Dollar Continues Decline, EUR Up Ahead of ECB

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

We only do well the things we like doing. ~ Colette

Good morning. Dollar is facing another round of selling as risk-sensitive pairs continue to push to the upside on more Greek optimism. Most important events in today’s economic calendar are the ECB, BOE interest rate decisions and US initial jobless claims. Here are a few charts worth our attention today

USD Index

It seems that a test of next support at 78 is just around the corner. So far there’s no clue that a bottom is in place, so it’s probably best to wait and see how things unfold after it tests 78

USD Index Chart 2-9-2012USD Index Chart 2-9-2012

EURUSD

and up it goes! the potential bull flag formation and the breakout above $1.3200 highlighted in my previous post are as valid as they can be.  Now that the EUR is 1 big figure above former resistance at 1.3200, it’s clearer that the recovery is back on track and short-term sentiment will remain bullish as long as EUR holds above 1.32. Next potential target is 1.35

EURUSD Chart Daily 2-9-2012EURUSD Chart Daily 2-9-2012

AUDJPY

Upside is under heavy pressure as every single correction is providing a fresh buying opportunity

AUDJPY Chart 4hrs 2-9-2012AUDJPY Chart 4hrs 2-9-2012

The weekly chart is quite interesting, as the AUD is about to exit this top side. Once above 84, sky is the limit…

AUDJPY Chart Weekly 2-9-2012AUDJPY Chart Weekly 2-9-2012

Silver

Silver holds onto gains above 33 which provides support. Remains bullish while above 32.50-33 and next buying opportunity to consider is on a break of 34.50

Silver Chart Daily 2-9-2012Silver Chart Daily 2-9-2012

EURAUD

Downtrend is very strong and all recent recovery attempts have been very weak, but maybe it’s time to revisit 1.2500? extra caution is needed, as buying EURAUD in the last several months has been a ‘catching the falling knife’ adventure.

EURAUD Chart Daily 2-9-2012EURAUD Chart Daily 2-9-2012

EURGBP

EURGBP is back on my breakout watching after a strong recovery in the last two days.

EURGBP Chart Daily 2-9-2012EURGBP Chart Daily 2-9-2012

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About abwehra group

The Art&Science of Trading Gold
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