Midweek Charts 3/21/12

Strong people make as many mistakes as weak people. Difference is that strong people admit their mistakes, laugh at them, learn from them. That is how they become strong. ~ Richard Needham

Good morning. There’s pressure on the dollar these days, as the euro continues recovery bringing resistance around $1.33 back in focus.

USD Index

Next support level is around 79, and it should be tested if EURUSD reaches 1.3290/00.

USD Index Daily 3-21-2012

USD Index Daily 3-21-2012

EURUSD

4hr and intraday charts are reflecting a bullish sentiment since 1.3185/00 was breached, and the daily charts should turn bullish if next barrier at 1.3290/00 fails. Buying dips on pullbacks seems a good daytrading plan.

EURUSD Chart 4hrs 3-21-2012

EURUSD Chart 4hrs 3-21-2012

EURUSD Chart Daily 3-21-2012

EURUSD Chart Daily 3-21-2012

EURNZD

EURNZD starts looking interesting as resistance around 1.6180 is back in focus. If it breaks, recovery might be strong because there’s enough room for it: not much in between, up to 1.68 – 1.7. It’s definitely worth keeping an eye on it

EURNZD Chart Daily 3-21-2012

EURNZD Chart Daily 3-21-2012

EURAUD

A few days ago I was thinking that selling on the breakdown of 1.2385 might be a good plan, but support held and buyers are back in control, so it’s time to consider buying on pullback to support zone.

EURAUD Chart 4hrs 3-21-2012

EURAUD Chart 4hrs 3-21-2012

NZDUSD

It seems that selling into rallies is the winning strategy these days… while .8250/65 holds

NZDUSD Chart 4hrs 3-21-2012

NZDUSD Chart 4hrs 3-21-2012

AUDNZD

It’s clear now that last rally has been corrective, so it’s probably a good idea to consider selling on the potential breach of support around 1.2750

AUDNZD Chart 4hrs 3-21-2012

AUDNZD Chart 4hrs 3-21-2012

AUDUSD

A potential breakout above resistance at 1.0645/50 is what could have been convincing in order to join the bulls (short term basis). It is still intact and AUD collapsed back below 1.0550, which is again an interim barrier. I remain bearish on AUDUSD, keeping both eyes on the 1.0380-1.0430 support region, selling on breakdown eventually

AUDUSD Chart 4hrs 3-21-2012

AUDUSD Chart 4hrs 3-21-2012

Have a great day

One thought on “Midweek Charts 3/21/12

  1. Pingback: Thursday Charts: Dollar, Aussie Losing Ground | innerfx.com

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