Midweek Charts to Watch

Good morning. Dollar is under pressure across the board as Germany’s Constitutional Court is expected to give its approval today to the euro zone’s new bailout fund. Tomorrow’s Fed meeting is another important event that is currently putting weight on the dollar.

EURUSD

Market sentiment: intraday – bullish, short-term – bullish

Potential trade strategy: to hold long, target at 1.30

EURUSD daily 9-12-2012

EURUSD daily 9-12-2012

EURCAD

Resistance at 1.25 is still under pressure but yesterday’s fast recovery suggests that a breakout is underway

Market sentiment: intraday – bullish, short-term – bullish

Potential trade strategy: to buy on break of 1.2500, target at 1.2750

EURCAD daily 9-12-2012

EURCAD daily 9-12-2012

AUDUSD

Aussie dollar continues recovery, aiming towards 1.0530 which is the first resistance

Market sentiment: intraday – bullish, short-term – bullish

Potential trade strategy: to hold long, stop below 1.0400, target at 1.0530

AUDUSD daily 9-12-2012

AUDUSD daily 9-12-2012

AUDJPY

Resistance at 81.75 is in focus as AUD recovers after a correction to 80.80.

Market sentiment: intraday – bullish, short-term – bullish

Potential trade strategy: to buy on break above 81.75, target at 83.40/50

AUDJPY 4hrs 9-12-2012

AUDJPY 4hrs 9-12-2012

GBPAUD

Pound’s recovery against the AUD has been strong lately and there’s a good chance that current decline to 1.5350 is only a correction

Market sentiment: intraday – bearish, short-term – bullish

Potential trade strategy: to buy dips in the 1.5300-1.5350 region, target at 1.5600

GBPAUD daily 9-12-2012

GBPAUD daily 9-12-2012

have a great day

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