Tuesday Charts That Matter

Good morning. The euro keeps climbing higher, flirting with $1.300 on Greek optimism. Bernanke’s speech is today’s notable event

EURUSD

As seen on the chart below, there are no important barriers up to around 1.3130 which is the recent top.

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips at 1.2950, target at 1.3050+

EURUSD daily 11-27-2012

EURUSD daily 11-27-2012

GBPUSD

Cable is still trading within the downward channel but is now testing resistance formed by the downward trendline connecting recents highs. So the question is whether the channel will remain intact or not. A daily close above the resistance is what I’m looking for before considering a bullish position

Market sentiment: intraday – bullish, short-term – bearish
Potential trade strategy: to buy after a potential daily close above 1.6050-1.6100, target at 1.6250

GBPUSD daily 11-27-2012

GBPUSD daily 11-27-2012

AUDNZD

If this decline from 1.2820 to 1.2670 was corrective only as the bounce off support line suggests, then it’s a good idea to buy the dip

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy around current levels, stop below 1.2650, target at 1.2850

AUDNZD daily 11-27-2012

AUDNZD daily 11-27-2012

EURAUD

The tight range is still intact after several days, but an exit is likely soon

Market sentiment: intraday – bearish, short-term – neutral/slightly-bullish
Potential trade strategy: to buy on break above 1.2410/20 with a target at 1.2500; secondary plan is to sell below 1.2375, target at 1.2275

EURAUD daily 11-27-2012

EURAUD daily 11-27-2012

EURGBP

A few candles are suggesting that a temporary top is being formed around .8100, so it’s probably time for a correction – and .8050 is what to keep an eye on

Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips at .8050, stop below .8000, target at .8150

EURGBP 4hrs 11-27-2012

EURGBP 4hrs 11-27-2012

have a great day

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