Good morning. Dollar is still under pressure across the board, although EURUSD returned below $1.23, but the Aussie dollar popped above 1.05. Important economic events this week are: Interest rate decision in US, Europe and Great Britain and the NFP on Friday.
EURUSD
Market sentiment: intraday – slightly bullish, short-term – bearish
Potential trade strategy: to buy on break above 1.2310/20, target at 1.24+
EURUSD 4hrs 7-31-2012
GBPUSD
Cable still hovers near 1.5740/50 resistance, so the best plan in my opinion is to buy on the potential break higher
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy on break of 1.5740/50, target at 1.6
GBPUSD daily 7-31-2012
USDCHF
Support around .9750 held and the dollar recovered some lost ground, but remains under pressure and sellers are probably waiting around .9850/60
Market sentiment: intraday – bearish, short-term – slightly bullish
Potential trade strategy: to sell on rally to .9860, target at .9740
USDCHF 4hrs 7-31-2012
USDCAD
Parity level has been reached and the US dollar found some support, but remains under heavy pressure and minor rallies are likely to be sold. One of the levels to look for selling opportunities is 1.0060/70
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on correction to 1.0060, stop above 1.0100, target below parity
USDCAD hourly 7-31-2012
AUDUSD
Aussie dollar breached resistance at 1.0440/50 and provided a nice breakout trade opportunity.
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips around 1.0450 or hold long while 1.0440/50 is intact, target at 1.08+
AUDUSD daily 7-31-2012
AUDCAD
AUDCAD follows AUDUSD higher, so a breakout opportunity is valid in this cross, too.
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to hold long while 1.0500 is intact, target at 1.06-1.07
AUDCAD daily 7-31-2012
have a great day!
