EUR/USD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
We have redrawn the bearish trend line to form a bearish channel. This
new channel fits the price action better than the channel from last week. As
long as the EUR/USD continues to drop without a retracement, we will
have to stay on the sidelines.
Trade Invalidation
No trade
| Resistance 3 | 1.4082 | 50% of AB on the 4hr Chart |
| Resistance 2 | 1.3965 | 38.2% of AB on the 4hr Chart |
| Resistance 1 | Top of bearish channel | See 4hr Chart |
| Current Price | 1.3647 | |
| Support 1 | Bottom of channel | See 4hr Chart |
| Support 2 | 1.3403 | 61.8% of YZ on the Weekly Chart |
| Support 3 | 1.2930 | 78.6% of YZ on the Weekly Chart |
- Weekly Chart - When will the recent drop see a significant retracement?
- 4hr Chart - Bearish channel.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
GBP/USD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
The GBP/USD continues to fall and has broken the bottom of the bearish channel. We have also now seen resistance at that previous level of support. This is leading to a possible bullish butterfly on
the Daily Chart. However, we are not posting it yet because it should
take a week or two to complete. If it completes faster than that, then
we will buy at the next support level below the traditional butterfly
entry.
Trade Invalidation
No trade
| Resistance 3 | 1.6110 | 38.2% of XC on the Daily Chart |
| Resistance 2 | Top of bearish channel | See 2hr Chart |
| Resistance 1 | Bottom of bearish channel | See 2hr Chart |
| Current Price | 1.5574 | |
| Support 1 | 1.5387 | 127.2% of AB on the Daily Chart |
| Support 2 | 1.4982 | 161.8% of AB on the Daily Chart |
| Support 3 | N/A | N/A |
- Daily Chart - Drop is forming a potential bullish butterfly.
- 2hr Chart - Bearish channel broken again.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
USD/JPY (Swing Forecast)
Potential Strategy
Sell USD/JPY at 90.17. Stop at 90.47. Profit target at 89.72.
| What is the trend? | Down |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | Converging Fibonacci levels provide strong resistance @ point D. |
| What other indicators or Fib Levels support this thesis? | Bearish channel on Weekly Chart. Trade would enter one pip away from 78.6% of AB on the Weekly Chart. |
Reason for Strategy
A bearish Gartley pattern is forming on the USD/JPY 30min Chart. The pair has been in a long
term downtrend for a while, and we would also enter at almost the exact
78.6% Fibonacci retracement of AB. That ratio was originally support,
but old support often can become new resistance. The pair has moved sideways for a while, so be cautious of a rapid move up that could indicate long bars.
Trade Invalidation
A move below 88.75 before reaching point D would cancel the trade. Additionally, a move above 90.47 would stop the trade out. Additional long bars in the CD leg near the entry would also invalidate this trade. Also, if the pattern comes within 10 pips of hitting the entry, does not enter, and reaches 0.8960, the trade is also invalidated.
| Resistance 3 | Top of bearish channel | See Weekly Chart |
| Resistance 2 | 90.18 | 78.6% of AB on the Weekly Chart |
| Resistance 1 | 90.17 | Bearish Gartley |
| Current Price | 89.21 | |
| Support 1 | 87.12 | 100% of AB on the Weekly Chart |
| Support 2 | 83.22 | 127.2% of AB on the Weekly Chart |
| Support 3 | 78.27 | 161.8% of AB on the Weekly Chart |
- Weekly Chart - Bearish channel.
- 30min Chart - Bearish Gartley; sell at 90.17.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
USD/CHF (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
The pair
has broken up out of the ascending triangle on the USD/CHF 8hr Chart. Also, although the levels of
resistance are farther apart than we like, there is a bearish Gartley
that has completed on the Weekly Chart. We will not post this trade
at this point, but it is worth watching.
Trade Invalidation
No trade
| Resistance 3 | 1.1104 | 50% of AB on the Weekly Chart |
| Resistance 2 | 1.0822 | 38.2% of AB on the Weekly Chart |
| Resistance 1 | Bearish trend line | See Weekly Chart |
| Current Price | 1.0730 | |
| Support 1 | Bottom of ascending triangle | See 8hr Chart |
| Support 2 | 1.0184 | 78.6% of XA on the Weekly Chart |
| Support 3 | 0.9609 | 100% of XA on the Weekly Chart |
- Weekly Chart - Will we see resistance soon?
- 8hr Chart - Ascending triangle broken at the top.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
USD/CAD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
The USD/CAD saw support at the broken bearish trend line and has shot
up. We have drawn a bullish channel on the 8hr Chart to reflect
the current price action as well. We are close to retesting the top of
the bullish
channel, as well as the significant high at point X on the 8hr Chart.
So far the resistance has held, and we will continue to watch the
pair's behavior in the coming week.
Trade Invalidation
No trade
| Resistance 3 | 1.0772 | 61.8% of EF on the Daily Chart |
| Resistance 2 | Top of bullish channel | See 8hr Chart |
| Resistance 1 | 1.0745 | 100% of XA on the 8hr Chart |
| Current Price | 1.0760 | |
| Support 1 | Bottom of bullish channel | See 8hr Chart |
| Support 2 | 1.0550 | 38.2% of AB on the 8hr Chart |
| Support 3 | 1.0488 | 50% of AB on the 8hr Chart |
- Daily Chart - Broken bearish trend line has provided support.
- 8hr Chart - Testing resistance at the top of the channel and point X.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
AUD/USD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
The AUD/USD hasn't made much of a move in the past couple of trading days. A couple of potential patterns are forming, but it is too early to post anything at this point. We will simply continue to watch for something new to form over the course of this week.
Trade Invalidation
No trade
| Resistance 3 | 0.8953 | 50% of YZ on the 4hr Chart |
| Resistance 2 | 0.8864 | 38.2% of YZ on the 4hr Chart |
| Resistance 1 | Bearish trend line | See 4hr Chart |
| Current Price | 0.8633 | |
| Support 1 | 0.8571 | 127.2% of AB on the Daily Chart |
| Support 2 | 0.8365 | 161.8% of AB on the Daily Chart |
| Support 3 | N/A | N/A |
- Daily Chart - We have paused near 127.2% of AB and a tweezers pattern has formed. Will we see support this week or will the pair continue to fall?
- 4hr Chart - Sharp downtrend.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
NZD/USD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
The NZD/USD has paused at the bottom of the bearish channel on the
Daily Chart. This also is the same level as 200% of ZD on the 2hr
Chart. There is still no pattern to trade so we must remain on the sidelines at this point.
Trade Invalidation
No trade
| Resistance 3 | 0.7318 | 61.8% of XC on the Daily Chart |
| Resistance 2 | 0.72250 | 50% of XC on the Daily Chart |
| Resistance 1 | 0.7122 | 38.2% of XC on the Daily Chart |
| Current Price | 0.6825 | |
| Support 1 | Bottom of channel | See Daily Chart |
| Support 2 | 0.6840 | 127.2% of AB on the Daily Chart |
| Support 3 | 0.6839 | 200% of ZD on the 2hr Chart |
- Daily Chart - Bearish channel.
- 2hr Chart - Sharp drop has paused.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.