Article originally published on innerfx.com and republished here with permission
Strong people make as many mistakes as weak people. Difference is that strong people admit their mistakes, laugh at them, learn from them. That is how they become strong. ~ Richard Needham
Good morning. There’s pressure on the dollar these days, as the euro continues recovery bringing resistance around $1.33 back in focus.
Next support level is around 79, and it should be tested if EURUSD reaches 1.3290/00.
USD Index Daily 3-21-2012
4hr and intraday charts are reflecting a bullish sentiment since 1.3185/00 was breached, and the daily charts should turn bullish if next barrier at 1.3290/00 fails. Buying dips on pullbacks seems a good daytrading plan.
EURUSD Chart 4hrs 3-21-2012
EURUSD Chart Daily 3-21-2012
EURNZD starts looking interesting as resistance around 1.6180 is back in focus. If it breaks, recovery might be strong because there’s enough room for it: not much in between, up to 1.68 – 1.7. It’s definitely worth keeping an eye on it
EURNZD Chart Daily 3-21-2012
A few days ago I was thinking that selling on the breakdown of 1.2385 might be a good plan, but support held and buyers are back in control, so it’s time to consider buying on pullback to support zone.
EURAUD Chart 4hrs 3-21-2012
It seems that selling into rallies is the winning strategy these days… while .8250/65 holds
NZDUSD Chart 4hrs 3-21-2012
It’s clear now that last rally has been corrective, so it’s probably a good idea to consider selling on the potential breach of support around 1.2750
AUDNZD Chart 4hrs 3-21-2012
A potential breakout above resistance at 1.0645/50 is what could have been convincing in order to join the bulls (short term basis). It is still intact and AUD collapsed back below 1.0550, which is again an interim barrier. I remain bearish on AUDUSD, keeping both eyes on the 1.0380-1.0430 support region, selling on breakdown eventually
AUDUSD Chart 4hrs 3-21-2012
Have a great day