Risk-on Friday

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

Too bad that all the people who really know how to run the country are busy driving taxi cabs and cutting hair. ~ George Burns

Good morning. Euro recovered big-time today, after EU officials in Brussels agreed to ease the conditions for using the bailout funds.

EURUSD

A correction would be welcome after such rally, so 1.2530 is whre I, for one, am looking for support.

Market sentiment: intraday – bullish, short-term – slightly bearish

EURUSD 4hrs 6-29-2012

EURUSD 4hrs 6-29-2012

hourly chart:

EURUSD hourly 6-29-2012

EURUSD hourly 6-29-2012

Support at .9590 has been breached as USDCHF is negatively correlated to EURUSD, so that level is likely to provide resistance in case of a pullback to the upside

Market sentiment: intraday – bearish, short-term – slightly bullish

USDCHF 4hrs 6-29-2012

USDCHF 4hrs 6-29-2012

GBPUSD

Cable follows other risk sensitive pairs to the upside, retesting horizontal resistance around 1.5640. In case of a breakout, the rising trendline would become an upside target

Market sentiment: intraday – bullish, short-term – slightly bearish

GBPUSD 4hrs 6-29-2012

GBPUSD 4hrs 6-29-2012

EURJPY

Still in range after the false breakdown below 99. Interim resistance is formed around 100.60 followed by 101.50. I don’t think that selling is a good idea right now.

Market sentiment: intraday – bullish, short-term – slightly bearish

EURJPY 4hrs 6-29-2012

EURJPY 4hrs 6-29-2012

NZDUSD

Recovery continues and .7980/00 is being tested at time of writing. More important barrier is seen at .8060. I remain bullish on NZDUSD

Market sentiment: intraday – bullish, short-term – bullish

NZDUSD daily 6-29-2012

NZDUSD daily 6-29-2012

AUDUSD

AUDUSD is another breakout candidate, as recent top and former support line is being tested. 1.0450 would be the next target if current resistance fails

Market sentiment: intraday – bullish, short-term – bullish

AUDUSD daily 6-29-2012

AUDUSD daily 6-29-2012

AUDJPY

No different than AUDUSD – a breakout seems rather imminent

Market sentiment: intraday – bullish, short-term – bullish

AUDJPY daily 6-29-2012

AUDJPY daily 6-29-2012

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About abwehra group

The Art&Science of Trading Gold
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