Good morning. Friday’s positive NFP figure has sent risk-sensitive currencies higher against the US dollar. The euro managed to overcome former resistance barrier in the lower $1.23 zone and is now hovering near $1.24.
EURUSD
Market sentiment: intraday – bullish, short-term – slightly bullish
Potential trade strategy: to buy dips at 1.2320, target above 1.24
EURUSD daily 8-7-2012
This support range between 1.2290 and 1.2325 is even easier to notice on the hourly chart below
EURUSD hourly 8-7-2012
USDCHF
USD lost ground as EURUSD rallied and resistance around .9750 seems a good selling point
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on rally to .9750, stop above .9800, target at .9500
USDCHF daily 8-7-2012
AUDUSD
Aussie pulled back from fresh highs after today’s RBA rate decision. Should the correction continue – 1.0530 is the level buyers probably want to defend
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips at 1.0530/40, target at 1.0600+
AUDUSD hourly 8-7-2012
USDJPY
Selling into rallies remain the main theme here and USDJPY remains capped in the range between 78 and 78.70. More selling on potential rallies towards .79 are in the cards
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on rally to 78.70, stop above .79, target at 78
USDJPY 4hrs 8-7-2012
have a great day!
