Thursday, April 12, 2012

Forex pairs to observe-4.11.2012

Commodity dollars Vs. JPy

Aud.Jpy is currently retracing towards strong resistance around 84.62 and if resistance levels hold I anticipate this pair to u-turn and continue its move south. Keep in mind the Aud had good fundamentals coming out not to long ago, so it’s possible to see this pair break through resistance. Nzd.Jpy is hovering just below strong resistance around 66.50 which it failed to break through thus far. If this resistance area holds I anticipate a u-turn towards the south. A nice bearish formation + counter trendline break might justify a nice short entry. Cad.jpy is the weakest out of the trio with not much of a retracement taking place. If this pair does decide to wake up and retrace further it has the potential to reach strong resistance around 81.84. Keep in mind the Cad is releasing fundamentals tomorrow so proceed with caution. Over all, I’ll be looking for short opportunities on these pairs if my key resistance areas hold.

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