Good morning. Euro is trading sideways against the dollar ahead of tomorrow’s ECB meeting. Risk-sensitive pairs such as AUDUSD and NZDUSD are losing ground, testing short-term support.
EURUSD
Market sentiment: intraday – bearish, short-term – neutral
Potential trade strategy: to sell around 1.2900, target at 1.2800
EURUSD 4hrs 10-3-2012
GBPAUD
GBP is rallying after the nice breakout above 1.5600. Next target is at 1.6
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to hold long while above 1.5600, short-term target at 1.6
GBPAUD daily 10-3-2012
NZDUSD
NZD is losing ground, retesting support at .8200 which is also a 3-week consolidation range. Next possible setup to consider is to sell on breakdown below .8200
Market sentiment: intraday – bearish, short-term – neutral
Potential trade strategy: to sell on breakdown below .8200, target at .8050
NZDUSD 4hrs 10-3-2012
AUDUSD
Same story as NZDUSD’s. Selling on the potential break below 1.0150-1.0200 is a plan to consider
Market sentiment: intraday – bearish, short-term – slightly bearish
Potential trade strategy: to sell on break below 1.0150/00, short-term target at .9800
AUDUSD daily 10-3-2012
EURGBP
EURGBP looks quite bullish since it climbed above .7900. More upside is likely to be seen…
Market sentiment: intraday – neutral, short-term – slightly bullish
Potential trade strategy: to buy around .8000, target at .8100
EURGBP 4hrs 10-3-2012
Silver
Silver holds gains near resistance at 35, so it remains bullish and it looks like it is conserving momentum. Buying on the break above 35 is probably the best thing to do
Market sentiment: intraday – neutral, short-term – slightly bullish
Potential trade strategy: to buy on break above 35, target at 40
Silver 4hrs 10-3-2012
have a great day!
