Quote of the day: Time is what we want most, but what we use worst. - William Penn

EURUSD

Trading strategy: standing aside

The euro is trading lower against the U.S. dollar since yesterday morning - even though it managed to recover after yesterday's dive to as low as 1.2255 where it found support formed by previous resistance tested Monday. Said support is again under pressure today as the euro failed to hold gains above the 1.23 handle. Short-term bias remains slightly positive and more action into the North territory is likely - as long as 1.2150 will provide a stable bottom in case of pullbacks. Horizontal resistance stands at 1.2365 - formed by the 61.8% retracement of 1.2670-1.1875. Potential breach higher would open 1.2670 as next upside objective. Today's Economic Calendar is quite busy and there are some notable data releases which could influence the pair's course, such as: the SNB's Interest Rate Decision at 8:30 GMT, the ECB Monthly Report at 9:30 GMT, US CPI and the Initial Jobless Claims at 13:30 GMT. Current exchange rate is 1.2262 @05:00 GMT

Support: 1.2250/70, 1.2150, 1.2070/00 and 1.2000 Resistance: 1.2350/65, 1.2400 and 1.2500 Market sentiment: long term - bearish, medium term - bearish, short term - slightly bullish, intra-day - bearish

EURUSD

EURUSD 4hrs chart 6-17-2010

GBPUSD

Trading strategy: small long at 1.4540, stop at 1.4460(0.5% risk), objective at 1.4700

Cable has orbited around 1.4800 yesterday but couldn't hold gains into the positive territory, therefore it is back around Tuesday's lows at 1.4680. Since we are approaching the week-end, it will be interesting if cable manages to recover and close above 1.4800 - as that would confirm that 1.5300-1.5350 could be the next stop. But for now, intra-day studies are showing weakness and it will amplify if 1.4680 won't hold. Current exchange rate is 1.4690 @05:00 GMT

Support: 1.4650/80, 1.4600, 1.4540 and 1.4500 Resistance: 1.4800, 1.4850 and 1.5000 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bearish

GBPUSD
GBPUSD 4hrs chart 6-17-2010

Other setups

EURGBP

EURGBP
EURGBP daily chart 6-17-2010

AUDUSD

AUDUSD
AUDUSD 4hrs chart 6-17-2010

Gold

Gold
Gold daily chart 6-17-2010

Have a great day!