Tuesday, March 20, 2012

Forex pairs to observe

Forex pairs to observer

Usd.Jpy

Usd.Jpy is retracing at the moment, mostly just going sideways. This pair found support around 83.20 and if support holds ill be looking for a continuation towards the north. A counter trendline break plus a bullish formation might justify a nice entry on this pair. This pair has a fib target of 85.56; this is also where an important high resides so it will be an important target for the bulls.

European countries Vs. Commodity dollars

All 3 pairs are currently pointing bullish. Eur.Cad came back into the channel and is sitting on support levels. I anticipate support to hold and this pair to continue rally north. The bulls are after 1.3208 with a fib target of 1.3257; this is also where the top of the channel can be found. Eur.Nzd is a bit more aggressive compared to its counterpart above. This pair never went through support levels and has a nice bullish outlook on the 4H. The bulls in this pair are after 1.6091 and 1.6137 with the latter being at the top of the channel. Eur.Aud is leading this trio and is sitting at resistance levels at around 1.2483. This pair might retrace further and find support around 1.2450. If this pair breaks through resistance levels the bulls will be after 1.2543 which is extremely close to its fib target at around 1.2549.

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