Thursday, May 3, 2012

Trade set ups

I will be looking at these trade set ups to get in should price confirm my directional bias:

The Euro is now tightly packed in a congestion area against the Usd and the Aud which saw some weakness earlier this week as a result of the 50 basis point cut by the RBA.A break out this congestion areas may see some good price movements.
In my opinion Eur/Usd is poised for a bearish break further down with all the turmoil in the region and the Spanish bank issues that have refused to go away.


 Usd/Chf which is the inverse of Eur/Usd is also in such a range and may be headed higher should the pair move above the 9150 resistance with a clear break.
Eur/Aud has been in a up trend since mid February and is currently in a congestion area.A break from this ascending triangle either way may be a good trade given the fundamentals in the two regions.
Eur/Nzd has seemingly formed an inverted H&S pattern on the 4 hr chart.However,follow through may be a bit tricky for this pair but only time will tell.
And finally,Cad/Chf is also in an ascending triangle on the daily chart.The Swiss Franc has been a little tricky to trade recently and I really don't like its price movements.But for those that trade this pair,fundamentals from Europe are very important right now especially any rhetoric from the SNB can really cause it to really move.
I will be watching this pairs for the next few hours as its already Thursday and who knows what will happen during the weekend.Good luck trading and happy pips.

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