Midweek Intraday Charts and Potential Trade Strategies 7/11/12

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

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

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

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

USDCAD 4hrs 7-11-2012

Hourly chart:

USDCAD hourly 7-11-2012

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

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

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

AUDNZD hourly 7-11-2012

have a great day!

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>