Midweek Charts to Watch 4/18/12

Small opportunities are often the beginning of great enterprises. ~ Demosthenes

Good morning. Stocks recovered some of last week’s losses, hence the dollar is sold-off, facing resistance around 80

USD Index

It’s still difficult for the dollar to break above resistance formed around 80 by the downward trendline, so I remain bearish while it holds below that level, expecting a retest of 79 area soon

USD Index Chart Daily 4-18-2012

USD Index Chart Daily 4-18-2012

S&P 500

Former support is being tested and it makes the whole thing look less fragile that a few days ago. It’s worth keeping an eye on this interim barrier

SPX Chart Daily 4-18-2012

SPX Chart Daily 4-18-2012

EURUSD

Although EUR has been under pressure lately, it still holds above horizontal support at 1.300. Interim resistance is still valid between 1.3150 and 1.3200 and it’s probably a good idea to consider a buying opportunity on a rally above the said region

EURUSD Chart Daily 4-18-2012

EURUSD Chart Daily 4-18-2012

AUDUSD

There’s a strong recovery after reaching 61.8% retracement some days ago, but 1.0450 is still intact. If stocks continue to recover, risk pairs – including AUDUSD – should climb higher, so one of the plans to consider right now is to buy on the break of 1.0450

AUDUSD Chart Daily 4-18-2012

AUDUSD Chart Daily 4-18-2012

AUDJPY

Quite the same story here, resistance at 85 being in focus since a few days ago as support formed by the fib retracement value is intact. While AUD holds onto gains, there’s only one plan I’m considering and that’s a long entry on the potential breach of 85 in the next days

AUDJPY chart daily 4-18-2012

AUDJPY chart daily 4-18-2012

NZDUSD

Kiwi dollar has been stronger compared to Aussie lately, trading sideways instead of losing much ground against the buck. I’m not a fan of range-bound trading, so I for one prefer to wait for an exit out of this range, and the side doesn’t matter much

NZDUSD Chart Daily 4-18-2012

NZDUSD Chart Daily 4-18-2012

Have a great day

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