Quote of the day: A successful life is one that is lived through understanding and pursuing one's own path, not chasing after the dreams of others. - Chin-Ning Chu

EURUSD

Trading strategy: short at 1.5170, stop at 1.5220 (1% risk), 1st objective at 1.5120, 2nd objective at 1.5070

Support into the 1.4975/90 region continues to limit downside attempts and the euro maintains a bid tone against the dollar. On the upside, 1.5070 provides the first intra-day resistance, followed by 1.5145/50. Short term sentiment is bullish but I'd prefer a sustained break above 1.5070 to confirm the uptrend. In case of a break down below 1.4975/90, stronger support may be challenged into the 1.4850-1.4900 territory. Current exchange rate is 1.5035 @07:20 GMT

EURUSD
EURUSD 4hrs chart 12-1-2009

NZDUSD

Trading strategy: short at .7270, stop at .7320 (1% risk), 1st objective at .7220, 2nd objective at .7170

The trading range was tight on yesterday but the NZD seem to aim higher, climbing slowly towards the .7200 handle. Notable resistance is formed into the .7250-.7270 region by the rising trend line which provided a stable support for several months. Look for some selling to emerge if that barrier will be reached. Current exchange rate is .7198 @07:20 GMT

NZDUSD
NZDUSD daily chart 12-1-2009

GBPUSD

Trading strategy: stand aside

Cable pushes lower, currently trading below former support @1.6450/60. Since breaking down below the said support, short-term sentiment turned negative so more selling is likely as long as the 1.6460 resistance remains intact. On the lower side, current bearish projection is 1.6275. Keep an eye on the 1.6460 resistance, though, as the recent break down could have been a false one. Current exchange rate is 1.6450 @07:20 GMT

GBPUSD
GBPUSD daily chart 12-1-2009