Charts to Start the Week

Good morning. Euro holds gains around $1.2500 at time of writing and more upside action is likely, as next barrier is formed at $1.2700.

EURUSD

Market sentiment: intraday – slightly bearish, short-term – bullish

Potential trade strategy: to buy dips at 1.2440/50, stop below 1.2400, target at 1.2650

EURUSD daily 8-27-2012

EURUSD daily 8-27-2012

hourly chart:

EURUSD hourly 8-27-2012

EURUSD hourly 8-27-2012

AUDCAD

Support at 1.0300 was breached as AUD resumed decline after finding offers in the 1.04 area.

Market sentiment: intraday – bearish, short-term – bearish

Potential trade strategy: to sell on pullback to 1.0300/30, target at 1.0150

AUDCAD daily 8-27-2012

AUDCAD daily 8-27-2012

AUDUSD

AUD turned bearish on short-term basis after support at 1.0440/50 has been breached. Selling into rallies seems a good idea, for now

Market sentiment: intraday – bearish, short-term – bearish

Potential trade strategy: to sell into rally to 1.0440, target at 1.0300

AUDUSD daily 8-27-2012

AUDUSD daily 8-27-2012

AUDJPY

Aussie dollar failed to hold above 83.20 and exited the consolidation range to the downside, decoupling from S&P500, as AUD is weakening across the board.

Market sentiment: intraday – bearish, short-term – bearish

Potential trade strategy: to sell on pullback to 82.40, target at 80

AUDJPY daily 8-27-2012

AUDJPY daily 8-27-2012

have a great day!

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