Tuesday Charts 7/17/12

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

eurusd 4hrs 7-17-2012

hourly chart:

eurusd hourly 7-17-2012

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

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

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

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

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

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

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

audcad daily 7-17-2012

have a great day!

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