FX Charts to Start the Week

Good morning.Here’s a couple of interesting charts to start the week

EURUSD

EUR continued to test the downside on Friday and is now trading near support range formed by the rising trendline connecting recent higher lows on 4hrs chart and the 61.8% fib retracement of last up leg, as well. Now that 1.2320 was breached, this is the only important support level on its way down – back to $1.2150 and lower

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

Potential trade strategy: none/standing aside

EURUSD 4hrs 8-13-2012

EURUSD 4hrs 8-13-2012

AUDUSD

Uptrend remains strong as minor dips are being bought, therefore buying on pullbacks is still one of the best things to do while AUD holds above 1.0440

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

Potential trade strategy: to hold long while 1.0440 is not in focus

AUDUSD daily 8-13-2012

AUDUSD daily 8-13-2012

AUDCAD

I can’t tell the same about AUDCAD compared to AUDUSD nowadays, as the Canadian dollar is pretty strong, trading below parity against the greenback. Sentiment is bearish on both intraday and short-term time frames, and selling on the potential breach of 1.0450 is a thing to consider

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

Potential trade strategy: to sell on breakdown below 1.0440/50, stop above 1.0500, target at 1.0300

AUDCAD daily 8-13-2012

AUDCAD daily 8-13-2012

GBPUSD

Cable keeps climbing after declining to 1.500, aiming toward 1.5730/50 where recent top side resistance is seen. Buying on breakout higher is the “better” option right now, in my opinion

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

Potential trade stategy: to buy on breakout above 1.5730/50, target at 1.600

GBPUSD daily 8-13-2012

GBPUSD daily 8-13-2012

AUDJPY

Support around 82.50 is retested as AUD pulled back but remains in range, so far. Short-term sentiment is still positive while 82 is not threatened.

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

Potential trade strategy: to buy on strength above 83, target at 84.70-85

AUDJPY daily 8-13-2012

AUDJPY daily 8-13-2012

Silver

Silver is trading quietly below 28.30, an interim barrier which is intact since late of June. Buying on the potential breakout above this level is a plan to consider

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

Potential trade strategy: to buy on breakout above 28.30/50, target at 30+

Silver daily 8-13-2012

Silver daily 8-13-2012

have a great day & week!

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