GBP/JPY (-123)

chart on 4h timeframe clearly defines head & shoulders pattern, what should produce a bearish move. In adition to that pair is on the 50% retracement level of 143.60 - 132.00 move. It is also evident that 200 SMA is overlaying this congestion of resistance, and as we all know, every trader is looking at the same charts, so at this point it would not be very "safe" to take long position. Pair is in a uptrend on smaller time frames, so extra caution is advised. Set up has a great potential, but it comes at great risk. Stops placement should be clear, and it should start at above "head" or above 139.00, and targets should start at 136.00

CAD/JPY (-48)

pair does not provide immidate reversal, but the bounce of the FIB.(38.2%) retracement proved successful in previous cases. With only few days left in march, JPY repatriation flows become worry of every trader taking long position on this pair (in the short term). Slow Stochastic provide valid entry on a divergence in addition to the FIB. retracemnet. Stops should start above highs (week of Jan 3, 2010)90.61, and targets to start at 89.60, with keeping in mind that in case of falling equities & commodities (oil) gains could be significant on this pair. (weekly chart)

EUR/CHF (+94)

just few hours ago SNB Hilderbrand said in his speech;The Swiss central bank can buy very large quantities of foreign currency to influence the level of the Swiss franc and keep deflation in check". Pair is currently under pressure, so if the SNB is planning to stop appriciation of the EUR/CHF now would be the time. Stops should be bellow 1.4300 and profit targets are extremely hard to determine on intervention from Central Bank, but at least above 1.4490. In previous cases SNB intervention would result in 150+ pips in few minutes, and lately intervention was seen in as little as 40 pips

USDCAD (+79)

with oil, gold, and indices moving lower on european open USD/CAD moves close to 200 SMA. Pair is in the strong downtrend and multiple charts so shorting the pair on a 200 SMA resistance looks like a good opportunity. US markets are bound for a bumpy ride since we have quadruple witching. This happens on the third Friday of every quarter and is the simultaneous expiring of stock index futures, stock index options, stock futures, and stock options.This should not be ignored. Trade is supported with Slow Stochastic divergence as well. Stops should start above 200 SMA and first profit targets to start at 1.0100 and bellow.

CADJPY (+53)

there was plenty of opportunities for the traders to push this pair higher but as we can see that did not took place. Japanese repatriation might been one of the strongest factors why did CAD did not rally against JPY, as it did against the USD. Oil is in upswing for a couple of days now and there is no lack of positive CAD data lately, however we see the pair is topping out. Stops should be clear for this pair- above recent highs 89.60 and targets should start at 88.75.

GBP/USD (-59)

after a good news for GBP (Public Sector Net Borrowing) building up on a yesterday shocker of Claimant Account Change GBP is paving a way to move up from consolidation and recover some of the previous weeks losses. On a technical level trade is supported by Slow Stochastic that are pointing upward and 50 SMA. Stops should be placed bellow recent lows of 1.5251 and profit targets should start at 1.5350 with keeping in mind that this is potentially start of the big move for GBP.

EURUSD (+65)

inability to close above 50% retracement is just one of the signs of weakness, that are accompanied with Slow Stochastic divergence, and 50 SMA resistance line. Stops to start above recent weekly highs 1.3800 and profit targets to start at 1.3650 Later today there is FOMC meeting where all FX traders are looking for the change of language from the FED, to more hawkish than on previous meetings

GBP/JPY (-35)

pair is trending higher, but RSI indicator is recording a divergence. It is not really easy to "pick a top", but on this chart it would be reasonable to place stops above 137.00, and profit targets at the bottom of the channel. In case the pair does reverse it is wise to place stop on the trade entry position. Keep in mind that pair is trending higher for a couple of days.

GBP/USD (+101)

head & shoulders formation about to complete, and on the clear break of the neckline to enter long position. Stops to be placed bellow the shoulder 1.4950 and profit targets should start at 1.5065 and above.

AUDUSD (+43)

pair is forming double divergence on RSI (14 setting) what is extremely rare. This set up is very desirable for the move lower, but oil and gold are posting gains during euro session. Stops are advised to be just above recent highs starting 09190, and profit targets to start 0.9120

AUDJPY (-43)

on a failure to close above the recent highs 82.53 would be a good sell signal for the pair. Several indicators are showing divergence on the chart, but most prominent are MACD and Slow Stochastic. Important levels to watch is yesterdays high of 82.48 and Feb 12 high of 82.53. That could serve as the resistance points and stop placement should start above Feb high 82.80, and profit targets bellow 85.20. Euro indicies are showing gains at the opening so extra caution should be in place, on a good side is that oil nor gold are showing any gains at the moment.

AUDJPY (+83)

recently we had some very positive news out of Australia ( intrest rate increase .25%, 0.9 GDP, and better than expected trade balance today -1.18B) However the AUD is lossing ground on risk aversion basis. For 2 days 200 SMA was acting as a support, so it can be expected for the pair to support and on the first signs of risk appetite to make move higher. In addition there is Fib. level that can act as support as well. Out of the indicators Slow Stochastic is about to cross for the move upside. Additional support for the pair is at 79.73, and 79.61, and stops should be positioned bellow these levels, Profit targets should start at 80.50, 80.80, and above, provided that pair make some rapid gains during euro session.