Tuesday Charts That Matter

Good morning. Euro failed to recover above $1.31 and resumed decline – testing the lower $1.30 zone at time of writing. Daily chart is bullish while it looks heavier on the intraday ones.

EURUSD

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

Potential trade strategy: to buy on retracement to 1.2970, target at 1.3070

EURUSD 4hrs 10-23-2012

EURUSD 4hrs 10-23-2012

USDCHF

A potential breakout would result in EURUSD declining even more

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

Potential trade strategy: to buy on strong rally above .9290, target at .9390

USDCHF 4hrs 10-23-2012

USDCHF 4hrs 10-23-2012

USDCAD

The US dollar continues to strengthen against its Canadian counterpart – approaching parity. Interim resistance is formed at .9950, so a breakout seems to be just around the corner – hence a new buying opportunity

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

Potential trade strategy: to buy on rally above .9950, target at 1.0150

USDCAD daily 10-23-2012

USDCAD daily 10-23-2012

AUDJPY

Resistance formed by the falling trendline connecting recent lower highs is still intact after yesterday’s test, but while it’s under pressure and the yen is weakening across the board, it’s worth considering a long position on the potential breach higher

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

Potential trade strategy: to buy on break of 82.50, target at 84.50

AUDJPY daily 10-23-2012

AUDJPY daily 10-23-2012

AUDUSD

Support formed by the rising trendline is in focus and current decline seems corrective so far, so buying dips is quite tempting

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

Potential trade strategy: to buy dips ar 1.0280, target at 1.0400

AUDUSD 4hrs 10-23-2012

AUDUSD 4hrs 10-23-2012

have a great day and good luck trading!

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>