Charts to Start the Week 6/18/12

Problems are only opportunities with thorns on them. ~ Hugh Miller

Good morning. I’ve just returned from a 1-week trip in Montenegro, so that’s why I didn’t update the site since 8th of June. But now I’m back on track.

USD Index

Support around 82 has been breached and next one to keep an eye on is around 81, formed by a top of March and May’s short-lived correction. Ongoing risk rally should favour further downside for the dollar, so a test of 81 is in the cards

USD Index Daily 6-18-2012

USD Index Daily 6-18-2012

S&P500

Recovery continues and 1340 barrier is being breached. Next important resistance is seen at 1400, but there’s also 1360 on the way upwards

SPX Chart Daily 6-18-2012

SPX Chart Daily 6-18-2012

EURUSD

Euro rallied after yesterday’s elections in Greece, as official projections suggest that the pro-bailout parties won enough seats to control Greece’s parliament. It definitely looks bullish from a technical perspective, and a potential test of support in the 1.2620-1.2650 region would provide some short-term and intraday buying opportunities. I am bullish on EURUSD for now, while it holds above 1.26

EURUSD Chart 4hrs 6-18-2012

EURUSD Chart 4hrs 6-18-2012

USDCAD

Horizontal support around 1.0200is under heavy pressure for the 4th time since the breakout in May. I’d say that more downside is likely

USDCAD Chart 4hrs 6-18-2012

USDCAD Chart 4hrs 6-18-2012

NZDUSD

Risk sensitive pairs such as NZDUSD are rallying nicely following stocks lately, so it’s reasonable to expect a test of .8100 later, since there’s no barrier in between

NZDUSD Chart Daily 6-18-2012

NZDUSD Chart Daily 6-18-2012

USDCHF

After two failed (extended) recovery attempts following the test of support at .9500, the dollar is down below that level and it seems that rallies are going to face some more selling power

USDCHF Chart Daily 6-18-2012

USDCHF Chart Daily 6-18-2012

EURJPY

Buying on this break of 100 resistance is worth a shot

EURJPY Chart 4hrs 6-18-2012

EURJPY Chart 4hrs 6-18-2012

have a great day

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