Dollar Pulling Back: Several Reversal Patterns Are Seen

Article originally published on innerfx.com and republished here with permission

Quote of the day: “Whenever people agree with me I always feel I must be wrong.” ~ Oscar Wilde

Good morning. Several reversal signals can be found across the charts today as the dollar is pulling back against most counterparts. Let’s see which are the best charts to watch right now.  Similar setups to these below can be seen in other crosses such as NZD, AUD and GBP ones. Keep in mind that they’re all highly correlated so basically if it’s a false reversal signal, all setups below (including others in NZD, AUD, GBP etc) will turn out to be bad.

EURUSD

There were several selling opportunities around resistance zone at 1.3530 but it seems that the recovery is likely to continue, as price breaks above 1.3550. However, selling on weakness is still the better option for now

Euro Vs US Dollar Chart Hourly 9-27-2011Euro Vs US Dollar Chart Hourly 9-27-2011

Gold

Support was confirmed around 1550 and we can see a large pin bar suggesting that the recovery is likely to continue. As mentioned yesterday – buying seems a good idea as long as it holds above 1550

Gold Chart Daily 9-27-2011Gold Chart Daily 9-27-2011

Silver

Silver is also looking good if you’re considering to buy the dip after the huge decline.

Silver Chart Daily 9-27-2011Silver Chart Daily 9-27-2011

AUDUSD

Another reversal signal can be seen in the AUDUSD chart – yesterday’s candle suggesting that a bottom was formed, therefore 1.0200 could be the first target of the ongoing recovery

Australian Dollar Vs US Dollar Chart Daily 9-27-2011Australian Dollar Vs US Dollar Chart Daily 9-27-2011

AUDJPY

Same as AUDUSD – while the recovery continues, first important resistance is at 77.80/00. Short term studies would turn bullish on the potential break above the said upside barrier

Australian Dollar Vs Japanese Yen Chart Daily 9-27-2011Australian Dollar Vs Japanese Yen Chart Daily 9-27-2011

 

USDNOK

The dollar rallied after breaking above horizontal resistance highlighted in the chart below, as a result to the last Fed announcement. But maybe it’s time to retest the support zone around 5.600

US Dollar Vs Norwegian Krone Chart Daily 9-27-2011US Dollar Vs Norwegian Krone Chart Daily 9-27-2011

GBPAUD

Here is yet another short setup to consider.

British Pound Vs Australian Dollar Chart Daily 9-27-2011British Pound Vs Australian Dollar Chart Daily 9-27-2011

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About abwehra group

The Art&Science of Trading Gold
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