Posts Tagged ‘breakout’

GBPUSD: Finally broke the support level, shorts in play

Thursday, August 6th, 2009

As we mentioned in an earlier post, the GBPUSD was getting ready to break either side of the range, and finally today the market broke the short term support level located at 1.6905. Please take a look at the next chart.

GBPUSD

GBPUSD

This breakout puts shorts in play. Remember however that tomorrow we have the most important announcement of them all, the non-farm payrolls report. It could be a mover because many investors and traders are expecting a recovery.

My Trading plan:

Will look for short trading opportunities. Next long term support level is around 1.6552.

All long opportunities will be ignored.

Good luck

Raul Lopez

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EURUSD: Still in Long Territory

Wednesday, August 5th, 2009

Last Sunday (during the Asian session) the EURUSD broke the top of the range, where it traded for almost two months (and making it almost impossible to find low risk trading opportunities). The thing is, since that Sunday breakout we have not had any significant movement, the Euro entered in a short term range in between 1.4369 and 1.4428. Please take a look at the next chart:

EURUSD

EURUSD

Could be that traders and investors are waiting for the NFP announcement later this week. However, I’m still looking for long opportunities, but if you want to play safer, I would suggest you to wait until the EURUSD breaks the top of the short term range.

My trading plan:

Looking for long opportunities, next long term resistance level is at 1.4654.

All short opportunities will be ignored.

Good luck

Raul Lopez

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