Forex Trader DailyThe USD/JPY continues to consolidate into the New York afternoon doldrums. Ideally this pattern would wait to break when Sydney and Tokyo open. The market cycle must remain sideways in accumulation for this pattern to remain a valid set up.
Entry 89.50 sell or 90.05 buy
For educational purposes only.
The 240 minute EUR/JPY is heading lower in a mark down cycle. The set up here is a swing short if prices can rally to the resistance waiting between the 34ema low and the 38.2 Fibonacci retracement level. The set up has further resistance up to the 132.00 psychological level.
Entry 131.73
S/L 132.15
Target 131.20
For educational purposes [...]
The 30 minute chart of the EUR/USD has formed a Continuation Triangle. The current trend direction on the 30 minute chart is down and the Initial Trend reading (C) is high indicating that there is still
momentum heading lower. The triangle pattern may not be the most well-suited pattern for this trend however there are some important touchpoints to note [...]
The 15 minute AUD/USD moving lower as today’s dollar rally has commodities heading sharply lower. The mark down cycle on the 15 minute chart is nearing support as prices approach 0.8645 to 0.8658. The set up would require a bounce from this level as this could set up the exhaustion play of the 0.8700 level. [...]
The 15 minute USD/JPY is trending higher as the Dow Jones is down 53 points as trading enters the latter part of the New York lunch time doldrums. The USD/JPY is tracking with the U.S. Dollar Index as the contract is enjoying a rally as the flight to safety to the dollar in underway because of [...]
The 15 minute cable is trending higher as prices are correcting to the 1.6350 level. This pullback has been relatively stalled as the New York session doldrums are nearing the Asian session open. The 34ema high is overlapping with psychological level support at 1.6354. Look for a buying opportunity here, preferably with the volume of [...]
The 60 minute AUD/USD is heading higher in a mark up cycle and this is a good opportunity to set up a swing buy as the Asian session opens in a few hours. The 34ema high is the correction trigger. The major psychological level of 0.8700 will act as excellent support for the entry.
Entry 0.8607
S/L [...]
The 60 minute AUD/USD has broken through downtrend line resistance as prices are trading up through the 0.8620 minor psychological level.
The downtrend break (B) is evidence that the short term downtrend is being tested. Confirmation of the trend reversing can also be seen in the lower Initial Trend reading (A). A low Initial Trend is not
enough to signal [...]
The 30 minute EUR/USD is setting up a short off the 34ema low (A) as prices correct from the 1.4650 major psychological support area (B). While that level was not the low it will be the initial downside target. The short entry is aggressive (aggro) due to the market cycle’s lack of a strong downtrend. The [...]
The 240 minute AUD/USD is trending higher within a Continuation Rising
Wedge pattern. Prices did top out at 0.8775 and in front of the 0.8800 psychological level. This pullback is currently finding support to 0.8700 and 50 pips above the uptrend line support (B).
The Initial Trend is high (A) and this reflects that fact that the trend is still [...]