Charts to End the Week

Good morning. The euro and risk currencies such as AUD rallied yesterday after the ECB meeting. Euro is currently holding gains above $1.2600, being ready for another leg up to $1.27 – $1.28. Most important economic event today is the US NFP data release

EURUSD

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

Potential trade strategy: to hold long, target at 1.28

EURUSD daily 9-7-2012

EURUSD daily 9-7-2012

4-hrs chart:

EURUSD 4hrs 9-7-2012

EURUSD 4hrs 9-7-2012

EURJPY

Euro exited the consolidation range, providing a nice breakout trade opportunity. Next target is at 101-101.50

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

Potential trade strategy: to hold long, target at 101

EURJPY daily 9-7-2012

EURJPY daily 9-7-2012

AUDJPY

Aussie dollar bounced off support around 79.50 in risk-on trade and it seems to aim toward 82.50 which is the next barrier

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

Potential trade strategy: none

AUDJPY daily 9-7-2012

AUDJPY daily 9-7-2012

AUDUSD

Both interim resistance levels have been breached and is time to keep an eye on the 3rd one, at 1.0350. Selling on pullbacks from recent lows to current levels wasn’t a good idea, so it’s probably time to wait for a breakout trade opportunity

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

Potential trade strategy: to buy on break above 1.0340/50, target at 1.0500

AUDUSD 4hrs 9-7-2012

AUDUSD 4hrs 9-7-2012

USDCAD

Resistance connecting recent lower highs remained intact after yesterday’s test and the US dollar declined below bottom support around .9850, which is now a potential sell point in case of pullback

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

Potential trade strategy: to sell on pullback to .9850, target at .9750

USDCAD 4hrs 9-7-2012

USDCAD 4hrs 9-7-2012

have a great day!

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