Quote of the day: Every day I get up and look through the Forbes list of the richest people in America. If I'm not there, I go to work. - Robert Orben

EURUSD

Trading strategy: small long at 1.2270, stop at 1.2210 (0.5% risk), objective at 1.2420

The euro recovered some ground and breached the triangle formation formed by the downward trend line coming from 1.3360 and the bottom around 1.2150. Now that the resistance which came around 1.2270 has been breached and since 1.2150 provided a very stable support, likely due to CBs interventions, more gains are in the cards - next upside objective being 1.2430/50. However, short-term sentiment remains negative and it is too early to look for an extended correction but, in the very near term, we can buy on this break higher - targeting 1.2430/50, perhaps 1.2500. Current exchange rate is 1.2311 @05:55 GMT

Support: 1.2250/60, 1.2150, 1.2100/10 and 1.200 Resistance: 1.2340, 1.2430/50, 1.2470/00, 1.2550 and 1.2620 Market sentiment: long term - bearish, medium term - bearish, short term - bearish, intra-day - bullish

EURUSD
EURUSD 4hrs chart 6-3-2010

GBPUSD

My strategy to buy on the dip to 1.4590 played out well and more gains are likely - 1.4800 being the first target, not far above this week's top at 1.4770 where cable reversed, initiating a pullback. Short-term sentiment is slightly bullish and won't be affected by potential retracements into the 1.4550/90 region, where support is provided by last week's top side. Current exchange rate is 1.4703 @05:55 GMT

Support:1.4600, 1.4550 and 1.4400 Resistance: 1.4730/60, 1.4800 and 1.4900 Market sentiment: long term - bearish, medium term - bearish, short term - slightly bullish, intra-day - bullish

GBPUSD
GBPUSD 4hrs chart 6-3-2010

AUDUSD

The longer term support region around .8250 which I mentioned one week ago came under pressure once again this week but the Aussie dollar switched course, resuming its recovery and the .8500 interim resistance is again under pressure. .8580/00 remains in the cards - being a more notable barrier. Current exchange rate is .8490 @05:55 GMT

AUDUSD
AUDUSD daily chart 6-3-2010