Quote of the day: If I owe you a pound, I have a problem; but if I owe you a million, the problem is yours. - John Maynard Keynes

EURUSD

Trading strategy: small short at 1.2290, stop at 1.2360 (0.5% risk), 1st objective at 1.2230, 2nd objective at 1.2100

Support at 1.2150 came under pressure yesterday as the euro continued to pullback after breaking below 1.2250 which provided support last week. Short-term sentiment remains slightly bullish as the median retracement of 1.1875-1.2465 is still intact - around 1.2170. Not far below 1.2150 comes 1.2100 which is the next support to watch - formed by the 61.8% of mentioned up leg. More downside action is likely - as long as upside will be capped by 1.2300. Above 1.2300 - uptrend resumes. Current exchange rate is 1.2220 @05:55 GMT

Support: 1.2150, 1.2100 and 1.2000 Resistance: 1.2250, 1.2300, 1.2360 and 1.2400 Market sentiment: long term - bearish, medium term - bearish, short term - slightly bullish, intra-day - bearish

EURUSD
EURUSD 4hrs chart 6-30-2010

GBPUSD

Trading strategy: small short at 1.4990 on break of 1.5000 (hourly bar closed below 1.5), stop at 1.5070 (0.5% risk), objective at 1.4800

Cable continues to consolidate between 1.5000 and 1.5100 but uptrend is losing steam and an extended correction seems possible in the coming days. Keep an eye on 1.5000 as a potential break down will favor further downside action to 1.4800. On the North side - break above 1.5100/20 will suggest that uptrend resumed, hence offering a buying opportunity. Current exchange rate is 1.5045 @05:55 GMT

Support: 1.5000, 1.4900, 1.4850, 1.4800 and 1.4700/20 Resistance: 1.5100/20, 1.5200 and 1.5250/70 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bearish

GBPUSD
GBPUSD 4hrs chart 6-30-2010

Other setups

EURGBP

EURGBP
EURGBP daily chart 6-30-2010

EURJPY

EURJPY
EURJPY 4hrs chart 6-30-2010

NZDUSD

NZDUSD
NZDUSD 4hrs chart 6-30-2010

 Gold

Gold
Gold 4hrs chart 6-30-2010

Have a great day!

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