Game Plan for June 12

I woke up a late today and was out on vacation yesterday. It looks like the rally against the dollar continued yesterday. However, today in Asian trading, the rally was somewhat muted. The EUR/USD and GBP/USD pairs looked ready for consolidation.

Here are the trade opportunities I am seeing for today:

EUR/USD

I am long-term-bearish for the dollar and would continue to bet on a rise on the EUR/USD. This is the hourly chart for the EUR/USD.

Fundamental: I believe in the long-term that this pair would continue to rise. At 5pm today (Manila) Eurozone Industrial Production data will come out which should show better news anf be positive for the Euro.

Technical: Pair is retracing and is currently testing the 20-period MVA on the hourly. As with my previous posts this week, this pair bounced on the 20-day MVA and is headed north.

Strategy: Go LONG if pair fails to break through 20-hour MVA or on any support levels 1.4059, 1.4031 or 1.3992.

AUD/USD, NZD/USD, GBP/USD and USD/JPY are currently retracing in the hourly charts. I expect that once a bounce happens, these pairs will continue their upward trajectories.

USD/CAD is also currently reatracing in the hourly chart. I will look for a failure near the 20-hour MVA then go SHORT.