Forex Trader DailyThe USD/CHF has been rallying with the U.S. Dollar’s move through the 85.00 psychological level. This dollar rally has carried the swissy through 1.1400. The trend on the swissy is down although it is a relatively fresh downtrend, the Wave angle indicates a mark down cycle. A short is setting up as prices rally into [...]
The Continuous Commodity Index is topping out around the 380.00 level has recent highs have been 384.55, 378.50, and 378.00. This ceiling could effect the rally in the AUD/USD and NZD/USD. The aussie is heading near 0.7200 now that it has foudn some footing above 0.7000. The kiwi has found resistance just above 0.6000 the [...]
The market cycle on the 15 minute AUD/USD is correcting and the minor psychological “20″ level is holding. The uptrend correction is an opportunity to enter on short term weakness but within the context of stength on the 15 minute time frame. The entry is relatively low risk as a break of 0.7010 could be [...]
The USD/JPY is breaking down through a cluster of uptrend lines just below the 98.00 psychological level. This breakdown is valid as long as prices stay south of the 98.05 level which shoudl act as a near term ceiling. The breakdown does have a support level to content with while heading lower and that will [...]
The USD/CAD has been heading lower but with what could be strong support waiting at 1.2200 has the canada found a near term bounce/correction? Two things that could come from a bounce — and both would be welcome — is an opportunity to short on the bounce or play a short term rally long. With [...]
The 15 minute USD/JPY is currently trading higher in an uptrend. The correction that is happening is due to the selling pressure just below of the 99.00 level. The pullback began as prices reached 98.95. The set up is a “wait and see” to the 34EMA high at 98.70 when the buy trigger would be [...]
There are two levels on the 240 minute chart of the fiber that are resistance levels the bulls should be watching. While the trend is still up, there is a good chance that a rejection at these levels could lead to lower prices and a swing buy off the 34EMA high as long as the [...]
The 60 minute chart is still traveling higher in an uptrend and with the current pullback (read: correction) to the 34EMA high and 34EMA close, there is an opportunity to buy weakness. Buying dips only makes sense in an uptrend and this one will stay intact unless prices trade down through the 97.50 in the [...]
The current weakness on the Dollar Index can be considered a correction and not a reversal. The fine line between the two is at the 96.50 to 86.40 level and currently as long as the trend is up (it is) and the support is holding above 87.oo there is more reason to look for support [...]
Finding a bottom in the sinking loonie has been eating many forex account alive. Following trends in a market that in trending may sound logical but it’s a fact that far too few traders consider. The objective is to locate the “next trend” in a market and while an initial momentum trader many continue on [...]