Thursday Charts

Good morning. Euro continues to face some downside pressure as it failed to recover above former support, formed by the trendline connecting recent short-term higher lows on the 4hrs chart (see bel0w). Initial Jobless Claims is today’s most important economic data release.

EURUSD

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

Potential trade strategy: short at current levels while 1.2330/50 is intact, target at 1.2150

EURUSD 4hrs 8-16-2012

EURUSD 4hrs 8-16-2012

AUDUSD

Aussie dollar is still in correction-mode and support at 1.0440/50 is in focus. Uptrend is intact while that support level holds.

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

Potential trade strategy: to look for buying opportunities on rally to/above 1.0530

AUDUSD daily 8-16-2012

AUDUSD daily 8-16-2012

4hrs chart:

AUDUSD 4hrs 8-16-2012

AUDUSD 4hrs 8-16-2012

AUDJPY

Resistance at 83.20 is now being tested as AUD bounced off support at 82.30/50. Upside remains favored as JPY  is losing ground across the board while stocks are trading higher

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

Potential trade strategy: to hold long while 82.30/50 is intact, adding on potential break above 83.20/30, target at 84.60-85

AUDJPY 4hrs 8-16-2012

AUDJPY 4hrs 8-16-2012

AUDCAD

AUD is still in free-fall mode against the Canadian dollar since support at 1.0450 was breached. Next support is seen at 1.0300

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

Potential trade strategy: to hold short, target at 1.0300

AUDCAD daily 8-16-2012

AUDCAD daily 8-16-2012

GBPUSD

Consolidation below resistance continues, so the plan is not change: to buy on the potential breakout above 1.5730/50

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

Potential trade stategy: to buy on breakout above 1.5730/50, target at 1.600

GBPUSD daily 8-16-2012

GBPUSD daily 8-16-2012

EURJPY

Interim resistance in the 97.60/80 range is being tested and it’s worth keeping an eye on

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

Potential trade stategy: to buy on breakout above 97.60/80, target at 100

EURJPY daily 8-16-2012

EURJPY daily 8-16-2012

S&P500

A test of recent top at 1415 is imminent and all eyes are on this level nowadays.

S&P500 daily 8-16-2012

S&P500 daily 8-16-2012

have a great day

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