Forex Trader DailyThe EUR/USD has been trading lower as prices continued to press lower as 2010 winds to an end. The 240 minute chart has pierced the resistance of the downtrend line and the channel down that has formed. This break is less indicative of a trend reversal and more of a transition into distribution. Watch for [...]
After a rejection off the 200sma the EUR/USD has corrected to the 34ema high as prices are trading near the 1.4350 psychological level. The correction sets up a swing buy as prices are finding support as the equities market closed early and the volume is light.
As the 2009 winds to a close, the EUR/USD is trading lower close to a level that many traders have been expecting the pair would test: the 200sma.
The 20sma will be a major psychological level off which prices should find near term buying support even amidst the strength in the U.S. Dollar. The S&P 500 [...]
The 60 minute USD/CAD has pulled back to the 34ema high as prices retreat from the 1.0745 high - just short of the 1.0750 major psychological level resistance. The correction is triggering a swing buy since the trend is in a mark up cycle. It is important to notice that the pullback has broken down through the [...]
The 15 minute AUD/USD has formed and triggered a rising wedge pattern that has broken the support of the uptrend line. The benefit of breaking any and all patterns down to the individual support and resistance levels allows a trader more flexibility to trade moves. for example, in this situation the rising wedge may not be ideal since [...]
After the EUR/USD sell-off is still sitting near the lows as the trend is in a mark down cycle. The current bounce on the 15 minute chart reflects slight U.S. Dollar weakness off the 77.00 level. This is the correction needed to trigger a swing short.
Entry 1.4550 short
S/L 1.4568
Target 1.4520
For [...]
The 30 minute USD/JPY is still trending lower in mark down as prices have formed a falling wedge pattern. Trending patterns have three possible entries. The first in terms of priority must be the trend follow which is valid as long as prices are below this pattern’s downtrend line resistance. The trend must also stay [...]
The 30 minute short term, intraday time frame on the USD/CHF has transitioned into distribution setting up a potential fade off the ceiling. The ceiling is soft which means that the highs have a greater than five pip variance. However this is not unusual for distribution cycles which are typically more volatile. The current highs are 1.0278 and 1.0280. This set up a good trigger off [...]
The 240 minute USD/CHF is stalling as prices are congesting between a 1.0290 high and a 1.0217 low. The trend is up so the set up is a swing buy off downside support, If prices can break down through support at the 1.0200 level (1) then the pullback could find support at the 34ema high [...]
Having a major psychological level like the 87.00 area currently on the USD/JPY is a solid support level that offers a “line in the sand” when setting up a swing buy.
The pullback has a number of levels that are offering support and the buy trigger for this set up is the 34ema high. The [...]