Forex Trader DailyThe EUR/JPY has been trending higher on the shorter term intraday charts like the 15, 30, and 60 minute charts. As New York prepares to open it would be likely that some uptrending pattern alerts will emerge but the real question will be whether or not the EUR/JPY has the buying support to test and [...]
As the equities markets in the U.S. close for the day the EUR/JPY has set up a swing short set up as the Asian session approaches. The EUR/JPY has been trending lower as the Dow Industrials had an off day and close lower.
The set up would be triggered by a correction to the 34ema low [...]
The GBP/USD has formed two downtrending patterns on the shorter term intraday timeframes. The 15 and 30 minute charts have alerted a falling wedge and channel down pattern respectively. Let’s take a look at the 15 minute chart with the Continuation Falling Wedge.
The pattern shows the resistance currently holding the downtrend in place. However not [...]
The 15 minute EUR/USD is trending lower and bouncing with decent corrections. The bounce needed for the swing to trigger off the 34ema low is just shy of the 1.4200 mark which makes for a great backstop on the entry, however that entry requires more bounce than what has occurred in the market thus far. [...]
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 60 minute EUR/USD has formed an uptrend line with the first touchpoint going back to July 23rd. This uptrend line is of particular note because this market has transitioned into the early stages of an accumulation cycle. The uptrend line set up for a potential breakdown momentum entry if prices can pierce the support [...]
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 GBP/USD has rallied to make a triple top as prices are once again being rejected by the 1.6550 ceiling. The Continuation Channel Up Emerging pattern is a wide pattern but it shows some very important clues about what could be coming next for the pair known as the “cable”.
Notice that prices has exhausted at [...]
Swing trades are essentially corrective entries but to play a “correction” there must be an identifiable trend in place. The tool on all the charts here are a trio of exponential moving averages based on a 34 period setting: the high, the low, and the close. This study is also known as “The Wave”. The [...]
The 240 minute chart on the EUR/USD is heading higher in a mark up cycle are the U.S. Dollar Index rallies up to what could be a triple top just above the 79.00 psychological level. The pullback the dollar rally is creating in the EUR/USD is setting up a swing buy opportunity off the 34ema [...]