Good morning. I’m not a big fan of intraday charts (i.e. anything that’s a lower time frame than 4hrs) but these days it seems there are quite a few nice intraday setups worth a look. I might even get used to what I call “intraday noise”
EURUSD
Decline continues as any recovery attempt is sold, so it’s reasonable to expect the same in the coming sessions.
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: selling into rallies in the 1.2320-1.2360 zone, targeting fresh lows below 1.2250
EURUSD hourly 7-11-2012
GBPUSD
Cable is in better shape than EUR since it benefits from Aussie’s rally. Although market sentiment remains bearish, an aggressive plan would be to buy on the break of 1.5550
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: buying on break of 1.5550, targeting 1.5630
GBPUSD hourly 7-11-2012
USDJPY
Yen continues to strengthen and the resistance line highlighted below is rather strong and still valid. But it can’t remain valid forever, so what I’d prefer to see is an exit out of this range, hence looking for a buying opportunity around 79.5. The ranges are tight so it would be pretty clear that I was wrong if it returns to 79.20 or so
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: buying on break of trendline resistance, around 79.45, with an initial stop at 79.10 or a bit lower, target over 80
USDJPY hourly 7-11-2012
USDCAD
50% fib retracement is intact and the US dollar pulled back after testing it. So the question now is whether the entire recovery was corrective or not.
Market sentiment: intraday – slightly bullish, short-term – slightly bullish
Potential trade strategy: buying dips between 1.0166 and 1.0185 with an initial target above 1.0230
USDCAD 4hrs 7-11-2012
Hourly chart:
USDCAD hourly 7-11-2012
AUDUSD
Former support which is now providing resistance is in focus as AUD recovered after declining to as low as 1.0177 earlier today. I think this could be an opportunity to follow the market higher on the potential breakout above 1.0240/50
Market sentiment: intraday – slightly bullish, short-term – slightly bullish
Potential trade strategy: buying on strength/break above 1.0240/50 with an initial target above 1.0330
AUDUSD hourly 7-11-2012
GBPCHF
GBP and USD go hand-in-hand against the CHF and the direction is clear enough NOT to consider any selling opportunities (yet). Buying dips is a better option… until the market decides to clean the place and wipe all the longs built in the last couple of days
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: buying dips at 1.5160, but ready to reverse on the potential decline towards 1.5100/10
GBPCHF hourly 7-11-2012
AUDNZD
AUD exited the rising channel and the channel’s top side is now providing support. So the plan is to look for buying opportunities on potential pullback, retesting support
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: buying dips at 1.2830 with stop below 1.2780, target above 1.2900
AUDNZD hourly 7-11-2012
have a great day!
