Thursday Charts That Matter

Good morning. Euro continues to weaken after Spain’s downgrade by S&P and ahead of Italy’s bond auction later today. Other important economic events today are the US trade balance and initial jobless claims

EURUSD already erased last week’s gains and it seems there’s much pressure on the $1.2800/25 support level. 1.26 is next floor to watch in case 1.2800/25 fails. I am bearish while it holds below 1.3

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

Potential trade strategy: to sell at 1.2950, stop above 1.300, target at 1.2600

EURUSD daily 10-11-2012

EURUSD daily 10-11-2012

EURGBP

Resistance at .8100 remained intact as EUR started to lose ground across the board. The question now is whether current movement is corrective or not, so it’s time to keep an eye on fib support zone around .8000

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

Potential trade strategy: to buy dips at .8000 if support holds, target at .8100

EURGBP 4hrs 10-11-2012

EURGBP 4hrs 10-11-2012

EURJPY

Support at 100 is in focus, again, after EUR’s 4 consecutive days decline.

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

Potential trade strategy: to sell on breakdown below 100, initial stop above 100.70, target at .98

EURJPY daily 10-11-2012

EURJPY daily 10-11-2012

GBPCAD

A correction is underway after the strong decline from 1.5980 to 1.56. Next resistance is formed around 1.5800 by the median fib of the entire decline

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

Potential trade strategy: to sell at 1.5800, target at 1.5600

GBPCAD 4hrs 10-11-2012

GBPCAD 4hrs 10-11-2012

USDCAD

Although .9850 is intact after a false breakout, it seems that another test is just around the corner

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

Potential trade strategy: to buy on break above .9850, target at 1.000

USDCAD daily 10-11-2012

USDCAD daily 10-11-2012

AUDUSD

Aussie dollar is recovering today after better than expected jobs data. Resistance is formed at 1.0330 and it shouldn’t take long to reach it

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

Potential trade strategy: to sell on rally to 1.0330/50, target at 1.0200

AUDUSD 4hrs 10-11-2012

AUDUSD 4hrs 10-11-2012

GBPAUD

Support at 1.5600/30 was breached and this decline doesn’t look like a minor correction anymore.

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

Potential trade strategy: none

GBPAUD daily 10-11-2012

GBPAUD daily 10-11-2012

Have a great day!

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