Forex Trader DailyThe EUR/JPY has been trending lower as the mark down cycle is reflecting the yen losing ground against the euro. The 121.56 level is the near term support as prices are beginning to find a range. This range could be important to watch since the 121.50 level is likely to be strong support. If the market cycle transitions from [...]
The 30 minute EUR/USD has congested into an ascending triangle pattern as prices are bouncing along a horizontal ceiling and the uptrend line support. The market cycle is not ideally flat however and this puts into question whether or not there will be momentum higher through resistance or lower through support to justify a momentum [...]
As the GBP/USD trends lower on the 60 minute chart, a channel down pattern has formed with the mark down cycle. The current level of support is waiting at the 1.5550 level where prices have bounced as buyers step in to support this key level. The set up will be to wait for prices to [...]
Risk appetite helps rally the yen and a strong U.S. Dollar weakens the euro…it’s a double whammy for the EUR/JPY as the euro loses ground against the yen.
The rising wedge on the 30 minute chart has pierced as prices are breaking lower through the uptrend ine support level of the pattern. Look for continued downside as the euro continues [...]
As the 1.0500 level is holding after today’s dramatic 1.060 breakdown on the USD/CAD, the short term charts line the 15 and 30 minute time frames are starting to transition from their sharp downtrends to a sideways market cycle. The low today was 1.0480 and between the 1.0500 and the minor “80″ pip, traders will [...]
The 200sma is cutting across the charts as prices are topping out at the resistance at 90.03. The 90.00 psychological level also is holding prices from rallying further as the 60 minute time frame is in a distribution cycle. This cycle is characterized by exhaustion at highs and lows and the USD/JPY is doing just that [...]
With the mark up cycle in place in the 30 minute chart, the set up to watch will be a correction to the the 34ema high as prices could pullback after topping out twice at the 1.3773 and 1.3764 levels.
Another consideration would involve using alternate support levels using psychological and Fibonacci support. Here the set [...]
The GBP/USD is setting up a potential reversal through the resistance of the falling wedge pattern on the 60 minute chart. The break comes after a day that the U.S. Dollar rallied because of the widespread equities sell-off during Thursday’s session and in front of Friday’s Non-Farm Payroll. The long entry at the downtrend line would be [...]
The 15 minute EUR/JPY is heading lower in a mark down as prices are testing the 126.20 to 126.05 level. Ideally a bounce to the 34ema low would be a great short swing trigger however prices have yet to bounce high enough to the the 34ema low. The alternative is to find a key level in front [...]
The Initial Trend reading on all alerts must be considered in order to assess which set up to utilize in especially a trending pattern. The 30 minute USD/CAD has formed a Continuation Falling Wedge Emerging Pattern as prices have begun to congest between the downtrend line resistance and the 1.0600 major psychological level support. The [...]