Quote of the day: The modern banking system manufactures money out of nothing. - Josiah Stamp

EURUSD

Trading strategy: small long at 1.2330, stop at 1.2260 (0.5% risk), 1st objective at 1.2380, 2nd objective at 1.2450

The euro found support around 1.2250 again and rallied to as high as 1.2415, breaking the 61.8% retracement level of 1.2670-1.1875 at 1.2365, which is now providing a minor intra-day support. Since it is conserving gains around 1.2400, providing no signs of reversal yet - more upside actions seems favored, next key objective being set at 1.2670 of May 21. The economic calendar is pretty light today, so technicals play a notable role. In case of a pullback - look for support into the former resistance region around 1.2350, which also provided a stable reversal on yesterday's late NY session's pullback from 1.2410. Lower than that comes 1.2250 and that could be a stronger barrier. Current exchange rate is 1.2392 @05:50 GMT

Support: 1.2350/65, 1.2300/30, 1.2250/70 and 1.2150 Resistance: 1.2415, 1.2500 and 1.2670 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bullish

EURUSD

EURUSD 4hrs chart 6-18-2010

GBPUSD

Trading strategy: small long at 1.4850, stop at 1.4770 (0.5% risk), objective at 1.4960

The 61.8% retracement of last up leg from 1.4500 to 1.4855 - at 1.4640 provided a good support and yesterday's pullback was short-lived. Short-term sentiment remains bullish and cable is back orbiting around 1.4800. As I mentioned in my yesterday's article - a potential weekly close above 1.4800 will provide a strong bullish confirmation and next target to aim could be 1.5350 - trend line coming from last year's 1.5985 (July 5th), breached in February and providing resistance in April. Intra-day attempts to the downside will probably face support around 1.4730. Current exchange rate is 1.4817 @05:50 GMT

Support: 1.4720, 1.4650/80, 1.4600, 1.4540 and 1.4500 Resistance: 1.4850, 1.5000 and 1.5100 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bullish

GBPUSD
GBPUSD 4hrs chart 6-18-2010

Other setups

EURJPY

EURJPY
EURJPY 4hrs chart 6-18-2010

NZDUSD

NZDUSD
NZDUSD daily chart 6-18-2010

Gold

Gold
Gold daily chart 6-18-2010

Have a great day and happy trading!