Thursday, January 12, 2012

Forex Pairs to observe

Just a warning there is going to be some big fundamental announcement coming out. Proceed with caution
Pairs to observe

Aud/jpy had a strong rally north scoring some bull points. It is currently retracing, this pair might drop to lower levels to meet the left tip at around 78.75 area before continue further north. If the bullish momentum remains it will take out the counter trend and continue north. There might be buying opportunities here.
Chf/jpy, eur/jpy and gbp/jpy.

we have been fallowing these pairs for a while now, they have been really profitable so far. Currently these pairs are retracing. For chf.Jpy this pair can climb to 80.80 area before dropping to lower levels. For eur.jpy it is currently climbing towards 98.00 area. Gbp/Jpy dropped like a rock today and is currently stuck in a small channel resting until further moves. It has the potential to break towards the upside and retrace towards 118.25 area, however, I suspect it will break south and continue its path with the bears. I’ll be looking for short opportunities on all 3 pairs again.
This pair had a nice move down today and the bears decided to make a new low. It is currently retracing towards the 1.2750 area before we might see this pair u turn. A nice bearish formation and a counter trend line break might justify a short here.

Aud/Usd and Nzd/Usd

Nzd/Usd has a confirmed break out on the daily and is currently in a strong uptrend. It is resting in a sideways channel so far, wait for the confirmation of the break out before buying this pair. Aud/Usd has been lagging in the bullish momentum seen on the Nzd/Usd. This pair’s retracement is coming to a halt and I suspect a further move north.

Gold and silver

The bulls in gold just scored a point by taking out the previous high around 1643 area. This metal can retrace to lower level to meet the left tip of the bull crown around 1568 area before moving further north. If the bulls decide to stay in charge and keep rallying north, be careful around 1666 area where strong resistance lies. Silver tells of a similar story, it does have a possibility to meet the lower level of retracement around 28.0519 if not it will approach resistance at 30.7287 area.

The kicker-Gbp/Chf
This is a really aggressive pair lately. For one it is out of sync with eur/chf, second it seems to stuck in a large upward channel with aggressive moves up and down. It is currently approaching some support levels, if you are an aggressive trader there might be some buying opportunities coming up on this pair. Or selling if support fails.

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