Charts to Start the Week 4/23/12

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

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

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

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

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

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

NZDUSD Chart Daily 4-23-2012

Have a great & sunny day!

2 thoughts on “Charts to Start the Week 4/23/12

  1. fxczar

    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

    Reply

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