Since its failure to equal the 1919.00s high, gold has been on a downward spiral which brought it as low as 1522.50s for a test of the weekly trendline. Since then, there has been a bounce off the trendline into 1630.00s, where it is currently Read more »
USDCAD: At a Crossroads
The recent downgrade of the US is sure to have ripple effects in the market, and the Usdcad, which is trading at a critical level, is a good trading opportunities Read more »
EURUSD: A Truly Technical Outlook
The weekly band of support on Eurusd (see weekly chart below) continues to hold remarkably well, following a pierce- through of the down trendline, and all the way into 1.3820s. The bounce out of that zone sent the pair back up through the trendline, and Friday’s close saw it trying to stay supported above 1.4350, an important level of support which extends all th Read more »
EURUSD: Heads, It Is!
Following up on last week’s article on the Eurusd currency pair, we saw a monthly breach and retest of the long-term trendline. The retest and subsequent bounce suggests the completion of a new ‘C’ retracement at the .382 fibonnacci level. Having only put in Read more »
EURUSD…FLIP A COIN??
The Eurusd is currently retesting the previously broken neckline on the daily chart, which also converges with the underside of the down trendline on the weekly. In most cases this would have been a straight-forward setup for a short trade. However, this is not true in this situation, as the bullish candle which breached the trendline could be getting retested for a push higher. As a result there are conflicting signals and the fact that they appear Read more »
GBPUSD: Technical Outlook for May 16-20
Since being rejected at 1.6740s weekly resistance and closing back inside the daily range resistance line, Gbpusd retested that line (also broken neckline) at 1.6517 before baking a beeline for the inner trendline, where it settled momentarily before also breaching that support (See daily chart below). At Friday’s close, the pair was already trading below the 1.6230 trendline. For the coming week, I will be watching for an opportunity Read more »
EURUSD: Potential Trading Opportunity
Eurusd is currently sitting atop a broken channel resistance line on the daily chart. However, having failed to breach 1.4900, settled in a 100-piphorizontal range with the base at the 1.4760 daily support. Yesterday, an attempt was made to breach the range resistance, but the strong one hour close above Read more »
Audcad Trade Setup
Much like Audusd, the Audcad currency pair consolidated for several weeks within a channel before breaking out in a decidedly bullish manner to resume its previous trend. The monthly chart below shows a strong bar above the 1.0200 resistance level which capped further gains for so long. In keeping with the usual Read more »
AUDUSD Technical Outlook
The Audusd has been the ideal candidate for buy and hold since having broken out of its range and pulled back to find support at .9700. The strength of the uptrend was proven when it encountered the weekly resistance line at 1.0390, (see chart below) which it promptly breached and retested before surging further north. Read more »
Nzdusd: Techical Outlook
The Nzdusd is not a pair that I trade much, however, it certainly deserve some attention for its recent performance. The monthly chart below presents an image that reminds me of a very similar setup on cable’s weekly timeframe. In breaching 1.6000, the Gbpusd invalidated what could have been the right shoulder of a head and shoulders reversal pattern. In the case of Nzdusd, the long-term up trendline Read more »
