Charts to Start the Week

Good morning. Sorry for the lack of updates, but I’ve been out of country for 1 week. Let’s see what are some of the interesting charts today

EURUSD

Corrective cycle continues as EUR retests support at 1.2920, followed below by 50% and 62% fib retracement values – an area where buying dips seems a good idea

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

Potential trade strategy: to buy dips at 1.2850, target at 1.30

EURUSD daily chart 9-24-2012

EURUSD daily chart 9-24-2012

EURGBP

Support around .7960 is in focus as EUR is losing ground against the British pound. It’s about time to see whether this decline from the .8100 zone is corrective or not.

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

Potential trade strategy: to buy dips at .7960, target at .8100

EURGBP chart daily 9-24-2012

EURGBP chart daily 9-24-2012

GBPAUD

It looks that a breakout is just around the corner

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

Potential trade strategy: to buy on rally above 1.5600, target at 1.5900

GBPAUD chart 4hrs 9-24-2012

GBPAUD chart 4hrs 9-24-2012

AUDJPY

Aussie dollar trades lower in risk-off trade, retesting trendline support near 81. Upside is still favored on a short-term basis, although AUD seems to walk on thin ice.

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

Potential trade strategy: to sell on break below 81, target at 80

AUDJPY 4hrs chart 9-24-2012

AUDJPY 4hrs chart 9-24-2012

USDCAD

US dollar is recovering against its Canadian counterpart but is still far from looking ‘good’ (bullish).

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

Potential trade strategy: to sell at .9840/50, target at .9700

USDCAD daily chart 9-24-2012

USDCAD daily chart 9-24-2012

have a great day

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