We don’t see things as they are, we see things as we are. ~ Anais Nin
Good morning. Dollar’s decline continues as euro just popped through $1.300 yesterday, recovering from early bids around $1.2900.
USD Index
As seen in the daily chart below, key support level formed by the horizontal line which was a temporary top is now being tested. If this level fails, then we’ll probably see bids tested in the 77-78 range soon. So far there’s no sign to suggest that this potential correction is over.
USD Index Chart Daily 1-24-2012
EURUSD
Recovery is very strong as there are many shorts being covered. Yesterday’s test of support zone around 1.2900 was indeed corrective, as most the poll responders expected. Next upside barrier to keep an eye on is at 1.31500 – not really far from here.
Euro Vs US Dollar Chart 4hrs 1-24-2012
Silver
Silver maintains a bid tone climbing towards 33 where next resistance is seen. In case of an intraday pullback, 31.50 is a level which bulls probably want to defend. Potential breach of 33 in the coming days should provide yet another buying opportunity
Silver Chart Daily 1-24-2012
AUDNZD
Although there’s one big reversal candlestick formed a few days ago, suggesting that it’s time for a recovery towards 1.3050 and maybe above – price failed to stay on track and the cross looks quite heavy, losing altitude once again. Perhaps it’s a good idea to reconsider selling opportunities on the potential break below 1.29
AUDNZD Chart Daily 1-24-2012
AUDJPY
Stocks lost some ground, hence AUDJPY pulled back to test support between 80.50 and 80.80. Still looks bullish to me
AUDJPY Chart 4hrs 1-24-2012
EURGBP
EURGBP looks rather interesting as it is retesting this top zone around .8375, hence I’m adding EURGBP on the potential breakouts list.
EURGBP Chart Daily 1-24-2012
have a great day!
The Aud / Jpy looks more like the 4h than the Daily chart. :)
true that. Thanks for letting me know, I just fixed it ;)
Okay. :D Would you say that the Aud / Jpy follows more or less the same pattern as Nzd / Usd?? I have been long at 0.8080 for 2 days now but I'm thinking of closing as it does not seem to move much. Set tp at 0.8140 / 170 / 200 btw.
AUDJPY and NZDUSD are highly correlated (around 90% positive correlation on daily time frame)
Here: http://www.innerfx.com/media/2012/01/AUDJPY-Vs-NZ…
Actually you can use the awesome charting platform which I just added a few days ago: http://www.innerfx.com/charts
Click on Compare and add a different pair or instrument
Here you can find a cool correlation tool: http://www.forexticket.co.uk/en/tools/01-01-corre…
WOW!!!!! :o Thanks matey. I'll keep the trade opened. ;)
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