Forex Trader DailyThe 1.0000 or parity level for the USD/CAD has been strong support and with the bounce intraday prices have seen to the 1.0200 level on crude oil weakness and U.S. Dollar strength, the overall downtrend resumes. The “loonie” is currently gaining on the greenback but prices may once again find support and bounce at parity. [...]
The 60 minute AUD/USD is heading higher in a mark up cycle and this is a good opportunity to set up a swing buy as the Asian session opens in a few hours. The 34ema high is the correction trigger. The major psychological level of 0.8700 will act as excellent support for the entry.
Entry 0.8607
S/L [...]
The 60 minute AUD/USD has broken through downtrend line resistance as prices are trading up through the 0.8620 minor psychological level.
The downtrend break (B) is evidence that the short term downtrend is being tested. Confirmation of the trend reversing can also be seen in the lower Initial Trend reading (A). A low Initial Trend is not
enough to signal [...]
Rejection from major psychological levels is also referred to as “figure fatigue”. The “figure” is the “00″ price level so in this example of the USD/CAD the figure would be 1.1100.
Notice that as prices climbed higher within the Continuation Triangle pattern on the 240 minute chart the 1.1100 figure acted as a ceiling. This occurs [...]
With the psychological levels of 0.8380 and 0.8400 as ceilings, the AUD/USD is setting up a swing short as prices near the 34ema low. This is a perfect opportunity to play a quick bounce (correction) within the content of a mark down cycle on the 15 minute chart.
The AUD/USD is moving lower with minimal U.S. [...]
The USD/JPY - the barometer for risk aversion and risk appetite — has been selling off since the Non-Farm Payroll propelled the Dow Jones high last Friday.
As prices are sinking back into the 34ema high support after the daily USD/JPY (top left) exploded with Friday better-than-expected NFP.
The breakout should not be considered a “false breakout” [...]
The four hour or 240 minute chart is continuing to follow the downtrend as the Canadian Dollar or “loonie” gains against the U.S. Dollar. There are a few moves in related markets that are helping with the follow-through. First the crude oil market is still holding onto last week’s gains and second, the U.S. Dollar [...]
The 34ema high is currently supporting the 240 AUD/USD as it corrects the current uptrend. Buyers were not able to sustain the move up through 0.6200 and prices have since broken down through that key psychological level.
Fibonacci support is also a factor in the correction as prices are hovering just above the 25% level. Note [...]
The daily AUD/USD has broken above a flag pattern which triggered a continuation of the current trend. With commodity prices continuing to to stay strong with a weak U.S. Dollar, the AUD/USD is testing support at 0.8100. The 240 minute chart is still in an uptrend. Corrective buys can be set up off the 34ema [...]
The 30 and 60 minute charts are setting two different looks on the intraday USD/CAD. The 60 minute chart is
in a downtrend (below) and with the 34ema low at 1.1203 there is an opportunity to short in front of the 1200 level. Classic swing set up on the mark down cycle.
The 30 minute chart (below) [...]