$USD Pairs

Not much commentary today, preferring to let the charts do the talking. As usual the charts are all 6hr and looking no further than into the next week.

USD/CHF

The bands have turned up and price currently testing resistance as support. Long trades here are counter to the longer term downtrend but there are good pips to be had.

USD/JPY

The beginning of this chart shows the strong uptrend after the coordinated intervention/manipulation by the G7 after the tsunami. As always after every intervention the market brings it down again.

USD/CAD

Faced resistance for a month at the 0.98 area and finally pushed through. Nothing other than look to see if the retest holds this week.

GBP/USD

An evident short term downtrend with 1.61 key support and 1.64 above. A lot of pips to be had here but that comes with increased risk.

EUR/USD

I rarely use fibs but hard to ignore the confluence here. Monday should set up direction for the rest of the week.

AUD/USD

The aussie has held up well and although the short term trend is down, the wider view gives the impression of a consolidating bull flag. But I don’t trade the wider view. Resistance is near.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s