Trade Setups to Watch 5/26/11

Hello. Here are some trade setups worth watching in the coming days, including next week, of course:

Silver

Silver recovered since my last report, when I highlighted the reversal candlestick closing around 34.50. There could be a new opportunity for buying setups soon, as price is approaching resistance at 39. Therefore, a breakout is in the cards if today’s decline is corrective only.

Silver daily chart 5-26-2011
Silver daily chart 5-26-2011

Today’s violent pullback is best seen on hourly chart:

Silver hourly chart 5-26-2011
Silver hourly chart 5-26-2011

EURCAD

Support around 1.36 is quite strong, no doubt – just look how many times it has held firmly since January’s breakout. But last decline from 1.43 was sharp and current bounce seems corrective, so today’s candle suggests more downside action and I’m quite sure that a potential break below 1.36 should be violent. Selling with a stop above today’s high seems a decent strategy at this point

EURCAD daily chart 5-26-2011
EURCAD daily chart 5-26-2011

CHFJPY

Mirror, mirror on the wall – who in the safe-have land is the strongest of all? – The answer is in the chart below

CHFJPY daily chart 5-26-2011
CHFJPY daily chart 5-26-2011

USDPLN

Some of you who follow USDPLN already know that I called a decline below 2.82 to 2.7 a while ago. I guess it’s quite clear that the bearish scenario for USDPLN is over, at least on the daily charts, and a potential breakout above 2.82 is worth attention. Let’s see how this develops in the coming days & weeks.

USDPLN daily chart 5-26-2011
USDPLN daily chart 5-26-2011
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About abwehra group

The Art&Science of Trading Gold
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