Here’s something to think about: How come you never see a headline like ‘Psychic Wins Lottery’? ~ Jay Leno
Good morning. Euro recovered some ground after sliding to as low as $1.2945 two days ago, but the move is likely corrective and there’s more room for it to move higher.
USD Index
As seen below – current pullbacks is rather corrective and it should be interesting to watch how recent resistance will react to a potential test
USD Index Chart Daily 12-16-2011
EURUSD
Bulls shouldn’t be too confident in current conditions, as downside pressure remains high mainly due to fears of new downgrades. Therefore, selling into strength is still the main theme
Euro Vs US Dollar Chart 4hrs 12-16-2011
and here’s an hourly chart to please day traders
Euro Vs US Dollar Chart hourly 12-16-2011
GBPAUD
The bullish setup highlighted in my previous post was quite good, as GBP rallied for 150 points above resistance at 1.5500. I still believe it’s a good idea to hold onto longs or keep buying while 1.5500 holds
British Pound Vs Australian Dollar Chart 4hrs 12-16-2011
AUDNZD
Not such an interesting setup yet as the consolidation continues but it’s probably about to become a good setup soon. As seen below, there clearly is a lot of selling going on around 1.32 which keeps the pair trapped in this range for weeks, so it’s probably best to look for an exit of the range – below 1.3050
Australian Dollar Vs New Zealand Dollar Chart Daily 12-16-2011
EURJPY
Although the pair has been quiet in the last two days, 100 is still in focus. Don’t expect any BoJ interventions as the USDJPY keeps recovering and that’s the important pair in the intervention-hope equation.
Euro vs Japanese Yen Chart Daily 12-16-2011
AUDJPY
The question now is whether the entire decline to 77 was a corrective cycle – however, selling into strength a bit above 78 is tempting.
Australian Dollar Vs Japanese Yen Chart 4hrs 12-16-2011
have a great weekend!
So, Do u see short term trend change on EURUSD ?, I like your intraday analysis, Please keep them coming I am more into intraday. How deep the retracement could be if it breaks the 3050 level?
"Although the pair has been quiet in the last two days, 100 is still in focus. Don’t expect any BoJ interventions as the USDJPY keeps recovering and that’s the important pair in the intervention-hope equation"
What about the support around 100.74, Any comment about that, Looks like big supply area to me. Looking to buy if 100.50-74 Area holds. What ya say?
I don't think it's a good idea to buy EURJPY now or later if the decline continues to 100.
I am staying out too :)
"The question now is whether the entire decline to 77 was a corrective cycle – however, selling into strength a bit above 78 is tempting."
78 whole number looking good resistance as of now.
yep, it does
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