Good morning. Euro shows some sign of relief, recovering from $1.2160 but remains under pressure as recent rallies have been sold.
EURUSD
Not a good idea to look for buying opportunities, but rather wait for better levels to sell – if a correction is due.
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell into rallies towards 1.2350-1.2400, targeting 1.2200 and below
eurusd 4hrs 7-16-2012
USDCHF
Euro’s rally caused a reversal candle to be formed, so it seems that uptrend is running out of steam. A correction to .9680/00 should provide fresh buying opportunities
Market sentiment: intraday – neutral, short-term – bullish
Potential trade strategy: to buy dips around .9680/00
usdchf 4hrs 7-16-2012
GBPUSD
Cable is following EURUSD higher and first resistance to keep an eye on is around 1.5650.
Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: to sell into strength at 1.5650, with an initial target at 1.55
gbpusd 4hrs 7-16-2012
USDCAD
It shouldn’t be too easy to recover above 1.0180/00, so that’s probably a good level to look for new selling opportunities
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell into rally at 1.0180, initial stop above 1.0230 and a target at 1.0050 or lower
usdcad 4hrs 7-16-2012
AUDNZD
There’s one big reversal candle seen on the 4hrs chart below, so it’s obvious that selling pressure is high at these levels.
Market sentiment: intraday – neutral, short-term – bullish
Potential trade strategy: to sell on weakness/breakdown below 1.2815, target at 1.2750
audnzd 4hrs 7-16-2012
AUDJPY
Support zone around 80.75 is again under pressure and it seems rather fragile while AUD fails to advance towards 81.50/70. I don’t think it’s a good idea to buy dips now, but rather wait for buying opportunities on strength – above 81.20
Market sentiment: intraday – slightly bullish, short-term – bullish
Potential trade strategy: to buy on strength above 81.20, target at 82.50
audjpy hourly 7-16-2012
AUDUSD
The Aussie dollar is again a breakout candidate, as resistance around 1.0250 is under pressure.
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy on strength above 1.0250, initial target at 1.0450
audusd daily 7-16-2012
have a great day!
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