Tuesday Charts 8/7/12

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

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

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

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

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

USDJPY 4hrs 8-7-2012

have a great day!

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