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
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
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
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
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
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
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
Have a great day!
