Daily Forex Markets Analysis (6/12/2012)

EURUSD (4-HOURS) BUY

The trend on the EURUSD clearly remains up as seen to both the chart pattern and trend indicators. The wave indicators are shown to be down and the chart also shows a down correction. As the pair is in oversold region it should probably start rising again.  Keep an eye though for the European Central Bank interest rates meeting as it may change everything.

GBPUSD (4-HOURS) BUY

The trend on the GBPUSD also remains up as with a down wave  in oversold region so this could also be a good buy once the rise starts.  Keep an eye also for the Bank of England interest rates meeting .

The currency pairs are characterized by decline in Euro and Sterling following the weak Spanish Bonds auction. In addition the Australian and New Zealand Dollars continue to gain following the decline in Australian unemployment, while the Yen continues to decline.  The above information is shown in the Trend and Wave indicators that indicate if those moves were temporal (wave) or part of the Trend.

Read about the Trend/Wave/Extreme system here.

The following is an analysis of the currency markets using the Trend/Wave/Extreme system under a 4-hour period. You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.