Friday, April 6, 2012

Forex pairs to observe-4.5.2012

Eur.Aud & Aud.Chf

Both pairs had strong moves recently and are currently retracing. Aud.chf is retracing towards support levels with S1 around 0.94450 and S2 around 0.9415. If these levels of support hold I anticipate this pair to continue its rally north. Eur.Aud is currently retracing towards resistance levels with R1 around 1.2700 and R around 1.2750. Similar story here, if resistance levels hold I will be looking to short the market. It is also possible to see these pairs continue their trend before reaching their support or resistance levels.

Gbp.Usd

The cable broke my inner trend line and major support levels and is currently heading towards the outer upwards trend line off the daily. The bears want to push this pair towards the bottom of the channel around 1.5646 but before they can do so they’ll have to take out that outer trend line. This trend line can be found around the 1.27 fib level on the downswing.

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