Daily Analysis - EURUSD 12/10/2012

As we were waiting for confirmation of break or reversal yesterday, it looks like we have reversal on daily chart. The price could reach to 1.3000.  The pivot levels are highlighted on hourly chart. We would like to go long at 1.2900/10 with target towards 1.3000 and stop loss 1.2820

Daily Chart

1 hr chart

Daily Analysis - EURUSD 10/10/2012

The price is nearer to recent trendline support (1.2830)on daily chart. We might as well have a channel on 4hr chart and we are coming to the lower end of the channel.

Daily Chart

4hr chart

If we break 1.2830, the price could reach 1.2740. On the other hand, if it rebounds, it could head towards 1.3000 again.

We need to wait for either break or rebound on 4 hour chart to take bias on the trade

4hr chart

Daily Analysis: AUDUSD - 10/10/2012

The AUDUSD has rebounded after gapping lower to open the week. Focus throughout October is lower towards 9968/80 (6/25 low and 61.8% retracement of rally from 9580) and 9900 (5/29 high) but respect potential for a more pronounced bounce into 10274 (10/5 high) or 10330 (38.2% retracement and former support). Weakness below the Monday low would warrant a breakout strategy towards the mentioned levels against the intervening high for the week (so far that high is 10219).

Daily Chart

Daily Analysis: GBP/USD - 10/10/2012

The GBPUSD drop below 16066 opens up the door for a test of 15900 (38.2% retracement of rally from 15233 is at 15897, 8/23 high is at 15912), which would be expected to generate a market response. The 100% extension of the decline from the top comes in at 15970 and warrants consideration as a potential pivot as well. From a trading standpoint, today’s clean break offers a chance to be bearish on strength against 16217. 16070-16100 is resistance.

GPBUSD Daily Chart

We would like to look out for opportunities to go short at 1.6070 with target at 1.5900 and stop loss at 1.5220