Good morning. Euro rallied but faced resistance after Friday’s NFP data release, which came at 114k vs. consensus of 113k. The unemployment rate dropped to 7.8%, fueling the conspiracy theories that the number was fake in order to aid President Obama’s re-election.
EURUSD
Market sentiment: intraday – bearish, short-term – slightly bullish
Potential trade strategy: to buy dips at 1.2950, target at 1.3050
EURUSD 4hrs 10-8-2012
EURJPY
The Japanese yen is strengthening across the board and there’s a good chance that support at 101 will be in focus soon
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to buy dips at 101.10, target at 102
EURJPY hourly 10-8-2012
GBPCAD
The decline signaled by the reversal candle (highlighted below) continues and accelerated after the breach below support at 1.5850. I remain bearish on GBPCAD, expecting a test of 1.5600 soon
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy:hold short or sell below 1.5850, target at 1.56
GBPCAD daily 10-8-2012
EURGBP
Resistance formed around .8100 by recent top side is again in focus, as EURGBP is currently trading only 30 points below. Buying on break higher is a plan to consider
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy on break above .8100, target at .8250
EURGBP daily 10-8-2012
NZDUSD
Support at .8200 is now breached and there’s no important barrier near current levels, so it’s likely that the decline will continue
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to hold short while it holds below .8200, target at .8000
NZDUSD 4hrs 10-8-2012
AUDUSD
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to hold short while 1.0200 is intact, short-term target at .9800
AUDUSD daily 10-8-2012
GBPAUD
Current decline is probably corrective, providing new buying opportunities
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to buy dips at 1.5750, short-term target at 1.6
GBPAUD 4hrs 10-8-2012
have a great day!
