Daily Charts to Watch 5/12/11

Greetings. Here’s a quick update on yesterday’s charts and some new charts worth a look:

GBPUSD: the declined has continued continued for 100 points today, as yesterday’s close confirmed a pinbar. However, support at 62% fib retrace value of the move from 1.5930 to 1.6740 is intact, as dollar lost ground across the board. I think it’s important to keep an eye on the said fib support as short-term sentiment is still bearish and today’s bar doesn’t look like a reversal (so far).

GBPUSD daily chart 5-12-2011
GBPUSD daily chart 5-12-2011

GBPJPY: similar move to GBPUSD’s here, having the GBP to test lows after yesterday’s upside correction. It seems that there could be a bear flag forming, so a potential breach of 50% is quite possible.

GBPJPY daily chart 5-12-2011
GBPJPY daily chart 5-12-2011

NZDUSD: too soon for a break below the consolidation range as the NZ dollar recovered today, making things quite interesting. Let’s see how this upside test goes.

NZDUSD daily chart 5-12-2011
NZDUSD daily chart 5-12-2011

EURGBP: it has returned into the .8730/50 zone to test former support. The move seems corrective so far and I think there’s some more downside action to be seen. Break above .8800 would pretty much cancel my current bearish view

EURGBP daily chart 5-12-2011
EURGBP daily chart 5-12-2011

USDNOK: nothing spectacular so far. Resistance is still intact after a weak test today. I’ll monitor this closely in the coming sessions 

USDNOK daily chart 5-12-2011
USDNOK daily chart 5-12-2011

Now let’s take a look at what’s new across the board and look very interesting:

Silver: there’s a potential pinbar developing today, suggesting an extended recovery to begin from this region towards yesterday’s 40 at least. However, extra caution is advised since “they” don’t want the metal to continue its fabulous performance (hint: numerous Silver margin hikes lately)

Silver daily chart 5-12-2011
Silver daily chart 5-12-2011

GBPAUD: the bearish channel remains intact after today’s upper limit test, and it seems that it’s only a matter of time until we’ll see it at 1.500

GBPAUD daily chart 5-12-2011
GBPAUD daily chart 5-12-2011

CADCHF: it’s quite clear that CAD’s recovery is strong and today’s decline was short-lived. I say it’s worth keeping an eye on this resistance zone in the coming trading sessions

CADCHF daily chart 5-12-2011
CADCHF daily chart 5-12-2011

AUDUSD: the view is not much different than Silver’s: recent support zone seems stable at this point, providing a buying opportunity which is worth a shot.

AUDUSD daily chart 5-12-2011
AUDUSD daily chart 5-12-2011
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About abwehra group

The Art&Science of Trading Gold
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