Charts to Start the Week

Good morning. The euro is retesting support formed by the fib range between 1.2770 and 1.2840, after a failed attempt to recover above 1.29 on Friday. Some of the most important economic events this week are: Bernanke’s speech later today, ECB’s rate decision on Thursday and the NFP on Friday.

EURUSD

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

Potential trade strategy: none

EURUSD 4hrs 10-1-2012

EURUSD 4hrs 10-1-2012

GBPAUD

Resistance around 1.5600 is again under pressure after a weak pullback on Friday which rather confirms current bullish sentiment.

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

Potential trade strategy: to buy on breakout above 1.5600, short-term target at 1.6

GBPAUD daily 10-1-2012

GBPAUD daily 10-1-2012

GBPCAD

Last weak’s bearish candle seems to be accurate as the decline continues and support at 1.5850 is being tested.

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

Potential trade strategy: to hold short, target at 1.56

GBPCAD daily 10-1-2012

GBPCAD daily 10-1-2012

EURJPY

Support around 100 is still intact but the pressure is quite high. Selling on the potential breakdown below this support level is tempting

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

Potential trade strategy: to sell on breakdown below 99.80, target at 98.50

EURJPY 4hrs 10-1-2012

EURJPY 4hrs 10-1-2012

CADCHF

.9580 is in focus and a breakout is likely. I think this setup si worth watching in the next few days

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

Potential trade strategy: to buy on breakout above .9580, short-term target at .9700

CADCHF 4hrs 10-1-2012

CADCHF 4hrs 10-1-2012

NZDUSD

The Kiwi dollar is retreating after a failed attempt to breach top side resistance.

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

Potential trade strategy: to buy dips around .8200, target at .8300

NZDUSD 4hrs 10-1-2012

NZDUSD 4hrs 10-1-2012

Silver

Trendline support coming around 33.90 is the 1st support to keep an eye on. I remain bullish on silver

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

Potential trade strategy: to buy dips at 33.90, target at 35+

Silver 4hrs 10-1-2012

Silver 4hrs 10-1-2012

have a great day!

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