Good morning. EUR rallied across the board yesterday on news that ECB plans to buy unlimited debt and is holding gains near resistance levels ahead of today’s ECB meeting.
EURUSD
Market sentiment: intraday – slightly bearish, short-term – bullish
Potential trade strategy: to hold long or buy on the break of 1.2630/50, target at 1.28
EURUSD 4hrs 9-6-2012
EURJPY
EURJPY bounced off horizontal channel support line yesterday and reached the channel’s upper limit. There’s a good chance for a breakout above this resistance, so keep an eye on it.
Market sentiment: intraday – bullish, short-term – slightly bullish
Potential trade strategy: to buy on breakout above 99, short-term target at 101
EURJPY 4hrs 9-6-2012
AUDUSD
Aussie dollar recovered, following EUR yesterday and reached interim resistance at 1.0230, a selling level highlighted in my report yesterday. Maybe it’s not the best idea to sell now, ahead of ECB meeting, as the euro is likely to continue its recovery hence AUD to follow it higher.
Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: to sell at 1.0280, target at 1.0200.
AUDUSD hourly 9-6-2012
USDCAD
USDCAD is another pair worth a look today, as resistance formed by the line connecting previous lower highs is under pressure. A plan to buy on the potential breach of this barrier is one thing to consider
Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: to buy on breakout above .9910/20, target at 1.00
USDCAD 4hrs 9-6-2012
have a great day
