I'm almost 99% certain this will break after todays FOMC statement comes out. If taper speculation is confirmed and the US dollar rallies I like shorting gold from these levels to see a re-test of 1300 and possibly even a break below.
With the US GDP and FOMC rate statement coming out today, the EURUSD is bound to break in one direction or the other. I would prefer to play this to the downside if the taper timetable is confirmed for September.
I'm looking to enter a short position on EURGBP as it could be setting up a double top near this multi-year trend line. I am waiting to see what happens, if these levels will hold after this weeks ECB and BOE events.
I'm long AUDCAD from 0.952 looking for another test of the top side of this wedge at 96 as my first target. So far this trade is doing well, however the Canadian CPI figure is due out in about an hour which could send it in the other direction. My stop has been moved to breakeven to avoid taking a loss if it does ...
I like this wedge pattern that is forming on the yen. I will look to play a short position If we get a 5 minute close below 99 after Bernanke delivers his semi-annual policy report at 1230GMT. I won't necessarily play a break to the upside, but that is also possible!
Went short off the trend line this morning. Looks like it's forming a large head and shoulders pattern (currently at the right shoulder). Looking for it to reach 1.4050 as my first target. If we break below that and subsequently the support at 1.4, the H&S will be validated and the final target will be 1.345
A descending triangle is forming on this pair. Watch for a breakout after the release of RBNZ's rate statement and Australia's employment numbers, due out soon. I would only play a break to the upside as this pair is already very oversold and due for a correction.
Yen pairs have been under pressure lately. I'll be looking for opportunities to get short on a retest and rejection of the 130 level, anticipating a break of the rising trendline. If risk aversion kicks in (S&P selling off), we could see this accelerate back down towards 120.