Midweek Charts That Matter

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

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

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

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

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

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

Silver 4hrs 10-3-2012

have a great day!

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