Good morning. Dollar is losing ground across the board as EUR recovers, testing $1.2300 a bit earlier today – on its way to $1.2400 where first important short-term resistance is seen
EURUSD
Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: to sell into rallies towards 1.2350-1.2400, targeting 1.2200 and below. Another plan, but riskier, would be to look for a buying opportunity around 1.2250, with an initial stop below 1.2200 and a target at 1.2400
eurusd 4hrs 7-17-2012
hourly chart:
eurusd hourly 7-17-2012
GBPUSD
Cable reached resistance formed by the trendline which is connecting recent tops, hence providing a potential sell opportunity
Market sentiment: intraday – bullish, short-term – neutral
Potential trade strategy: to sell around resistance at 1.5650/60, with an initial target at 1.55 and a stop/reverse above resistance zone
gbpusd 4hrs 7-17-2012
USDCHF
Dollar is pulling back after yet another failed attempt to break .9860. This decline’s first target is .9680
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to buy dips around .9680/00
usdchf 4hrs 7-17-2012
USDCAD
The US dollar triggered sell orders on its weak correction towards 1.0180 resistance yesterday. Support around 1.0130 is under pressure
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell into rally toward the same 1.0180, initial stop above 1.0230 and a target at 1.0050 or lower
usdcad hourly 7-17-2012
AUDNZD
Support at 1.2815 held so the breakdown scenario mentioned yesterday is “on-hold” for now.
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: none
audnzd 4hrs 7-17-2012
AUDUSD
The breakout above resistance zone started at 1.0250 is underway
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to hold long while 1.0250 is intact, target at 1.0450
audusd daily 7-17-2012
NZDUSD
The Kiwi dollar is also recovering, following AUDUSD but lagging behind a bit. Resistance is formed at .8070 and a potential break should open the door for further gains, to .8270
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to look for a buying opportunity on the potential break of .8070, later.
nzdusd daily 7-17-2012
AUDCAD
AUDCAD is another breakout candidate since it is following AUDUSD. So keep an eye on 1.0450
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy on break above 1.0450 with a target at 1.0600
audcad daily 7-17-2012
have a great day!
