Charts to End the Week

Good morning. Dollar weakened across the board against most counter-parts, except JPY, as the Fed announced a new round of quantitative easing. Here’s what’s worth a look today

EURUSD

Buying on break of 1.3015/30 was a good idea, as EUR keeps climbing and is now flirting with resistance around 1.3100. Upside remains favored for now

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips on pullback to 1.3050, target at 1.3150

EURUSD hourly 12-14-2012

EURUSD hourly 12-14-2012

Resistance around 1.3100 is more visible on the daily chart:

EURUSD daily 12-14-2012

EURUSD daily 12-14-2012

USDJPY

Yen continues to lose ground across the board and the dollar is approaching resistance around 84.30 against it.

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to hold long, target at 84.50

USDJPY weekly 12-14-2012

USDJPY weekly 12-14-2012

Notice immediate support levels on the 4hrs chart:

USDJPY 4hrs 12-14-2012

USDJPY 4hrs 12-14-2012

NZDUSD

The kiwi dollar continues to push to the upside but it’s probably time for a correction soon. In that case, buying dips around recent support is a plan to consider

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips in the .8320 area, stop below .8260, target at .8420

NZDUSD daily 12-14-2012

NZDUSD daily 12-14-2012

EURAUD

Trenline support is still intact after recent test and my plan to sell on pullback to 1.2350 was a bad idea. However, I’m still looking to sell, but this time I rather do it on the breakdown below highlighted trendline

Market sentiment: intraday – slightly bullish, short-term – bearish
Potential trade strategy: to sell on break below 1.2300, target at 1.200

EURAUD daily 12-14-2012

EURAUD daily 12-14-2012

GBPAUD

Horizontal support around 1.5270 still holds, but I don’t “trust” it much, so I’d rather sell on breakdown

Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on break below 1.5270, stop above 1.5330, target at 1.5170

GBPAUD 4hrs 12-14-2012

GBPAUD 4hrs 12-14-2012

have a great weekend!

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