Charts to End the Week 5/25/12

In these days, a man who says a thing cannot be done is quite apt to be interrupted by some idiot doing it. ~ Elbert Hubbard

Good morning. The euro continues decline, being set for the biggest weekly loss this year, while the dollar is testing fresh highs – after a minor correction from 81.70 to 81.

USD Index

Dollar Index Daily 5-25-2012

Dollar Index Daily 5-25-2012

S&P500

Psychological barrier at 1300 remains intact and seems rather strong so far, hence I believe that a correction towards 1340 is likely

SPX Chart Daily 5-25-2012

SPX Chart Daily 5-25-2012

EURUSD

New resistance is now formed at 1.2600/25 as seen below.

EURUSD Chart Daily 5-25-2012

EURUSD Chart Daily 5-25-2012

EURUSD Chart 4hrs 5-25-2012

EURUSD Chart 4hrs 5-25-2012

USDCHF

Support formed between .9520 and .9550 is being tested as USD pulls back after reaching a fresh multi-month top. I am bullish on USDCHF, expecting buyers to remain in control

USDCHF Chart Daily 5-25-2012

USDCHF Chart Daily 5-25-2012

Silver

Perhaps it is time for a correction after such a strong decline. Last two recoveries at 27 suggest that a temporary bottom is being formed. Anyway, buying it is probably a good idea only on a break above 28.80/00

Silver Chart Daily 5-25-2012

Silver Chart Daily 5-25-2012

EURAUD

More downside is in the cards after the 2 failed tests of 1.300. Important support is at 1.2780/00 – not too far from here

EURAUD Chart 4hrs 5-25-2012

EURAUD Chart 4hrs 5-25-2012

AUDNZD

Support around 1.2900/15 is being tested as AUD turns slightly bearish. 1.2850 should be next support to keep an eye on if 1.29 breaks

AUDNZD Chart 4hrs 5-25-2012

AUDNZD Chart 4hrs 5-25-2012

GBPUSD

It’s been a strong sell-off and it doesn’t seem there are many cable buyers around 1.5650. Recent upside pullback, from 1.5730 to 1.5830 was rather weak, not fulfilling my plan to buy on potential break of 1.5840/50.

GBPUSD Chart Daily 5-25-2012

GBPUSD Chart Daily 5-25-2012

have a great weekend

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