CURRENCYCURRENT BIASPOTENTIAL STRATEGY
EUR/USD (Medium Term)
Wait until a new pattern emerges.
GBP/USD (Medium Term)
Wait until a new pattern emerges.
USD/JPY (Medium Term)
Sell USD/JPY at 90.17. Stop at 90.47. Profit target at 89.72.
USD/CHF (Medium Term)
Wait until a new pattern emerges.
USD/CAD (Medium Term)
Wait until a new pattern emerges.
AUD/USD (Medium Term)
Wait until a new pattern emerges.
NZD/USD (Medium Term)
Wait until a new pattern emerges.
  • EUR/USD
  • GBP/USD
  • USD/JPY
  • USD/CHF
  • USD/CAD
  • AUD/USD
  • NZD/USD
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
Support & Resistance Levels
Resistance 31.408250% of AB on the 4hr Chart
Resistance 21.396538.2% of AB on the 4hr Chart
Resistance 1Top of bearish channelSee 4hr Chart
Current Price1.3647
Support 1Bottom of channelSee 4hr Chart
Support 21.340361.8% of YZ on the Weekly Chart
Support 31.293078.6% 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
Support & Resistance Levels
Resistance 31.611038.2% of XC on the Daily Chart
Resistance 2Top of bearish channelSee 2hr Chart
Resistance 1Bottom of bearish channelSee 2hr Chart
Current Price1.5574
Support 11.5387127.2% of AB on the Daily Chart
Support 21.4982161.8% of AB on the Daily Chart
Support 3N/AN/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.
Support & Resistance Levels
Resistance 3Top of bearish channelSee Weekly Chart
Resistance 290.1878.6% of AB on the Weekly Chart
Resistance 190.17Bearish Gartley
Current Price89.21
Support 187.12100% of AB on the Weekly Chart
Support 283.22127.2% of AB on the Weekly Chart
Support 378.27161.8% 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
Support & Resistance Levels
Resistance 31.110450% of AB on the Weekly Chart
Resistance 21.082238.2% of AB on the Weekly Chart
Resistance 1Bearish trend lineSee Weekly Chart
Current Price1.0730
Support 1Bottom of ascending triangleSee 8hr Chart
Support 21.018478.6% of XA on the Weekly Chart
Support 30.9609100% 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
Support & Resistance Levels
Resistance 31.077261.8% of EF on the Daily Chart
Resistance 2Top of bullish channelSee 8hr Chart
Resistance 11.0745100% of XA on the 8hr Chart
Current Price1.0760
Support 1Bottom of bullish channelSee 8hr Chart
Support 21.055038.2% of AB on the 8hr Chart
Support 31.048850% 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
Support & Resistance Levels
Resistance 30.895350% of YZ on the 4hr Chart
Resistance 20.886438.2% of YZ on the 4hr Chart
Resistance 1Bearish trend lineSee 4hr Chart
Current Price0.8633
Support 10.8571127.2% of AB on the Daily Chart
Support 20.8365161.8% of AB on the Daily Chart
Support 3N/AN/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
Support & Resistance Levels
Resistance 30.731861.8% of XC on the Daily Chart
Resistance 20.7225050% of XC on the Daily Chart
Resistance 10.712238.2% of XC on the Daily Chart
Current Price0.6825
Support 1Bottom of channelSee Daily Chart
Support 20.6840127.2% of AB on the Daily Chart
Support 30.6839200% 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.

CD01BK.036.103009

TRADE RECOMMENDATIONS

  • Trades to Watch
  • Trades in Progress
currency recommendation
USD/JPY
Medium term



Sell Sell at 90.1700
Stop at 90.47
Target at 89.72
currency recommendation
NZD/JPY
Short term
Opened 2/8/2010
Buy Long from 60.8300
Stop at 60.53
Target at 61.45

QUOTEBOARD

  • Key Quotes
  • Currencies
  • Markets
  •  
  • current
  • high
  • low
 
  • EUR/USD
  • up
  • 1.3752
  • 1.3757
  • 1.3649
EUR/USD
5 min chart
  • GBP/USD
  • up
  • 1.5611
  • 1.5645
  • 1.5561
GBP/USD
5 min chart
  • USD/JPY
  • down
  • 89.74
  • 89.75
  • 89.21
USD/JPY
5 min chart
  • OIL
  • up
  • 78.97
  • 78.97
  • 78.97
CLG0
5 min chart
  • GOLD
  • up
  • 1076.9
  • 1077.7
  • 1062.2
.GOLD
5 min chart
  • US Stocks
  • up
  • 10003
  • 10010
  • 9915
.US30
5 min chart
  • UK Stocks
  • up
  • 5119.5
  • 5128.0
  • 5039.5
.UK100
5 min chart
  • DEM Stocks
  • up
  • 5503.3
  • 5517.8
  • 5420.2
.DE30
5 min chart
  • JP Stocks
  • up
  • 9989
  • 10004
  • 9855
.JP225
5 min chart
  •  
  • current
  • high
  • low
 
  • EUR/USD
  • up
  • 1.3752
  • 1.3757
  • 1.3649
5 min chart
  • GBP/USD
  • up
  • 1.5611
  • 1.5645
  • 1.5561
  • USD/JPY
  • down
  • 89.74
  • 89.75
  • 89.21
  • USD/CHF
  • up
  • 1.0668
  • 1.0746
  • 1.0664
  • USD/CAD
  • down
  • 1.0669
  • 1.0753
  • 1.0667
  • AUD/USD
  • up
  • 0.8746
  • 0.8749
  • 0.8631
  • NZD/USD
  • up
  • 0.6925
  • 0.6927
  • 0.6824
  • USD/MXN
  • up
  • 13.1058
  • 13.2282
  • 13.1014
  • EUR/JPY
  • down
  • 123.42
  • 123.44
  • 121.76
  • GBP/JPY
  • up
  • 140.10
  • 140.20
  • 138.91
  •  
  • current
  • high
  • low
 
  • OIL
  • up
  • 78.97
  • 78.97
  • 78.97
5 min chart
  • GOLD
  • up
  • 1076.9
  • 1077.7
  • 1062.2
5 min chart
  • SILVER
  • up
  • 15.342
  • 15.366
  • 15.013
5 min chart
  • US500
  • up
  • 1068.6
  • 1069.6
  • 1057.4
5 min chart
  • UK Stocks
  • up
  • 5119.5
  • 5128.0
  • 5039.5
5 min chart
  • DEM Stocks
  • up
  • 5503.3
  • 5517.8
  • 5420.2
5 min chart
  • JP Stocks
  • up
  • 9989
  • 10004
  • 9855
5 min chart
  • AU Stocks
  • up
  • 4528.5
  • 4532.5
  • 4462.0
5 min chart
Data source: GFT

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