•  
  • New York 05:34
  • London 09:34
  • Barcelona 10:34
  • Tokyo 18:34
  • Sydney 20:34

  • SignUp | Login

Daily Recommended Trades

Daily technical outlook

Fri, Oct 16 2009, 05:59 GMT
by Liviu Flesar

InnerFX  |  View company's profile


Vote:

8

1

EURUSD

Intra-day sentiment is slightly bearish after the 2nd failed attempt to reach 1.5000. Yesterday's relatively fast recovery from 1.4840, which is also the 61.8% retracement ratio of 1.4760-1.4965, suggests that uptrend is very strong and pullbacks are grabbing bids from below 1.4900, for a potential break out above 1.5000 on the coming days. Upside is favored for now as there are no noticeable signs of correction and a weekly close into the 1.5 region will be a very important bullish confirmation. Looking South, minor support is seen at 1.4900 backed by a more important barrier into the 1.4820-1.4850 region and 1.4725/50 lower. Hourly price action suggests further weakness but I lack the courage to sell at these levels. Current quote is 1.4920 @06:00 GMT

Support: 1.4900, 1.4840/50, 1.4820 and 1.4725/50
Resistance: 1.4950/70, 1.5000 and 1.5050

EURUSD 4hrs chart

GBPUSD

Sterling rallied on yesterday and gained 320 points against the dollar, extending gains over today's Asian session to as high as 1.6400 which was not far below the downward channel's upper band seen on the daily chart below. Short term sentiment is bullish and the break out above 1.6120 has been quite an easy task, therefore confirming current bullish structure. Potential pullbacks will face support into the 1.6120 region. Current quote is 1.6344 @06:00 GMT

Support: 1.6280, 1.6120/50 and 1.6000
Resistance: 1.6400, 1.6450 and 1.6500

GBPUSD daily chart

USDJPY

Trading strategy: short at 92.00, initial stop at 92.40, objective at 91.50. Adjust stop to breakeven on +20 pips (at 91.80) if reached

Yesterday's recovery has brought the 90.65-91.25 resistance zone on focus and it is currently being tested. Short term sentiment is bullish since yesterday's rally extended past previous few days' highs. However, current recovery is far from being a sign of reversal and extended rallies should face strong selling interest into the 92.00 region and above. Current quote is 90.93 @06:00 GMT

Support: 90.50, 90.00 and 89.50
Resistance: 91.25/50, 92.00/10 and 92.50

USDJPY daily chart

 Have an excellent day and a great weekend!

Published on  Fri, Oct 16 2009, 06:08 GMT


InnerFX http://www.innerfx.com | info@innerfx.com

Archive


Legal disclaimer and risk disclosure

InnerFX and/or its author(s) shall not be responsible for any loss arising from any investment or trading decision based on any recommendation, forecast, strategy or other information herein contained. The contents of this article should not be construed as an express or implied promise, guarantee or implication by InnerFX and/or its author(s) that readers and subscribers will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations / strategy in an analysis, especially leveraged investments such as Foreign Exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated. Trading in the Currency Exchange market is a challenging opportunity where above average returns are available to educated and experienced investors who are willing to take above average risk. Past performance does not guarantee similar performance in the future. Check http://www.innerfx.com/disclaimer for full disclaimer. You may not post this (or part of this) article to forums, newsgroups, mailing lists, electronic bulletin boards, websites, or other services, without the prior written consent of InnerFX.
Vote:

8

1

Related reports

Higher Still..... by SwingTradeOnline.com
Fri, Mar 19 2010, 08:19 GMT

Today's Trading Signals by Financial Trend Analysis
Fri, Mar 19 2010, 08:07 GMT

GBPUSD 4X EagleEye Daily Outlook by 4XTechnicales.com
Fri, Mar 19 2010, 07:57 GMT

No SNB In Sight by ACM - Advanced Currency Markets
Fri, Mar 19 2010, 07:54 GMT

Technical Major Currencies Morning Report by ecPulse.com
Fri, Mar 19 2010, 07:38 GMT

gbpusd

[ View All ]

Related content


Interested in forex trading? forex brokerage firms!


FX Solutions LLC
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
Forex Club Financial Company
Contact the broker/FDM
Open a demo account		Capital Market Services UK Ltd
Contact the broker/FDM
Open a demo account		FXDD
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.