Charts to Start the Week 5/14/12

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

Whatever begins, also ends. ~ Seneca

Good morning. Euro opened lower today as fear of Greece leaving euro-zone grows. Dollar trades higher against most counterparts and the dollar index is testing March’s top, as seen below

USD Index

USD Index Daily 5-14-2012

USD Index Daily 5-14-2012

 S&P500

There’s no sign of relief yet and I, for one, remain bearish until price returs above 1.375/80. Selling into rallies is still a good plan

SPX Chart Daily 5-14-2012

SPX Chart Daily 5-14-2012

EURUSD

1.2900 has been breached today as EUR opened lower. All eyes are on Greece and there’s no reason to try catching a falling knife yet. Best thing to do is probably selling into weak rallies or below today’s low – targeting 1.2600-1.2650

EURUSD Chart Daily 5-14-2012

EURUSD Chart Daily 5-14-2012

Whatever begins, also ends. ~ Seneca

Good morning. Euro opened lower today as fear of Greece leaving euro-zone grows. Dollar trades higher against most counterparts and the dollar index is testing March’s top, as seen below

USD Index

USD Index Daily 5-14-2012

USDCAD

Still no breakout but it seems highly possible that we will see it in the coming days. At least that’s what last week’s two continuation (long tailed) candles are suggesting: when dips are bought just a few pips below a major resistance level, it’s quite likely that a breakout is just around the corner

USDCAD Chart Daily 5-14-2012

USDCAD Chart Daily 5-14-2012

USDCHF

key resistance at .9300 was breached, so bulls are probably targeting .9500 now.

USDCHF Chart Daily 5-14-2012

USDCHF Chart Daily 5-14-2012

EURAUD

Resistance around 1.2880 is being tested since a few days ago, so it might be a good idea to buy on strength, targeting 1.300 and above

EURAUD Chart Daily 5-14-2012

EURAUD Chart Daily 5-14-2012

AUDNZD

it keeps trading in range between the two fib lines, so there’s nothing to do about it, but wait until price eventually exits the range. Preferably to the upside, maintaining momentum

AUDNZD Chart Daily 5-14-2012

AUDNZD Chart Daily 5-14-2012

GBPUSD

Although last week it seemed that decline was corrective, dollar’s strength against other pairs is affecting cable, too. Everything is correlated and we know it. So, keep an eye on this support around 1.6050 because a potential breakdown should favour a major sell-off

GBPUSD Chart Daily 5-14-2012

GBPUSD Chart Daily 5-14-2012

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About abwehra group

The Art&Science of Trading Gold
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