Setups to watch this week 6.13.11

There are some setups worth watching in the coming days, such as the following:

GBPUSD: recent sell-offs are suggesting that more pressure on the trendline around 1.6150 is likely, and current lower-highs formation is intact – therefore keep an eye on the highlighted resistance zone if current recovery continues. I think it’s worth looking for selling opportunities around 1.6400 if the recovery extends higher and such candlesticks are exactly what to wait for. Selling on the break lower is also a decent plan, at least in theory.

GBPUSD daily chart 6-13-2011
GBPUSD daily chart 6-13-2011

EURGBP: current sell-off is quite strong, as seen in the daily chart below, and the pair appears headed for more weakness – .8650/60 being the next important support zone.

EURGBP daily chart 6-13-2011
EURGBP daily chart 6-13-2011

USDJPY: 61.8% retrace value of last up leg is providing support at 80, which is under pressure since a week ago. Will it hold? Well, I don’t think so, and will carefully watch this 80 zone.

USDJPY daily chart 6-13-2011
USDJPY daily chart 6-13-2011

NZDUSD: uptrend is still strong if we look at the whole picture but maybe it’s time for a new correction, and this support zone at .8100 is quite fragile, so it’s worth to consider selling on break below with a target @.7800.

NZDUSD daily chart 6-13-2011
NZDUSD daily chart 6-13-2011

AUDJPY: Risk sensitive pairs such as AUDJPY are being hurt by declining equities, so a break below 84.50 is possible – following USDJPY below 80.

AUDJPY daily chart 6-13-2011
AUDJPY daily chart 6-13-2011
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About abwehra group

The Art&Science of Trading Gold
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