RBA surprises by leaving rates unchanged – dollar recovers
Quote of the day: Fortune favors the prepared mind. – Louis Pasteur
EURUSD
Trading strategy: standing aside
The dollar recovered some losses and former resistance region at 1.3680 is still under pressure as the pair continues to orbit on a 80 pips range – around it. Current pullback is most likely corrective, but it is a bit too early to say it is completed. However, upside remains favored on a short-term basis, minor intra-day resistance emerging at 1.3725 – where a break should stimulate further gains towards 1.38, while on the lower side – below 1.3640 would signal more weakness, hence providing a selling opportunity targeting 1.3550/70. The economic calendar remains lighter today, after the RBA surprised the market by keeping the rate unchanged at 4.5% for the fifth straight month. Current exchange rate is 1.3714 @06:48 GMT
Support: 1.3680/00, 1.3600, 1.3550/70 and 1.3500/10 Resistance: 1.3625/50, 1.3800, 1.3850 and 1.3900 Market sentiment: long term – bearish, medium term – bullish, short term – bullish, intra-day – slightly bullish
EURUSD hourly chart 10-5-2010
More trading setups
GBPUSD
GBPUSD 4hrs chart 10-5-2010
EURCHF
EURCHF 4hrs chart 10-5-2010
AUDUSD
AUDUSD 4hrs chart 10-5-2010
Have a great day!
Similar Posts:
- euro looks bearish
- Dollar extending losses
- EURUSD retreating towards 1.38
- 1.4 still in focus ahead of NFP
- Dollar continues to slide on QE2 announcement
