Tuesday Charts and Trading Strategies

Good morning. Dollar is mixed across the board, while the Euro holds gains above $1.2300 – trying to push higher – to 1.2440/50.

EURUSD

Market sentiment: intraday – bullish, short-term – slightly bullish

Potential trade strategy: none

EURUSD 4hrs 8-21-2012

EURUSD 4hrs 8-21-2012

GBPUSD

Resistance at 1.5730/50 is still under pressure, since June. Best thing to do in my opinion is to wait for a breakout and buy on strength above that level

Market sentiment: intraday – bullish, short-term – neutral

Potential trade strategy: to buy on breakout above 1.5730/50, target at 1.600

GBPUSD daily 8-21-2012

GBPUSD daily 8-21-2012

AUDUSD

Aussie dollar is losing ground and intra-day rallies are sold, hence the lower highs formation on 4hrs chart below. Short-term buyers probably want to see the resistance at 1.0540/50 breached before renewing longs.

Market sentiment: intraday – bearish, short-term – slightly bearish

Potential trade strategy: to sell into rally to 1.0530, stop above 1.0600, target at 1.0440

AUDUSD 4hrs 8-21-2012

AUDUSD 4hrs 8-21-2012

AUDCAD

Aussie bounced off support at 1.0300 against the CAD, but corrections are normal after such strong declines. Interim resistance zone where selling seems a good idea is between 1.0400 and 1.0440/50.

Market sentiment: intraday – bullish, short-term – bearish

Potential trade strategy: to sell into rally to 1.0400, target at 1.0300

AUDCAD daily 8-21-2012

AUDCAD daily 8-21-2012

AUDJPY

The narrow range between 87.40 and 83.30 is still valid but the Aussie dollar is pushing higher, trying to exit the range. So, buying on the breach of resistance is tempting.

Market sentiment: intraday – bullish, short-term – slightly bullish

Potential trade strategy: to buy on break of 83.20/30, target at 84.70

AUDJPY daily 8-21-2012

AUDJPY daily 8-21-2012

Silver

Silver breached higher above interim resistance formed by the recent top at 28.30, a level which I expect to provide short-term support now.

Market sentiment: intraday – bullish, short-term – slightly bullish

Potential trade strategy: to buy on pullback to 28.30 or hold long while it holds, target at 30+

Silver daily 8-21-2012

Silver daily 8-21-2012

have a great day!

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