Charts to Start the Week 5/21/12

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

Nobody can be so amusingly arrogant as a young man who has just discovered an old idea and thinks it is his own. ~ Sydney J. Harris

Good morning. The dollar tested last year’s top as euro continues to tumble amid Greece exit worries. Euro’s recovery on Friday seems rather corrective and sellers are probably waiting in line at 1.2900 and around 1.300, which are better selling levels.

USD Index

The dollar index reached a high above last year’s top, testing January’s resistance – as seen below.

USD Index Weekly 5-21-2012

USD Index Weekly 5-21-2012

Support zone starts between 80 and 80.50.

USD Index Daily 5-21-2012

USD Index Daily 5-21-2012

S&P500

Next important support to keep an eye on, formed by 2012′s opening price, is best seen on the weekly chart

SPX Chart Weekly 5-21-2012

SPX Chart Weekly 5-21-2012

EURUSD

Friday’s reversal candle formed around support zone suggests that a recovery is due, but there’s much selling pressure just around the corner, so rallies are likely to be sold

EURUSD Chart Daily 5-21-2012

EURUSD Chart Daily 5-21-2012

4hrs chart becomes slightly bullish but corrections are normal after strong declines

EURUSD Chart 4hrs 5-21-2012

EURUSD Chart 4hrs 5-21-2012

AUDNZD

waiting for an exit out of consolidation range between 1.2790 and 1.2850 was worth it – as AUD rallied up to 1.3040 very fast after the breakout

AUDNZD Chart Daily 5-21-2012

AUDNZD Chart Daily 5-21-2012

USDCHF

Here is another nice breakout, highlighted a week ago. Perhaps correction will continue, targeting support at .9300, but overall sentiment remains bullish

USDCHF Chart Daily 5-21-2012

USDCHF Chart Daily 5-21-2012

EURAUD

In case of pullback, 1.2890/00 is where to expect support

EURAUD Chart Daily 5-21-2012

EURAUD Chart Daily 5-21-2012

USDCAD

Strong resistance around 1.0030 was finally breached, and next barrier is seen at 1.0300. Interim support is formed around 1.0100

USDCAD Chart Daily 5-21-2012

USDCAD Chart Daily 5-21-2012

GBPUSD

Cable followed EUR and declined well below short-term support levels at 1.6050 and 1.5950 – which is a key interim resistance now

GBPUSD Chart Daily 5-21-2012

GBPUSD Chart Daily 5-21-2012

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The Art&Science of Trading Gold
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