Some Midweek Charts to Watch

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

Be less curious about people and more curious about ideas. ~ Marie Curie

Good morning. Dollar climbs higher across the board as EUR declined below $1.3200 – a level which is currently providing first intra-day resistance.

USD Index

Now that resistance/former support is being tested, the question is whether ongoing recovery is corrective or not. We shall see within the next few trading sessions, so keep an eye on the highlighted level around 79.50

USD Index Chart Daily 2-15-2012USD Index Chart Daily 2-15-2012

EURUSD

EURUSD is again looking heavier, forming lower lows and lower highs since the $1.3200 breakdown. I believe that EURJPY’s recovery is what keeps the EURUSD in the upper territory right now and there’s a good chance that EURJPY would continue to recover

EURUSD Chart 4hrs 2-15-2012EURUSD Chart 4hrs 2-15-2012

EURJPY

Many eyes are on EURJPY these days as JPY is the main loser across the board lately. As seen below, EURJPY breached higher after consolidating in a range of 100 points for a few days. I remain bullish, expecting to see more upside action

EURJPY Chart 4hrs 2-15-2012EURJPY Chart 4hrs 2-15-2012

Daily chart:

EURJPY Chart Daily 2-15-2012EURJPY Chart Daily 2-15-2012

AUDJPY

Almost the same story here, just that it is much stronger than EURJPY, following major stock indices on their trip to the North side.

AUDJPY Chart Daily 2-15-2012AUDJPY Chart Daily 2-15-2012

EURGBP

.8400 provides a strong barrier and all attempts to break it since December have been short-lived. However, I keep it on my potential breakouts watchlist for now.

EURGBP chart daily 2-15-2012EURGBP chart daily 2-15-2012

GBPUSD

Aggressive sellers are probably looking to re-sell it around current levels, on the pullback to former support at 1.5750. It definitely looks bearish and there’s probably more selling pressure to be seen.

GBPUSD Chart 4hrs 2-15-2012GBPUSD Chart 4hrs 2-15-2012

NZDUSD

All recent pullbacks have been short-lived and NZD keeps pushing higher, retesting .8400. I remain bullish, expecting a breakout soon

NZDUSD Chart Daily 2-15-2012NZDUSD Chart Daily 2-15-2012

AUDNZD

Decline resumes and another support level was breached. Selling on minor pullbacks to the upside is a plan to consider.

AUDNZD Chart Daily 2-15-2012AUDNZD Chart Daily 2-15-2012

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About abwehra group

The Art&Science of Trading Gold
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