Breakout Trading Setups to Watch 7/5/12

Good morning. Here are some interesting breakout trading setups to keep an eye on:

USDCHF

Resistance at .9650 became a reasonable target now that USD recovered more than half of last week’s post-EU Summit losses. Should euro’s decline continue in the enxt sessions, a breakout above .9650 would become reality

Market sentiment: intraday – bullish, short-term – slightly bullish

USDCHF daily 7-5-2012

USDCHF daily 7-5-2012

EURUSD

1.2570 support has been breached and it’s probably a good idea to expect more selling pressure around the said level, in case EUR pulls back to the upside

Market sentiment: intraday – bearish, short-term – bearish

EURUSD hourly 7-5-2012

EURUSD hourly 7-5-2012

USDJPY

Upward trenline connecting previous higher-lows is in focus and a plan I’m considering is to sell on the potential breakdown below that level

Market sentiment: intraday – bearish, short-term – neutral

USDJPY 4hrs 7-5-2012

USDJPY 4hrs 7-5-2012

NZDUSD

Consolidation is still in progress, in a tight range below .8060 resistance. So a potential breakout above that level is still in the cards.

Market sentiment: intraday – slightly bullish, short-term – bullish

NZDUSD daily 7-5-2012

NZDUSD daily 7-5-2012

AUDUSD

The Aussie dollar seems to be looking for a reason to push it upward towards 1.0450 where next resistance is formed. I remain bullish for now, expecting 1.0215/20 to hold

Market sentiment: intraday – slightly bullish, short-term – bullish

AUDUSD 4hrs 7-5-2012

AUDUSD 4hrs 7-5-2012

AUDNZD

Resistance zone is in focus as AUD is recovering against the Kiwi dollar.

Market sentiment: intraday – neutral, short-term – slightly bullish

AUDNZD 4hrs 7-5-2012

AUDNZD 4hrs 7-5-2012

EURJPY

Median support is being tested again as EUR is losing ground against most counter-parts. A potential breakdown should favor further weakness towards 99 (next support)

Market sentiment: intraday – bearish, short-term – bearish

EURJPY hourly 7-5-2012

EURJPY hourly 7-5-2012

have a great day

3 thoughts on “Breakout Trading Setups to Watch 7/5/12

  1. Pingback: Nonfarm Payrolls Day is Here 7/6/12

  2. Forex Geezer :-)))

    Any thoughts on A/J?? I set a long at the break of resistance ~ 82.50. The clearest view is on the daily and weekly chart imo. :)

    Reply

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