Dictionary is the only place that success comes before work. ~ Vince Lombardi
Good morning. Euro is pulling back after testing $1.3200 on Friday, and it looks bullish while interim support around $1.3150 holds. Risk currencies are under pressure as stock indices such as S&P500 failed to breach recent top side. Here’s a couple of charts worth a look
USD Index
Dollar pulls back after testing support at 79; momentum is slightly bearish and there’s probably some more selling to be seen, as today’s upside movement seems corrective
USD Index Daily 4-23-2012
S&P500
Current condition still looks bad from a bullish perspective due to a few failed attempts to return above recent support. I think that buyers are better off waiting for the resistance to be breached, eventually.
SPX Chart Daily 4-23-2012
EURUSD
Euro had a good end of the week but it’s now under pressure, pulling back from 1.32 as a result of French election. Interim support is formed around 1.3150 and that’s the most important level to keep an eye on in the next trading sessions
EURUSD Chart 4hrs 4-23-2012
AUDUSD
Resistance formed by recent lower highs remained intact, Aussie dollar declined and is now retesting the bottom formed around 1.0300. Next downside barrier is at 1.0250 and things look quite bearish while the downward trendline is intact.
AUDUSD Chart 4hrs 4-23-2012
EURNZD
EURNZD looks quite interesting as it recovered, retesting former support at 1.6180. There’s more room for this recovery, that’s for sure
EURNZD Chart Daily 4-23-2012
NZDUSD
Last week’s reversal candle (highlighted below) was a signal that a breakout wasn’t in the cards yet, hence NZD declined and is now retesting bottom support around .8100. A potential breakdown should provide a selling opportunity to consider
NZDUSD Chart Daily 4-23-2012
Have a great & sunny day!
Good Morning Liviu, How are you doing? With respect to the Dollar Index chart, I still favour downside break out. employment is crappy in the US right now
I think the same… that a breakdown is favored