Midweek Charts 3/21/12

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.

USD Index

Next support level is around 79, and it should be tested if EURUSD reaches 1.3290/00.

USD Index Daily 3-21-2012

USD Index Daily 3-21-2012

EURUSD

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 4hrs 3-21-2012

EURUSD Chart Daily 3-21-2012

EURUSD Chart Daily 3-21-2012

EURNZD

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

EURNZD Chart Daily 3-21-2012

EURAUD

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

EURAUD Chart 4hrs 3-21-2012

NZDUSD

It seems that selling into rallies is the winning strategy these days… while .8250/65 holds

NZDUSD Chart 4hrs 3-21-2012

NZDUSD Chart 4hrs 3-21-2012

AUDNZD

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

AUDNZD Chart 4hrs 3-21-2012

AUDUSD

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

AUDUSD Chart 4hrs 3-21-2012

Have a great day

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About abwehra group

The Art&Science of Trading Gold
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