Quote of the day: The successful man will profit from his mistakes and try again in a different way. - Dale Carnegie

EURUSD

Trading strategy: small long at 1.4420, stop at 1.4370 (0.5% risk), 1st objective at 1.4470, 2nd objective at 1.4520

Still trading within the bearish flag range as the euro pulled back from yesterday's top side. However, upside is still under pressure and a break out above 1.4520 is possible in the coming sessions, as long as euro holds recent gains above the 1.4400-1.4430 support region, hence short-term sentiment remaining positive. Momentum is positive also in the intra-day studies - sentiment confirmed by the ongoing rise which followed the minor overnight retracement to 1.4450. A sustained break above 1.4520/50 in the daily charts is what I'm waiting for to fully confirm current recovery. According to yesterday's poll, the euro is widely expected to continue current recovery towards the 1.47-1.48 zone within the coming days. Today's economic calendar is light, and the most important event for today is the U.S. Trade balance at 13:30 GMT. Current exchange rate is 1.4502 @07:00 GMT

Support: 1.4450, 1.4400/20, 1.4300 and 1.4250
Resistance: 1.4520/50, 1.4600 and 1.4700
Market sentiment: long term - bullish, medium term - slightly bullish, short term - bullish, intra-day - bullish

EURUSD
EURUSD 4hrs chart 1-12-2010

NZDUSD

Trading strategy: short at .7500, stop at .7550 (1% risk), 1st objective at .7450, 2nd objective at .7400

Yesterday's range of 55 points has been tighter than the average range for the last days, which is 80-90 points / day. Upside remains favored since there are no signs of a pullback yet and the first objective is set at .7500 - top side of November. On the lower side, intra-day support starts at .7400, backed by .7350 and .7300. Buying dips is probably the best scenario nowadays, while sellers may look to sell into rallies to .7500 which may limit upside for a while. Current exchange rate is .7423 @07:00 GMT

Support: .7400, .7350, .7300 and .7250/85
Resistance: .7430/50, .7500 and .75600/30
Market sentiment: long term - bullish, medium term - bullish, short term - bullish, intra-day - bullish

NZDUSD
NZDUSD daily chart 1-12-2010

Have a good day!