Trust yourself. You know more than you think you do. ~ Benjamin Spock
Good morning. Dollar remains under pressure as euro is finding bids on pullbacks, pushing higher towards $1.3300 which is the 1st resistance level to keep an eye on.
Not much changed since a week ago: rallies are being sold every time dollar is approaching interim resistance at 80. While it looks heavy, it’s best to keep an eye on support around 79
USD Index Daily 3-26-2012
1.3300 is still intact and recent corrections suggest that it’s not a good idea to bet on a stronger decline yet, because 1.3300 is still in focus. Although these days I rather focus on other pairs, I believe there’s more room for this recovery, hence buying on the potential break above 1.33 is a plan to consider
EURUSD chart 4hrs 3-26-2012
Time to question whether last week’s strong breakout was just a short-lived recovery attempt, as Thursday’s candle and Friday’s sell-off are suggesting that sellers are still out there. Support is now in focus and things don’t look too good from a bullish perspective.
EURNZD Chart daily 3-26-2012
Although EURNZD and EURAUD are positively correlated, EURAUD is less affected by last sell-off. It still holds onto gains almost 100 points above recent resistance around 1.26. Buying dips looks tempting
EURAUD Chart Daily 3-26-2012
Dollar found support at 82 (61.8% of 80.50-84.10) after Thursday’s breakdown. 4hrs charts look bearish and there’s probably some more selling just around the corner if dollar retests resistance around 83.
USDJPY Chart 4hrs 3-26-2012
Aussie remains heavy and there’s much pressure on the support around 1.0400. I remain bearish while the pair holds below 1.0600/30
AUDUSD Chart Daily 3-26-2012
Have a great day
- Continue reading: Charts to Start the Week 3/26/11