Risk-On Friday

Too bad that all the people who really know how to run the country are busy driving taxi cabs and cutting hair. ~ George Burns

Good morning. Euro recovered big-time today, after EU officials in Brussels agreed to ease the conditions for using the bailout funds.

EURUSD

A correction would be welcome after such rally, so 1.2530 is whre I, for one, am looking for support.

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

EURUSD 4hrs 6-29-2012

EURUSD 4hrs 6-29-2012

hourly chart:

EURUSD hourly 6-29-2012

EURUSD hourly 6-29-2012

Support at .9590 has been breached as USDCHF is negatively correlated to EURUSD, so that level is likely to provide resistance in case of a pullback to the upside

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

USDCHF 4hrs 6-29-2012

USDCHF 4hrs 6-29-2012

GBPUSD

Cable follows other risk sensitive pairs to the upside, retesting horizontal resistance around 1.5640. In case of a breakout, the rising trendline would become an upside target

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

GBPUSD 4hrs 6-29-2012

GBPUSD 4hrs 6-29-2012

EURJPY

Still in range after the false breakdown below 99. Interim resistance is formed around 100.60 followed by 101.50. I don’t think that selling is a good idea right now.

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

EURJPY 4hrs 6-29-2012

EURJPY 4hrs 6-29-2012

NZDUSD

Recovery continues and .7980/00 is being tested at time of writing. More important barrier is seen at .8060. I remain bullish on NZDUSD

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

NZDUSD daily 6-29-2012

NZDUSD daily 6-29-2012

AUDUSD

AUDUSD is another breakout candidate, as recent top and former support line is being tested. 1.0450 would be the next target if current resistance fails

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

AUDUSD daily 6-29-2012

AUDUSD daily 6-29-2012

AUDJPY

No different than AUDUSD – a breakout seems rather imminent

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

AUDJPY daily 6-29-2012

AUDJPY daily 6-29-2012

have a great weekend!

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