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
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
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
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
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
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
have a great day!
Excellent read. Thanks
I agree it is probably best to stay out of the Euro right now, there is just no way of knowing whether it is a false bull move or not…
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