in focus now that the New Zealand dollar managed to break above the top side of December - .7300. Momentum studies are positive on a short-term basis, while the hourly charts are bullish as well. In case of a pullback, look for support on the .7300 handle - former resistance, then lower - at .7250/55. Extended losses would not change current short term sentiment if .7200 will remain intact. Current exchange rate is .7346 @06:48 GMT
Support: .7300, .7250/55 and .7200
Resistance: .7350, .7400 and .7500
Market sentiment: long term - bullish, medium term - bullish, short term - bullish, intra-day - slightly bullish
Have a great day!