Midweek Charts 3/28/12

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

Good instincts usually tell you what to do long before your head has figured it out. ~ Michael Burke

Good morning. Dollar remains under pressure while the euro managed to overcome resistance at $1.3300.

USD Index

No decisive break of interim support at 79 yet, but downside pressure remains high. In case of recovery, rallies would likely be sold around 79.50

USD Index Daily 3-28-2012

USD Index Daily 3-28-2012

EURUSD

Time to keep an eye on 1.3300 which is providing intraday support. Buying dips is probably what most people do these days, so it’s definitely not a hard task to reach 1.3500 soon.

EURUSD Chart Daily 3-28-2012

EURUSD Chart Daily 3-28-2012

EURNZD

Former resistance around 1.6180 provides support and it’s confirmed now, after last pullback. It seems that buyers are still in control, so last week’s reversal candle (March 22 – daily charts) might be a false signal afterall. I remain bullish on EURNZD (short-term basis)

EURNZD Chart 4hrs 3-28-2012

EURNZD Chart 4hrs 3-28-2012

Daily chart:

EURNZD Chart Daily 3-28-2012

EURNZD Chart Daily 3-28-2012

EURAUD

EURAUD is recovering faster than EURNZD and that’s because the Aussie dollar is facing more selling pressure than NZD – fact confirmed by AUDNZD which continues decline. There definitely is more room for EURAUD’s recovery, hence I remain bullish

EURAUD Chart Daily 3-28-2012

EURAUD Chart Daily 3-28-2012

AUDNZD

Sell-off continues and 1.2750/70 was breached. Expect more of the same

AUDNZD Chart Daily 3-28-2012

AUDNZD Chart Daily 3-28-2012

AUDUSD

Rally to 1.0550 was corrective, time to focus on 1.0350/80 again?

AUDUSD Chart Daily 3-28-2012

AUDUSD Chart Daily 3-28-2012

USDJPY

Selling around 83 was in the cards, as noted earlier this week. I remain bearish while it holds below the said level

USDJPY Chart 4hrs 3-28-2012

USDJPY Chart 4hrs 3-28-2012

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About abwehra group

The Art&Science of Trading Gold
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