Tuesday, April 3, 2012

Forex pairs to observe-4.2.2012

Eur.Usd & Usd.Chf

Fairly easy set up on these two pairs, im just looking for these two to take out their resistance/support levels. Eur.Usd is hugging the upward trendline moving towards resistance levels around 1.3375. If the bulls manage to break out towards the north they will be after 1.3487. If the bulls fail expect further sideways movement with a possibility to move back into the channel. Usd.Chf is currently near its support levels around 0.9015 hugging the downward trendline. If the bears manage to break through support they will be after 0.8934 area. If they fail expect further sideways movement, perhaps further north towards 0.9087.

Aud.Usd & Nzd.Usd

Aud.Usd is currently retracing towards the downward trendline which will be crucial for the bulls to take out if they want to continue their journey further north. The area of resistance, which can be found around 1.0465, has proven in the past as strong resistance so I anticipate this level to hold and this pair to u-turn back south. A counter trendline break + a bearish formation might justify a short entry. Keep in mind I am only looking for an entry if resistance levels hold. Nzd.Usd is hugging resistance levels at this moment deciding what it wants to do. If the bulls manage to break north they will be after 0.8411. On the other hand, if the bears take over control they will be after the bottom of the channel roughly between 0.8050-0.8100.

Gold

Gold had a nice move north today and is currently retracing. It seems like the retracement is coming to a halt so I anticipate a further move north. The bulls are currently after 1696. Similar opportunities can be found on silver.

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