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Wednesday December 23, 2009 - 07:34:53 GMT
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EURUSD and NZDUSD daily technical outlook 12-23-09
Trading strategy: small short at 1.4330, stop at 1.4380 (0.5% risk), 1st objective at 1.4280, 2nd objective at 1.4230
The euro dropped below $1.4260 yesterday, reaching a fresh 3 months low at 1.4220 â now far from the 200 days SMA coming around 1.4195. In case of extended weakness against the dollar, a potential bottom may form at 1.6200 â if the 200 days SMA will provide a stable support. On the higher region â intra-day resistance formed by the downward trend line coming from 1.5140 is now seen around 1.4310 â corresponding to current weekâs open quote â therefore current bearish structure will remain intact as long as the said upside barrier will provide a decent region to renew selling interest. Current quote is 1.4265 @07:30 GMT
Support: 1.4220, 1.4195/00, 1.4150 and 1.4100
Resistance: 1.4300/10, 1.4350/70, 1.4400 and 1.4470/90
Market sentiment: long term â bullish, medium term â slightly bullish, short term â bearish, intra-day â neutral
EURUSD daily chart
EURUSD 4hrs chart
Trading strategy: small short at .7040, stop at .7080 (0.5% risk), 1st objective at .7000, 2nd objective at .6960.
The tripe bottom formation at .7040 has failed to provide a reversal point and the NZ dollar continued its drop to as low as .6970. Since breaking down below .7040/50 â which now provides the first intra-day resistance, next downside objective is emerging on the .6900 handle. Short-term sentiment is bearish and no change is expected within the coming days, as the downtrend is currently strong enough to limit potential gains towards .7150/60 â level which has to be broken in order to resume uptrend. Current quote is .6994 @07:30 GMT
Support: .6950/70, .6900 and .6850.
Resistance: .7000, .7040/50 and .7100
Market sentiment: long term â bullish, medium term â bullish, short term â bearish, intra-day â bearish
NZDUSD daily chart
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Amazing Trader EVENT RISK Calendar:
Mon 16 Oct /ul>
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
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