Forex Trader DailyThe EUR/USD has been climbing steadily against the U.S. Dollar and prices have been testing the 1.4138 to 1.4154 area of resistance. The 15 minute Reversal Rising Wedge Complete Pattern alert traded up to
the 1.4110 to 1.4140 Forecast Region (resistance). The uptrend line resistance (green) was broken in a wedge breakout.
There seems to be a [...]
The GBP/USD was losing ground early in the London session only to find near term support just below 1.6500. The Continuation Channel Up Emerging Pattern alert shows the uptrend line support on the 15 minute chart as the pound gains on the dollar. The U.S. Dollar has once again sliced down through the 80.00 losing [...]
The EUR/USD on the 60 minute chart is climbing the intraday uptrend as it seems destined to re-test the 1.4138 high. Don’t chase the entry and wait for the pullback for the most low-risk entry. Support will be waiting between 1.4015 to 1.3995. Plug-ins on chart are GRaB and LMT.
The relationship between the Dow Jones and U.S. Dollar Index has been opposite and as the risk appetite is returning to the market with yesterday’s 172 point rally in the Dow, the U.S. Dollar’s flight to safety trade was unraveling. The U.S. Dollar continues to sell off with good data and news and this is [...]
There are always a number of ceilings (resistance levels) to watch on any chart and timeframe. The trick to trading is knowing which one the market will react to and that means treating each resistance level as a potential stall or reversal. Forecast Regions are one way identify resistance in an uptrend or rally as [...]
The 15 minute timeframe of the EUR/USD consolidated as prices bounced between the two trendlines of a very shallow Continuation Channel Down pattern.
The Initial Trend reading was not eliminating the chance of a trend but was not indicating a strong one either. But what made this pattern more interesting was the earlier alert of a [...]
The USD/JPY is setting up for some swing action in the Asian session as the short term 30 minute can correct to the 96.30 area and the longer term 240 minute is setting up a play off 34ema low resistance.
These two time frames reflect two separate psychologies. The short term shows current strength while the [...]
The daily EUR/JPY is bouncing off 34ema support and tested the validity of the uptrend today with a 132.71 low. Since the 34ema low held as support there is an opportunity for a corrective buy from within the still intact uptrend. All intraday charts are in mark down but remember this is a daily chart [...]
The USD/CAD has been trading higher as the U.S. Dollar rallied to and through 81.00 but with a pullback in full swing this morning crude oil is once again trading near 72.00 helping the Canadian Dollar gain against the U.S. Dollar. The chart patterns are showing this pause in the intraday USD/CAD rally.
What’s interesting about [...]
The 15 and 30 minute GBP/USD charts are leveling out as prices have bounced from the 1.6300 level. The rally found resistance at 1.6400 and now prices are hovering between these two big figures. This range means that this pair is going to start trading sideways. On the 15 minute chart the congestion has already [...]