Thursday, February 23, 2012

Forex pairs to observe-2.22.2012

Aud.chf & Eur.Aud

Aud.Chf has been running with the bears for some time now and just took out a major low as it completed its fib swing. The pair is due for a retracement and does have the potential to come up to 0.9730 area and if resistance holds look for a continuation towards the south. The current fib target is at 0.9592. Proceed with caution as this pair is currently sitting at support levels. Eur.Aud has got a nice uptrend and the bulls just took out a major high not too long ago. This pair is ready to retrace and does have the potential to come down to 1.2417 area where support levels can be found. The current swing has a fib target of 1.2534. Lately this pair is notorious for large retracements on the 4H so proceed with caution if support levels don’t hold.

Eur.Gbp & Gbp.chf

Eur.Gbp finally broke out of the sideways movement and is currently heading north with momentum. This pair is ready to retrace and I will be looking to buy in around 0.8400-0.8425 area, if support holds. Gbp.Chf has been hammered by the bears lately, no surprise; we observe the pound weakening across the board mainly because of the news that came from BOE yesterday. Gbp.Chf is currently sitting on small support levels with the fib target at 1.4227. That area is also really important because if the bears break through that the next low will be about 200 pips away. I anticipate this pair to retrace a bit, perhaps towards 1.4340 area before I considering shorting.

Eur.Usd

This pair has been going sideways and is currently building energy towards the vortex in what appears to be a triangle on the 4H. The set up is quite simple I will be looking for a break out as my entry point. I anticipate this pair to break towards the south but anything can happen at this point. Do proceed with caution the Euro and USD has fundamentals coming out tomorrow so it will be interesting to see what happens.

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