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Daily Recommended Trades
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Daily technical outlook
Fri, Nov 20 2009, 07:00 GMT
by Liviu Flesar
uote of the day: A penny saved is a penny earned. – Benjamin Franklin
EURUSD
The bottom into the 1.4850 area has been challenged once again and provided a stable barrier – the euro recovering to as high as 1.4935 at the time of writing this. Not far away to the upside comes the downward trend line from last week’s top, extended through previous days highs – as seen in the chart below. A break above the said line around 1.4970 would confirm uptrend resumption, opening 1.5030/60. Short term charts suggest further gains so keep an eye on the 1.4970 resistance. Current quote is 1.4911 @06:59 GMT
Support: 1.4900, 1.4850 and 1.4775/00
Resistance: 1.4970, 1.5000/15, 1.5050/60 and 1.5100/15
NZDUSD
The New Zealand dollar remains under pressure as it extended losses on yesterday, reaching the .7300 projected target as noted in my yesterday’s NZDUSD chart. The extended decline also triggered my suggested long entry at .7305, but since the NZD failed to re-gain strength, closing at break-even (NZDUSD trading around .7305 right now) seem the right thing to do. A break above .7350 is needed to re-gain the upside – until then, more selling into minor rallies may emerge. Current quote is .7306 @06:59 GMT
Support: .7250/60, .7200 and .7150
Resistance: .7350, .7400 and .7520
Have a great day and a nice weekend!
Published on Fri, Nov 20 2009, 07:00 GMT
Archive
- Daily technical outlook
Published On Fri, Nov 20 2009, 07:00 GMT - Daily technical outlook
Published On Thu, Nov 19 2009, 07:03 GMT - Daily technical outlook
Published On Wed, Nov 18 2009, 06:35 GMT - Daily technical outlook
Published On Tue, Nov 17 2009, 07:03 GMT - Daily technical outlook
Published On Mon, Nov 16 2009, 07:20 GMT
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