Midweek Charts to Watch

Good morning. I’ve been away for a while, but looking at current charts, it doesn’t seem that I missed anything interesting. Let’s take a closer look at today’s charts to see if there are any good trading opportunities.

EURUSD

EUR looks bullish against the USD on both intraday and short-term basis, so buying dips in case of a correction to 1.2950 or buying on the break of 1.3000/15 intraday resistance are two plans to consider. Maybe today’s Bernanke’s speech will be the catalyst fueling a dollar decline?

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips on pullback to 1.2950, target at 1.3050+. Second plan is to buy on rally above 1.3015/30, target at 1.3100

EURUSD daily 12-12-2012

EURUSD daily 12-12-2012

hourly chart:

EURUSD hourly 12-12-2012

EURUSD hourly 12-12-2012

4 hrs chart:

EURUSD 4hrs 12-12-2012

EURUSD 4hrs 12-12-2012

USDJPY

The yen continues to weaken across the board. A test of 84.25/50 is likely within the next trading sessions

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy around current trading levels, target at 84.50

USDJPY daily 12-12-2012

USDJPY daily 12-12-2012

NZDUSD

Kiwi dollar is as bullish as it gets. Recent breakout above .8330/50 suggests that more upside is likely to be seen. In case of a pullback, there’s a good chance that support will be strong around former resistance at .8330

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips in the .8350 area, stop below .8280, target at .8500

NZDUSD daily 12-12-2012

NZDUSD daily 12-12-2012

EURAUD

As seen in the chart below – correction to 1.2380 is over and the decline resumed. So it’s probably a good idea to sell the EUR against AUD with a traget in the 1.22 lows

Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell around 1.2350, stop above 1.2400, target at 1.2200

EURAUD 4hrs 12-12-2012

EURAUD 4hrs 12-12-2012

GBPAUD

Aussie dollar is strengthening against GBP, too. Support around 1.5270 is under pressure and the question is whether it will hold or not?

Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on break below 1.5270, stop above 1.5330, target at 1.5170

GBPAUD daily 12-12-2012

GBPAUD daily 12-12-2012

have a great day and happy trading!

One thought on “Midweek Charts to Watch

  1. Pingback: Charts to End the Week

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>