Friday, April 13, 2012

Forex pairs to observe-4.12.2012

Aud.Cad

Aud.Cad broke through my main trend line and came very close to taking out my previous high. At the moment this pair is retracing and if it finds support around 1.0300 than it will most likely complete the crown. The bulls are after 1.0482 and 1.0518 with a fib target of 1.0541. If this pair doesn’t find support and breaks the upwards trend line than well most likely see this pair continue its decline south.

Aud.Usd & Nzd.Usd

Aud.Usd had a nice rally today and completed its bullish subswing as well. This pair, however, failed to take out the crucial high at 1.0466 and u-turned just shy of taking it out. Therefore it will all come down if support holds around 1.0336 or not. If it does the bulls will take another run at taking that out, if it doesn’t hold well see this pair tank and most likely make a new low. Nzd.Usd finally broke out of the sideways channel and is currently retracing towards the backside of the channel around 0.8225-0.8250. If this level of support holds look for a continuation towards the north. The bulls are currently after the 0.8400 with a fib target of 0.8440.

Aud.Jpy & Nzd.Jpy

Both pairs formed bullish crowns on the 4H and are currently retracing. Aud.Jpy has potential to come down towards support around 83.47 and if support holds look for a continuation towards the north. The bulls are currently after 85.20 with a fib target of 86.24. Nzd.Jpy shows a very similar picture and is also currently retracing towards strong support around 66.50 area. If support holds, look for a continuation towards the north. The bulls in this pair are after 67.92, 68.33 with a fib target of 68.63. If support doesn’t hold for these pairs at their key levels, than well most likely see these pairs take out their previous lows.

Gbp.Usd

The cable has been slowly creeping up to meet its left tip of its bear crown on the 4H. It just broke it’s upwards trend line around key resistance levels and is currently u-turning towards the south. If resistance levels around 1.5976 do indeed holds, than I anticipate this pair to complete its bear crown. The bears are currently after 1.5807, 1.5770 with a fib target of 1.5646 which is at the bottom of the channel.

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