Charts to End the Week 7/27/12

Good morning. Dollar continued to weaken against its counter-parts yesterday, so EUR managed to reach resistance at $1.2300 formed by a top established in the last two weeks.

EURUSD

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

Potential trade strategy: to look for a buying opportunity (aggressive plan) on the break of 1.2310, target at 1.2400

EURUSD 4hrs 7-27-2012

EURUSD 4hrs 7-27-2012

USDCHF

Support is under pressure as EURUSD is testing $1.2300. Next support is formed by the two fib retracements of the last up leg

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

Potential trade strategy: to buy dips at 61.8% (.9655), target at .9750+

USDCHF 4hrs 7-27-2012

USDCHF 4hrs 7-27-2012

AUDUSD

Aussie dollar recovered, retesting resistance at 1.0440 at time of writing. A short-term breakout is in the cards

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

Potential trade strategy: to buy on stregnth above 1.0440, short-term target at 1.0800

AUDUSD daily 7-27-2012

AUDUSD daily 7-27-2012

AUDCAD

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

Same story as AUDUSD’s. Breakout above 1.0500 seems imminent

Potential trade strategy: to buy on breakout above 1.0500, stop below 1.0450, target above 1.0700

AUDCAD daily 7-27-2012

AUDCAD daily 7-27-2012

GBPUSD

Cable rallied after it bounced off support formed by the rising trendline connecting recent higher lows. A break above 1.5730/50 should provide a nice breakout trading opportunity

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

Potential trade strategy: to buy on strength above 1.5735, target at 1.6

GBPUSD daily 7-27-2012

GBPUSD daily 7-27-2012

USDCAD

Interim support at 1.0065 is being tested. Below that, parity level is what to keep an eye on

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

Potential trade strategy: to buy on pullback to 1.0120, target at 1.0050 and parity

USDCAD 4hrs 7-27-2012

USDCAD 4hrs 7-27-2012

have a great day!

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