


positionforex
PremiumCurrent Situation: - Euro rallying after massive Brexit fall - In the medium term, EUR/USD is range bound since January Looking Ahead: - Price now retreating from short term minor trend line resistance - Possible reversal patterns forming - Close below 1.1075 confirms the selloff to support near 1.0525 has begun Notes: - Expect not only expanded stimulus...
Current situation: - Price is at the bottom of a range on the daily chart - Price is consolidating on the four-hour chart Looking ahead: - Waiting for the price to break on the four-hour chart with a close above 1.0550 to enter long. - A break and close below 1.04 would mean a failure of the longer term range to hold and continuation of the current downward...
Looking at the AUD/USD daily chart, there are three channels we can identify: horizontal, bearish, and bullish. Fascinating is we can conclude three fundamental circumstances moving forward for the Australian economy and by extension the Aussie Dollar: 1. Going nowhere because China's not growing but not collapsing and commodity prices are similarly not going to...
The long-term downtrend resistance line has been approached and confirmed resistance. Price will move lower through the downsloping channel and bring lower prices for GBP/USD. If the UK chooses "Brexit", most analysts agree the Pound will lose 20% of its value almost immediately. Even if the UK doesn't "Brexit" lower prices are ahead. From a fundamental...
The 4/20 low for the pair marked the beginning of an impressive rally which has no signs of waning. Smashing through resistance areas is the mark of this pair, but more severe resistance is approaching. The 2/16-2/19 swing that marked the start of the selloff before the bottom is getting closer. If price resistance in the 2.0175 area (assuming price goes there)...
The Euro had been trouncing the Pound since mid-November last year. Lately, the momentum in the pair has waned, and recent price action portends a reversal that may test the bottom of the range at .7700. The candlestick pattern is a bearish evening star. This pattern is a bearish reversal pattern, but two concerns may make the pattern fail. The bullish day...
The British Pound has been getting crushed by the Swiss Franc since 11/21 but starting 4/8 the Pound has managed a nice counter-trend rally. The reasons for traders to flock to the Franc for the Pound are more than I wish to list in this post. Any currency can manage a counter trend rally, but if the fundamentals are against that currency, the rally will quickly...
As crude oil goes up so does, the Canadian dollar and the USD/CAD has been plunging since oil began rallying several weeks ago. Even the failure of OPEC to agree to a price freeze could not stop oil's persistent rise. Now at nearly $44 crude oil is approaching a congestion area it struggled with in the past. If CAD is to continue rallying against the US Dollar,...
The failure of OPEC to find a deal on a production freeze as we anticipated sent crude oil futures down more than 6% the evening of the 17th. By the time the market closed, WTI had lost only 1%. As a result, the CAD had weakened considerably but then retraced much of its move and stopped out our trade. We finished with a 62 pip gain which is not as much as we...
The spinning top of 4/14 setup the anticipated reversal. Price plunged 4/17 on falling oil prices and Yen strength. By the morning of 4/18 however the sentiment had reversed as had the Yen. Equities followed with a bullish day, and the short-term trader's posture is confident and as such negative for the Yen. We will be watching closely for another entry if...
CAD/JPY is now running into its long term down trend line. The record US Crude Oil inventory build announced by the EIA on 4/14 is weighing on oil prices. No one believes Saudi Arabia, Russia, and Iran will reduce production.
A symmetrical triangle is forming as price consolidates around the .9875 area. Unemployment numbers released at 9:30ET USA may move price outside the triangle and define the start of a trend.
The EUR/AUD pair pulled back today with higher oil but will start rallying soon. Updated chart includes the current stop.
The AUD/CHF pair has broken its uptrend and will sell off on a dovish tone from the RBA in their Interest Rate decision later tonight. The Franc continues to be the ultimate safe haven currency in the world.
NZD/CAD found support at .8800 level, formed a base at support and is now rallying. Minor resistance at .8975 is next and price can follow through to the downward sloping upper trend line near .9100. Oil prices look they are prepared to slide this week hurting CAD strength as well.
EUR/JPY sell off on larger time frame may resume here
Crude Oil's rally would appear to be over and with will go CAD's strength, The retracement of the rally now lands in the vicinity of old support and the 61.8% retracement seen on the chart. As the trend and OBOS indicators have begun to turn up price will lead them higher.
Even with rising oil Yen strength cannot be denied. Waiting for crossover.