EURAUD has been sliding lower and is testing a major support level at 1.4500. If there is a close below 1.4450, after nearly 12 months of a range, that could open up movement to 1.4000. If support holds, there is a clean trendline break and movement to a recent monthly pivot around 1.5000. Either way, 300-500 pips of movement isn't a bad thing. Let's see how this...
EURCAD has been directionless for months. But now it is wedged to the max and we're looking for a breakout. 4 hr or Daily Candles above or below the wedge will confirm direction. Entries will be small on initial breakout and looking to add on re-test of the wedge. 200+ pips in either direction protecting along the way. To see more charts and analysis, visit ...
GBPUSD and GBPCHF are setting up very similar inverse H&S Patterns. I am looking for a neckline break and confirmation to BUY. I will protect profits near the July Monthly Pivot at 1.3820 area and again near 1.4000 (psychological support/resistance). Just looking for a little love for the GBP basket and these are great setups. For more charts and analysis like...
USDMXN Double Top continues to look better and better. Because the pair is capable of high volatility, I am looking for confirmation and a close below 18.1000. With a center low target and yearly pivot lower, a close below 18.1000 looked postured to run to 17.2000. The measurement is approximately 10,000 pips. For this setup and others, you can visit Daytraders...
USDMXN is showing great signs of a double top. The 19.4000 is holding nicely and if price (as of 7/1) can get below 18.0500 and find the June monthly pivot, I'll be looking for a short-term buy to the July monthly pivot, then a clean sell to the center low towards 17.200 or lower. This is a HUGE PIP trade, it is important to know your margins and trade size. More...
NZDUSD appears to be setting up a nice H&S pattern on the 4 hr chart. RBNZ's Wheeler and Co. are stressing the high exchange but have yet to take any monetary policy action (not that it is required). NZD pairs continue to stay choppy, but the NZDUSD is a good barometer for the entire basket. If this H&S plays out, we could see NZD weakness across the board. This...
My plan was to dominate the AUDNZD this year with a massive weekly H&S pattern. Well, that was spoiled slightly with the leakage lower into the 1.04 level. The pair has gone nowhere for weeks but we are now simply watching for a confirmed breakout either direction. Any SELL breakout we are looking for a re-test of parity 1.00 and anticipating a double bottom. Any...
According to the RBNZ, the NZD is too high and too strong. We've heard that song and dance before, but when it happens, it happens quickly. This is a trade that should reflect the movement. There is a monthly pivot 400+ pips away and it has the potential to turn into a larger trend on NZD weakness. I am also watching AUDNZD, NZDUSD, EURNZD closely for a similar...
I'm a big fan of price formations on larger time frames. The EURNOK is looking really nice for a 5,000-6,000 pip H&S. I continue to watch the price movements and will look to trade a re-test of the 9.5000-9.6000 right shoulder area (that's to test the waters and perhaps land a great entry). The real confirmation is price closing below 9.2000. You can see the...
GBPNZD looks to be making a pretty solid rising wedge. The real short may not come until 2.16 holds or something, but if I have a wedge break. I'll be aggressive protecting profits for a corrective movement.
But, 2.10 was a 3 year high that has now been broken. So there could be some buying interest once again and longer-term I'm pretty interested in a weaker NZD...
This AUDCAD is a little play on "The Crow" movie quote, "it can't rain all the time" - grammatically skipping the "of" but the AUDCAD has been in this wedge for a LONG TIME.
Now if we see price break below 9400, I'll be looking to sell to targets 9170, 9000, and 8600. Price just needs to give us some confirmation.
EURCAD Pattern Setup - Looks like a pretty convincing H&S Pattern. I'd love to get a head start on the move if bullishness shows its signs at 1.3500, otherwise, I'll wait for a break above 1.3800
EURNZD has made an impressive from from 1.3800 - 1.5400 but we have yet to see a correctional movement or wave pattern south. I'm liking the looks of this rising wedge and have a pending sell at 1.5055. It's a combo of the rising wedge break and H&S Pattern if a short shoulder forms this week without taking out the 1.5400 high. IF 1.5400 is taken out I'll be...
AUDUSD - despite the rate cut and arguably "dovish" tone, the AUD has been doing the opposite of what the RBA perhaps is looking for. This isn't my favorite setup due to the strange nature of the RBA vs FED but a wedge is a wedge and if we get above 8010 there's not much that stands in the way of a continued rally towards 8200.
Despite thinking the Euro squeeze could continue or the GBP can somehow drag the Euro with it, this little ditty is setting up nicely. It appears to be a classic H&S Pattern with a break below 1.1125 pushing down for a re-test of the 1.1060 resistance level. Hopefully the move pushes to its potential towards 1.09 and if so I'll be locking in profit and seeing if...
USDMXN keeps grinding to re-test the previous high in March. I'd love to see it get smacked with a double top formation and I'll look to trade it to the center low of 14.8000, let's just say 15.000 for a round number target - that's nearly 7000 pips so it has my attention.
