Midweek Charts

I’ve taken another break from updating the blog due to limited time which caused a disconnect between me and the charts. Less time for trading means less time for writing, and I apologize to those readers who had a habit of checking this site on a regular basis. I’m going to make a few changes to see if a new schedule better fits with my day by day stuff (not trading related). For this reason, I might publish updates more often during the evening (European time).

This being said, let’s get straight to some charts.

EURUSD

Ongoing decline doesn’t seem to be over yet and there’s pressure on the 61.8% retracement value around 1.3060. That MA zone highlighted in the chart below was a good support during the uptrend and I believe that it’s still valid – but this time as a resistance layer. So either selling on a break below this 61.8% (the aggressive way) or on a pullback to 1.3100-50 area is the way to go.

Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell at 1.3100-50, stop above 1.3200, target at 1.2900.

EURUSD 4hrs 6-26-2013

AUDUSD

Current intraday recovery seems corrective, hence my reason to look for a selling opportunity in the .9350 region

Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell around .9350, target at .9200, stop above .9420

AUDUSD 4hrs 6-26-2013

EURCAD

Uptrend looks fragile as the support trendline is again under pressure. Selling on the potential breakdown seems a better idea than buying dips at current levels

Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to sell on break of trendline @1.3700, stop above 1.3760, target at 1.3500

EURCAD 4hrs 6-26-2013

USDJPY

Current consolidation is a common pattern seen before breakouts, so it’s worth keeping an eye on 98.25/50 for a buying opportunity

Market sentiment: intraday – bullish, short-term – mixed
Potential trade strategy: to buy on break of 98.25/50, stop below 97.50, target at 100

USDJPY 4hrs 6-26-2013

Have a great day

2 thoughts on “Midweek Charts

  1. Pingback: Thursday Charts | innerfx.com

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