Charts to End the Week

Good morning. Euro continues to lose ground across the board while the dollar is strengthening, providing some good buying opportunities in several pairs. Let’s take a look at some of today’s interesting charts

EURUSD

The euro failed to hold above support region formed by the two fib lines, so it’s probably better to sell into the weakness below that support instead of holding a long position (dip bought on the correction to 1.2950 earlier this week)

Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell around 1.2930, target at 1.2825

EURUSD 4hrs 10-26-2012

EURUSD 4hrs 10-26-2012

EURGBP

Selling on the breakdown below .8100 was definitely a good plan and it doesn’t look like this decline is over. Fib support formed by the 61.8% retracement value of last up leg is currently being tested. Selling on correction to .8065/70 or on break below .8020 are two plans to consider

Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on correction to .8060 or on break below .8010/20, target at .7900

EURGBP 4hrs 10-26-2012

EURGBP 4hrs 10-26-2012

USDCHF

Correction to .9290/00 is over and USD is on its way to .9430… it seems.

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to hold long, target at .9430+

USDCHF 4hrs 10-26-2012

USDCHF 4hrs 10-26-2012

USDCAD

The daily chart below says one thing: breakout time!

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy on rally above .9950, target at 1.0150

USDCAD daily 10-26-2012

USDCAD daily 10-26-2012

AUDUSD

Aussie dollar declined following stock indices, but it found some bids into the intraday fib zone. Will it hold? I don’t think so

Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to sell on rally to 1.0350, target at 1.0250

AUDUSD hourly 10-26-2012

AUDUSD hourly 10-26-2012

have a great weekend!

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