Good morning. Risk pairs keep rising while the dollar is losing ground across the board. EUR holds onto gains at $1.2370 at time of writing after bouncing off support around 1.2320.
EURUSD
Intraday sentiment remains slightly bullish while EUR holds above 1.2320 but is losing strength on daily charts, so a daily close above $1.2400 is needed to maintain positive momentum.
Market sentiment: intraday – slightly bullish, short-term – slightly bullish
Potential trade strategy: to buy dips at 1.2300/20, target above 1.24. Another setup (short-term) is to buy on break above 1.2400, target above 1.26
EURUSD 4hrs 8-9-2012
AUDUSD
Aussie dollar holds above support provided by the MA lines and 1.0440 which was breached a few days ago. Buying dips and into strength are the best things to do.
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips in the 1.0550-1.0570 area, target around 1.07. Buying on strength above 1.0610/20 is another plan to consider
AUDUSD daily 8-9-2012
AUDCAD
AUD lost some ground against the CAD, as USDCAD keeps falling like a rock and is currently trading below parity level. Anyway, there’s a good chance that this range between 1.0500 and 1.0580/90 will stay intact.
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to hold long while 1.0500 is intact, target at 1.0580+. Plan B: to reverse/sell on breakdown below 1.0500
AUDCAD 4hrs 8-9-2012
AUDJPY
AUDJPY is another risk pair worth a look these days. It seems there’s no other way to go than upward. So, targeting 84.70+ is a reasonable plan while stocks don’t decline
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips on minor pullbacks to 82.50, short-term target at 84.50
AUDJPY daily 8-9-2012
USDJPY
Resistance around 78.70 is intact after 4 tests but it seems that another test is just around the corner.
Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: none
USDJPY 4hrs 8-9-2012
Silver
Silver is testing interim resistance at 28.30, so buying on potential break is tempting
Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: buy on break above 28.30/40, target at 30
Silver daily 8-9-2012
have a great day
