Friday, January 20, 2012

Forex Pairs to observe

Pairs to observe

Great moves in the market place today, we saw the yen and the dollar lose ground against other pairs. At this moment we are looking at set ups that are fairly easy. The pound and the euro really rallied against the dollar and the yen and took out former resistance levels creating new highs. If the market does want to complete these bull crowns we can see a nice little bullish momentum coming up. Currently these pairs seem to be exhausted and are ready to retrace to lower levels. Similar picture emerged with other pairs. I am currently looking at these 6 pairs.

Gbp/Usd and Gbp.Jpy

The cable is ready to retrace and will probably head towards the 1.5400 area where it fill find some support. The pound against the yen shows a very similar picture although it might find support before the cable at around 119.00.

Eur.Usd and Eur.Jpy

eur.usd and eur.jpy formed a bull crown as well on the 4H, the risk appetite seems to be increasing with investors that is causing these pairs to rally. Both pairs are due for a retracement, if lower level of the fibs hold, it might prove good buying opportunities.


a very similar picture emerges here.


Cad/Jpy broke the downward trend line off the daily not too long ago and is currently running with the bulls. It is retracing to meet support levels around 75.70-76.00. If support holds we will definitely see a bounce back and continue the trend towards the north. We can see the yen weakening across the board and I wouldn’t be surprised if this trend continues for some time to come.

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