Forex Trader DailyWith 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 uptrend on the USD/JPY reflects this morning’s U.S. Dollar Index strength. The dollar-yen can be a tricky pair as one of the main keys to setting up trades is to determine which market is it following: The Dow or the U.S. Dollar?
To simply say that the USD/JPY is a risk barometer is not enough. [...]
The EUR/USD is heading lower across the 15, 30, and 60 minute charts in a mark down cycle. Knowing the market cycle makes the next step of filtering the chart pattern results from Autochartist very simple: Look for channel down or falling wedge alerts.
The 15 minute chart had broken down earlier this morning as prices [...]
Yesterday’s afternoon spike of the EUR/USD caught many traders by surprise as it came without any scheduled releases during the latter part of the New York trading session. The week in general is typical of late Summer with thinly traded sessions and moves like this are not completely unexpected. Now however traders must decide if [...]
The USD/JPY is currently in a downtrend across the 15, 30, 60, and 240 time frames which is further explaining the current risk aversion in the market. The equities are not weak but there certainly a stall in the uptrend as the Dow consolidates between the 9,200 to 9,600 levels. The USD/JPY is a powerful [...]
The AUD/USD is setting up a potential swing short as the market cycle is down and the 34 ema low sits at 0.8320. The area between the major psychological level of 0.8300 and the minor level of 0.8320 will be an excellent correction on the 60 minute chart setting up an exhaustion play following the [...]
The 60 minute GBP/USD (aka the “cable”) has been trending lower within a mark down market cycle since the New York session Monday. This downtrend has created the perfect environment for the Continuation Falling Wedge pattern that has recently triggered and is now a Complete Pattern alert.
“Continuation” patterns indicate that the patterns will resume the [...]
Crude oil has slowly been moving higher as prices have made a new yearly high. The $74/barrel level has been broken during these last couple weeks of Summer so there is certainly two things to consider.
The higher equities market is creating buying support for crude and the lower U.S. Dollar value is pushing crude prices [...]
The current uptrend on the 60 minute EUR/USD is beginning to transition into a sideways cycle and as this transition occurs prices are trading closer to the uptrend line support of a short term pattern. The Continuation Rising Wedge is not a large pattern at only 16 candles of Length (Y) but do not dismiss [...]
Each morning there is a slight bit of fear as the last weeks of the August doldrums lead into September. Next month is when normal participation and better volume is expected to resume. Taking the
trends that occur 1) during Summer and most especially 2) during the last two weeks of Summer as anything but as [...]