Forex Trader DailyThe USD/JPY is resting on pivot support as the intraday charts pulled back after the test of 97.00 and the R3 level. The current support is below the 96.00 psychological level support and any renewed strength would have to contend with that key resistance level. The trend on the four hour chart is still slightly [...]
The longer time frame such as the daily and 240 minute charts of the cable have been trending higher in an uptrend for some time. Shorter term time frames — because of the number of candles that are created each day — will transition through more market cycles that will a longer term chart. What [...]
The USD/CHF has been bouncing along the 1.0800 level with good buying support and as the intraday 60 minute time frame holds onto a distribution market cycle there’s a good chance of continued support. The pivot levels show S1 support at 1.0788 for today. There’s also good indication of pivot point na Fibonacci resistance between [...]
The USD/JPY has been trending higher as the Japanese Yen is losing ground against the U.S. Dollar. The dollar had been holding onto 80.00 support and finally rallied from there to test 81.00. In the meanwhile the USD/JPY has transitioned across intraday time frames to an uptrending market cycle opening up opportunities for rising wedge [...]
An interesting thing about a triangles patter is that because of the narrowing effect of the formation, it is self-limiting. That means that as long as price trade within the trendlines, eventually price will run out of room in the “narrows” of the pattern. Today’s 60 minute EUR/USD alert is such as example.
The prices in [...]
The GBP/USD has resistance waiting above the 5950 level and as the U.S. Dollar sells off after today’s Consumer Confidence number the cable is rallying to a series of resistance levels that can be seen with today’s pivots. Note that prices have been rejected in this area over the past week.
The USD/JPY has alerted a Continuation Ascending Triangle Emerging Pattern which means that price is still trading within the confines of the formation.
The pattern alert has a low Initial Trend reading indicating that there is little to no established trend but it also has a low Clarity reading which must be considered when taking any [...]
The USD/JPY has continued to fall as the yen strengthens against the dollar amidst a weakening equities market. Today’s pre-market Dow however is reflecting what could be a pause in the yen’s rally and
support on the USD/JPY.
The 60 minute chart of the USD/JPY has formed a Continuation Falling Wedge which found the initial level of [...]
As the EUR/USD continues it rocket ship climb is there a chance that it’s running out of fuel as prices reach the 1.3800 psychological level? It’s as good a place as any to find sellers. The key to this — and any uptrend — is the support and Fibo Extension levels are helping out here [...]
The USD/CAD is bouncing slightly this morning as the Dollar Index and crude oil are reversing theie earlier downtrend and uptrend, respectively. This means that the loonie is starting to lose some ground against the weakening dollar in the shorter term, intraday time frames. Currently the USD/CAD is trading inside pivot support on the one [...]