Trading strategy: small long at 1.4360, stop at 1.4310 (0.5% risk), 1st objective at 1.4400, 2nd objective at 1.4480.
Support on the 1.4300 handle has been stable so far but the euro has yet to breach the downward trend line coming from 1.5140 - now around 1.4410, in order to initiate an extended recovery. While below the said resistance - downside bias remains valid. In the hourly studies there is a minor bullish divergence - as seen in the chart below, formed between last two trading days lows and it suggests a potential recovery. Intra-day sentiment is slightly bullish at the time of writing this but would switch side on a break down below 1.4300. If it holds and the euro will manage to break above 1.4400 - extended gains would be favored towards the 1.46-1.47 region within the coming days. Current exchange rate is 1.4340 @07:20 GMT
Support: 1.4300/05, 1.4250/70 and 1.4200
Resistance: 1.4400, 1.4470/90 and 1.4530
Market sentiment: long term - bullish, medium term - slightly bullish, short term - bearish, intra-day - slightly bullish
Trading strategy: short at .7200, stop at .7240 (1% risk), 1st objective at .7160, 2nd objective at .7120
Minor support is provided by .7070, not far from .7040/50 where a potential triple bottom may be formed. Short-term sentiment remains bearish as long as .7200 (former support) is intact but the NZD may find some bids into the .7000-.7040 region if current decline continues. Intra-day sentiment is negative, too. Current exchange rate is .7095 @07:20 GMT
Support: .7070, .7030/40, .7000/15 and .6950
Resistance: .7130/50, .7180/00, .7220/50 and .7300
Market sentiment: long term - bullish, medium term - bullish, short term - bearish, intra-day - bearish
Have a good day!
Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.