ForceFollower

ForceFollower

I believe USDJPY is getting ready for another rally, as the correction seems to be losing the bear power. The greenback remains the strongest currency, whereas the JPY is still very weak (although, I must admit, the AUD is the weakest now). Perhaps it's not going to rise straight away, but soon at least. The momentm seems to be favourable now and all that is left...

ForceFollower

It looks like AUDNZD is not done falling yet, possibly heading for the support level at about 1.075. That's pretty much where it coincides with the up sloping lower border of the channel, as well as the maximum excursion line of the red down fork, The AUD is one of the weakest currencies, not as weak as the yen, but much weaker than the sterling. The NZD is quite...

ForceFollower

CHFJPY has shown a lot of strength today and is likely to climb higher next week, towards the upper border of the channel. It seems also to be following an up fork, so chances are first the median line will be hit. The yen's weakness continues and the Swiss franc got much stronger than at the end of the last week. Caution is necessary though, because the franc has...

ForceFollower

Everyone is wondering: "How long is this trend going to last?" Well, I have a rule: "Keep beating the line that works until... it beats you". So I still have a bullish bias about this market looking to enter again as price comes closer to the bull trend line. USDJPY has been one of the strongest markets since the end of October and it is so at the moment (in terms...

ForceFollower

If CADJPY returns to the lower median line parallel, there should be a buying opportunity at that level, esp. because it would coincide with the prior highs. The CAD is currently the strongest currency, while the JPY is the weakest, which makes this pair a perfect match for trading long. Now I wonder, if we're going to see new highs, or perhaps the time has come...

ForceFollower

The pair has started to exhibit a fresh bullish momentum. I think it's likely to get to the light blue median line, possibly retesting the prior swing high level at 1.3842 as well. Or is it just a correction in a correction? Market seems to be in the process of fighting the red bear trend line and if the trend line holds, the correction will continue. The USD is...

ForceFollower

Now that the kiwi got stronger, NZDJPY got into currently one of the strongest trends, at least temporarily. As price returns to the pitchforks' junction I think new buying opportunities should show up. Worth keeping an eye on this market next to the November fx leader - USDJPY. The chart presents three forks drawn with the same method: Modified Schiffs with...

ForceFollower

Ever since GBPNZD made a swing low at 1.77 in April 2013 it's been following an upsloping median line set. However, the resistance at 2.105 has proved to be strong enough not to let it develop any higher. Is this triple top going to be restested ance again? As long as we observe price action above the dotted sliding parallel, it is still an option. We might even...

ForceFollower

The price action has reached a decision point: either bend under the pressure of the downsloping channel or break through it to the upside. Either way, the odds are with the buyers, here or lower at the border of the bull channel. However, albeit quite unlikely, it can't be excluded that the bull channel might fail to hold letting the price continue down the...

ForceFollower

AUDNZD's down trend may have have run its course. We can see that price is at the upper border of the former downsloping channel, trading around the 1.11 handle and approaching the 61.8% retracement of the entire Oct-Nov rally. And it is doing it in a very good style: lower highs and lower lows, conforming to the steep bear trendline - so chances are it is on its...

ForceFollower

There are still two pitchforks in play. On the bullish one price is heading for the median line, whereas on the bearish one price has broken through the upper median line parallel. Is it going to follow the red fork or the blue one? Both currencies (NZD and CAD) have become weak and their relative strength is quite equal. The long-term trend is still bearish, but...

ForceFollower

So, the USDJPY continues the bullish trend and clearly nothing can stop it. It is more because of the yen's weakness than the greenback's strength, but still both currencies are on polar opposites of their relative strength. Thus most corrections should present good buying opportunities. Admittedly, at 113 the pair has reached the long term rising resistance, but...

ForceFollower

This pair is at the horizontal support level. Is it going to hold after the sloped one has failed to do so? The strongly correlated pair has somewhat uncoupled, with the CHF getting much stronger than the EUR. This bearish trend may continue, if 1.20515 is not going to hold. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I...

ForceFollower

Is this double resistance coming from both horizontal and sloped lines going to hold? The USD is the strongest currency, but the JPY is also very strong. So it's not the best pair to choose for trading. However, price is at an interesting point within the downsloping channel, so I just wonder, how it's going to develop. ----------- Disclaimer: There is a very high...

ForceFollower

The CAD continues being one of the strongest currencies, whereas the JPY is rather neutral. So let's see, if this pair can break through the 97.7 resistance and get to 98, and potentially even to the median line. Unless price breaks directly through the bear trend line, we should expect a bounce off the lower median line parallel, which may occur somewhere in the...

ForceFollower

This market has been in a very strong up trend, but has also recently failed to make a new high. Now it's correcting, breaking the bull trend line, likely retracing by 38.2%, 50%, 61.8% or more. We never know for sure how deep the correction is going to be, so it is advisable to wait for the correction to die out, before going long again. The USD is still the...

ForceFollower

As we can see on a weekly time frame, this pair is completing a cycle (low-to-low) trending slowly up within a channel. For trading purposes though, it is actually trending down. Currently this pair is in one of the strongest down trends of all the majors. The NZD is the weakest currency, while the USD is the strongest one. That's why I expect further continuation...

ForceFollower

The market forces that move price can't help the fact that price returns to balance. The prior action to the upside above the balance line was followed by reaction to the downside. Next, moving along the red fork, price went up by the same extent as it had been to the downside. :-) Now it's found resistance at the bear trend line as well as the balance line. Next,...