Candlestick Daily: GBP/USD Stop Adjustment, NZD/USD Bullish Above .8270

Friday, April 13, 2012, 8:43 AM

April 13, 2012

CURRENCYCURRENT BIASPOTENTIAL STRATEGY
EUR/USD (Short Term)
Pulling back after test of 1.3200 round handle, watching range from 1.3100 to 1.3200.
GBP/USD (Short Term)
Trade in Progress: Bought GBP/USD at 1.5945, STOP ADJUSTED to 1.5907, target at 1.5995
USD/JPY (Short Term)
Yesterday's trade stopped out at adjusted stop for small loss, but tight range shows lack of volatility and momentum
USD/CHF (Short Term)
Bouncing from monthly pivot support at .9122, watching 1.20 area in EUR/CHF for further clues
USD/CAD (Short Term)
Rates dropping sharply below monthly pivot support at .9952, room down to round .9900 handle
AUD/USD (Short Term)
Recent bullish candlestick pattern suggests rates may rally back to key 1.0450 resistance, but rates likely to remain capped by this barrier today
NZD/USD (Short Term)
Above key resistance at .8270, room for further rallies as long as rates hold above .8270
EUR/USD (Intraday Forecast)
Potential Strategy
Pulling back after test of 1.3200 round handle, watching range from 1.3100 to 1.3200.
What is the trend?Neutral
What is this pattern?No pattern present - See all chart patterns
Why is this significant?
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The EUR/USD ran to the 1.3200 round handle as anticipated in yesterday's report, but rates were unable to hold the brief break above this barrier. After pulling back overnight, the pair is currently consolidating in the mid-1.3100s. For the rest of the day, rangebound trading is likely, with key resistance now confirmed at 1.3200 and support down at the round 1.3100 handle. Stay tuned to FX360 and our daily Live Market Analysis webinars for any intraday updates or trade opportunities.

Support & Resistance Levels
Resistance 3tbd
Resistance 21.3244Monthly Pivot
Resistance 11.3200Round handle resistance
Current Price1.3147
Support 11.3100Round handle support
Support 21.3000Round handle support
Support 3tbd

4hr Chart -
4hr Chart -
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