Good morning. Euro seems to be getting some relief, retesting 1.300 at time of writing. A breach would open the door to 1.32-1.33. German Zew and US CPI are today’s most important events.
Market sentiment: intraday – bullish, short-term – slightly bullish
Potential trade strategy: none
EURUSD hourly 10-16-2012
4hrs chart: 1.3070 follows 1.300 as next upside barrier to watch
EURUSD 4hrs 10-16-2012
EURGBP
.8100 is again in focus as EUR found bids around .8020 last week. Perhaps it’s time to end the consolidation and break above .8100 soon?
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy on break of .8100, target at .8200
EURGBP daily 10-16-2012
EURJPY
Trendline support highlighted below held, and EUR bounced – retesting resistance zone. Short-term sentiment remains bullish, so I think it’s best to look for buying opportunities on the breach of 102.70-103
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy on break above 102.70-103, short-term target at 107
EURJPY daily 10-16-2012
GBPCAD
GBP is recovering, so 1.5800/25 is now in focus. The recovery from the lower 1.56 zone seems corrective so far, therefore I’m considering selling around this resistance level
Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: to sell around 1.5825 if it holds, target at 1.5600
GBPCAD 4hrs 10-16-2012
AUDUSD
Aussie dollar bounced off support formed around 1.0200 but recovery is still weak.
Market sentiment: intraday – bullish, short-term – slightly bearish
Potential trade strategy: none; or maybe consider buying on rally above 1.0300, target at 1.0400
AUDUSD daily 10-16-2012
have a great day!
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