FX Trading Blog | innerfx.com

Charts to Start the Week 4/23/12

Posted by Liviu on April 23, 2012 – 7:18AM GMT - 168722 CommentsCharts+to+Start+the+Week+4%2F23%2F122012-04-23+07%3A18%3A50Liviu

Dictionary is the only place that success comes before work. ~ Vince Lombardi

Good morning. Euro is pulling back after testing $1.3200 on Friday, and it looks bullish while interim support around $1.3150 holds. Risk currencies are under pressure as stock indices such as S&P500 failed to breach recent top side. Here’s a couple of charts worth a look

USD Index

Dollar pulls back after testing support at 79; momentum is slightly bearish and there’s probably some more selling to be seen, as today’s upside movement seems corrective

USD Index Daily 4-23-2012

S&P500

Current condition still looks bad from a bullish perspective due to a few failed attempts to return above recent support. I think that buyers are better off waiting for the resistance to be breached, eventually.

SPX Chart Daily 4-23-2012

EURUSD

Euro had a good end of the week but it’s now under pressure, pulling back from 1.32 as a result of French election. Interim support is formed around 1.3150 and that’s the most important level to keep an eye on in the next trading sessions

EURUSD Chart 4hrs 4-23-2012

AUDUSD

Resistance formed by recent lower highs remained intact, Aussie dollar declined and is now retesting the bottom formed around 1.0300. Next downside barrier is at 1.0250 and things look quite bearish while the downward trendline is intact.

AUDUSD Chart 4hrs 4-23-2012

EURNZD

EURNZD looks quite interesting as it recovered, retesting former support at 1.6180. There’s more room for this recovery, that’s for sure

EURNZD Chart Daily 4-23-2012

NZDUSD

Last week’s reversal candle (highlighted below) was a signal that a breakout wasn’t in the cards yet, hence NZD declined and is now retesting bottom support around .8100. A potential breakdown should provide a selling opportunity to consider

NZDUSD Chart Daily 4-23-2012

Have a great & sunny day!

- Continue reading: Charts to Start the Week 4/23/12

Midweek Charts to Watch 4/18/12

Posted by Liviu on April 18, 2012 – 7:03AM GMT - 16861Leave your thoughtsMidweek+Charts+to+Watch+4%2F18%2F122012-04-18+07%3A03%3A43Liviu

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

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

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

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

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

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

Have a great day

- Continue reading: Midweek Charts to Watch 4/18/12

Charts to End the Week 4/13/12

Posted by Liviu on April 13, 2012 – 7:11AM GMT - 16851Leave your thoughtsCharts+to+End+the+Week+4%2F13%2F122012-04-13+07%3A11%3A56Liviu

There’s only one corner of the universe you can be certain of improving, and that’s your own self. ~ Aldous Huxley

Good morning. Stocks gained in the last two days, hence risk pairs are getting some relief and the dollar is weakening.

USD Index

Resistance around 80 stayed intact after a few tests and it seems that support at 79 is in focus

USD Index daily 4-13-2012

EURUSD

1.3150, a barrier I highlighted two days ago has been breached, so it’s not a bad idea to consider buying opportunities as long as EUR holds above that level

EURUSD Chart 4hrs 4-13-2012

AUDJPY

Support at 50% fib held and AUD recovered, but there’s an interim resistance in the 85.00 region. Between selling this pullback or waiting for a potential buy signal on the breach of 85, I prefer the 2nd option

AUDJPY Chart Daily 4-13-2012

GBPUSD

Looks bullish while it holds onto gains above 1.5900/20

GBPUSD Chart 4hrs 4-13-2012

CHFJPY

It seems there’s more room for this decline and potential rallies are likely to be sold, while 90 is intact

CHFJPY Chart Daily 4-13-2012

Have a great weekend!

- Continue reading: Charts to End the Week 4/13/12

Midweek Charts to Watch 4/11/12

Posted by Liviu on April 11, 2012 – 7:03AM GMT - 168421 CommentMidweek+Charts+to+Watch+4%2F11%2F122012-04-11+07%3A03%3A18Liviu

Shallow men believe in luck. Strong men believe in cause and effect. ~ Ralph Waldo Emerson

Good morning. Risk pairs continue to plunge following stock indices. The dollar index holds onto gains not far below interim resistance at 80

USD Index

USD Index Daily 4-11-2012

EURUSD

Euro looks rather fragile on the daily chart, but maybe it’s worth looking for buying opportunities if recovery gets a bit more convincing

EURUSD Chart Daily 4-11-2012

and a potential breach of interim resistance around 1.3150 is a place where one could look for such opportunities.

EURUSD Chart 4hrs 4-11-2012

AUDJPY

It seems that support is intact at median retracement value of last upleg formed since Aussie resumed recovery after pulling back in December. However, there’s most likely some more selling to be seen if it rallies towards 84-85 where sellers are probably waiting in line

AUDJPY Chart Daily 4-11-2012

AUDUSD

There’s a lot of selling going on.. just notice how each recovery attempt has been short-lived as Aussie failed to overcome current resistance layer formed by the MA lines, the same lines providing support during recovery process (January – mid February). I am not considering any buying plans while it holds below 1.0450.

AUDUSD Chart Daily 4-11-2012

GBPUSD

Cable holds onto gains quite well mainly because of EURGBP which is weakening, and this potential breakout is worth a look. maybe it’s time to revisit 1.6050?