Charts to End the Week 5/11/12

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

Mistakes are a fact of life. It is the response to error that counts. ~ Nikki Giovanni

Good morning. Euro and other risk-sensitive pairs are under pressure, extending decline while the dollar is trading comfortably above 80

Dollar Index

Horizontal resistance around 80 has been breached and uptrend doesn’t seem to run out of steam yet. Next upside target is at March’s top

USD Index Daily 5-11-2012

USD Index Daily 5-11-2012

S&P500

Recovery attempts are very weak since 1360 was breached. I don’t think it’s a good idea to consider buying opportunities as long as price is below 1380

SPX Chart Daily 5-11-2012

SPX Chart Daily 5-11-2012

EURUSD

Resistance zone formed by the MAs zone has been very stable since the decline started around 1.32. More selling into rallies is likely, in my opinion, so that EUR will hold below 1.300 in the next sessions

EURUSD Chart 4hrs 5-11-2012

EURUSD Chart 4hrs 5-11-2012

AUDUSD

Aussie remains in free-fall mode, following stocks. Key resistance is quite far from here – at 1.0250

AUDUSD Chart Daily 5-11-2012

AUDUSD Chart Daily 5-11-2012

USDCAD

Yesterday’s continuation candle suggests that selling around 1.0050 is weak, so it’s probably a good idea to expect a breakout

USDCAD Chart Daily 5-11-2012

USDCAD Chart Daily 5-11-2012

AUDNZD

I am still bullish on AUDNZD, but not much is happening this week, as it keeps trading sideways between the two fib lines. A break above 61.8% is what I’d like to see

AUDNZD Chart Daily 5-11-2012

AUDNZD Chart Daily 5-11-2012

USDCHF

USDCHF looks interesting as resistance around .9300 is under pressure. In case of a breakout, .9500 should be next target

USDCHF Chart Daily 5-11-2012

USDCHF Chart Daily 5-11-2012

GBPUSD

Although current decline looks corrective, yesterday’s candle should have been bullish to confirm Wednesday’s reversal pattern. Things are quite mixed right now

GBPUSD Chart Daily 5-11-2012

GBPUSD Chart Daily 5-11-2012

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About abwehra group

The Art&Science of Trading Gold
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