EUR Under Pressure, Below Former Support

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

Those who will play with cats must expect to be scratched. ~ Cervantes

Good morning. Dollar holds onto gains as EUR breached below $1.300 and is currently struggling to recover, but it’s likely that rallies will be short-lived. US trade balance and Bernanke’s speech are today’s most important events.

USD Index

Resistance around 80 is under pressure after downward trendline has been breached three days ago.

USD Index Daily 5-10-2012

USD Index Daily 5-10-2012

S&P500

Still looking bearish, although there are many buyers around these levels

SPX Chart Daily 5-10-2012

SPX Chart Daily 5-10-2012

EURUSD

I think that selling into rallies is one of the best things to do in the coming sessions

EURUSD Chart Daily 5-10-2012

EURUSD Chart Daily 5-10-2012

Hourly chart:

EURUSD Chart Hourly 5-10-2012

EURUSD Chart Hourly 5-10-2012

AUDUSD

1.0230/50 is where to expect some more selling

AUDUSD Chart Daily 5-10-2012

AUDUSD Chart Daily 5-10-2012

GBPUSD

Yesterday’s candlestick signals a possible end of correction, therefore buying is an option to consider

GBPUSD Chart Daily 5-10-2012

GBPUSD Chart Daily 5-10-2012

USDCAD

This resistance around 1.0050 has been strong since February, but the US dollar looks more bullish now than it looked in the past few weeks, so I think that a breakout might be just around the corner

USDCAD Chart Daily 5-10-2012

USDCAD Chart Daily 5-10-2012

AUDNZD

Resistance at 61.8% is what keeps the pair in a narrow range this week. Anyway, it looks bullish and next buying opportunity to consider is on the break above 61.8%

AUDNZD Chart Daily 5-10-2012

AUDNZD Chart Daily 5-10-2012

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About abwehra group

The Art&Science of Trading Gold
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