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 drawn a new bearish channel on the EUR/USD 2hr Chart after the sideways channel was broken. We will now simply watch for new patterns to form within the context of the new bearish channel.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | Bottom of channel | See 4hr Chart |
| Resistance 1 | Top of channel | See 2hr Chart |
| Current Price | 1.4718 | |
| Support 1 | Bottom of channel | See 2hr Chart |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |
- 4hr Chart - Broken bullish channel.
- 2hr 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
We have drawn a new bearish channel on the GBP/USD 30min Chart.
Unfortunately any possible patterns do not have good enough symmetry to
post. We will continue to watch for new patterns within the context of
the Fibonacci levels on the 8hr Chart and the channel on the 30min
Chart.
Trade Invalidation
No trade
| Resistance 3 | 1.7021 | 127.2% of XA on the 8hr Chart |
| Resistance 2 | 1.6740 | 100% of XA on the 8hr Chart |
| Resistance 1 | 1.6519 | 78.6% of XA on the 8hr Chart |
| Current Price | 1.6433 | |
| Support 1 | 1.6315 | 38.2% of AB on the 8hr Chart |
| Support 2 | 1.6199 | 50% of AB on the 8hr Chart |
| Support 3 | 1.6083 | 61.8% of AB on the 8hr Chart |
- 8hr Chart - Will we see major resistance now?
- 30min 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.
USD/JPY (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 drawn a bearish channel on
the 1hr Chart that has been forming very nicely. There was a fairly large breach on the bottom, but I think that was a fluke after the market opened last weekend. We will watch for new
patterns to form near the bottom of either channel or near one of the Fibonacci levels on the Weekly Chart.
Trade Invalidation
No trade
| Resistance 3 | 109.99 | 61.8% of XA on the Weekly Chart |
| Resistance 2 | 105.63 | 50% of XA on the Weekly Chart |
| Resistance 1 | 101.26 | 38.2% of XA on the Weekly Chart |
| Current Price | 90.31 | |
| Support 1 | 90.18 | 78.6% of AB on the Weekly Chart |
| Support 2 | 87.12 | 100% of AB on the Weekly Chart |
| Support 3 | 83.22 | 127.2% of AB on the Weekly Chart |
- Weekly Chart - Bearish channel.
- 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.
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
We have drawn a new bullish channel on the USD/CHF 2hr Chart after the sideways channel was broken. I think
we could be a pivotal moment in this pair because we also are hovering
just above the long term 78.6% Fibonacci retracement of XA.
Trade Invalidation
No trade
| Resistance 3 | 1.1164 | 50% of AB on the Weekly Chart |
| Resistance 2 | 1.0897 | 38.2% of AB on the Weekly Chart |
| Resistance 1 | Top of channel | See 2hr Chart |
| Current Price | 1.0261 | |
| Support 1 | Bottom of channel | See 2hr 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 support at 1.0184 finally hold or finally break?
- 2hr Chart - Bullish 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.
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 has shot up before entering our bullish pattern from last week.
Therefore, we have drawn a bullish channel on the 2hr Chart. We
will watch for new patterns to form within the context of this channel.
Trade Invalidation
No trade
| Resistance 3 | 1.1143 | 61.8% of XC on the Daily Chart |
| Resistance 2 | 1.0964 | 50% of XC on the Daily Chart |
| Resistance 1 | 1.0785 | 38.2% of XC on the Daily Chart |
| Current Price | 1.0661 | |
| Support 1 | 1.0629 | 100% of AB on the Daily Chart |
| Support 2 | 1.0495 | 127.2% of AB on the Daily Chart |
| Support 3 | 1.0324 | 161.8% of AB on the Daily Chart |
- Daily Chart - Sharp rally threw off possible patterns.
- 2hr Chart - Bullish 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.
AUD/USD (Swing Forecast)
Potential Strategy
Buy AUD/USD at 0.8849. Stop at 0.8789. Profit targets at 0.8942, 0.9010.
| What is the trend? | Up |
| What is this pattern? | Bullish Butterfly - See all chart patterns |
| Why is this significant? | Converging Fibonacci levels provide strong support @ point D. |
| What other indicators or Fib Levels support this thesis? | If RSI falls below 30. |
Reason for Strategy
The AUD/USD is approaching the bottom of the bullish channel on the
Weekly Chart. Also, the pair is forming a bullish butterfly that would
complete when the pair is just below the long term channel. We also have a secondary ABCD pattern now forming within the primary CD leg. This is an
excellent setup if the pattern completes as drawn.
Trade Invalidation
A move above 0.9060 before reaching point D would cancel the trade. Additionally, a move below 0.8789 would stop the trade out. 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 T1, the trade is also invalidated.
| Resistance 3 | N/A | N/A |
| Resistance 2 | N/A | N/A |
| Resistance 1 | Top of channel | See Weekly Chart |
| Current Price | 0.9027 | |
| Support 1 | 0.8849 | Bullish butterfly |
| Support 2 | Bottom of channel | See Weekly Chart |
| Support 3 | 0.8151 | 38.2% of AB on the Weekly Chart |
- Weekly Chart - Bullish channel.
- 1hr Chart - Bullish butterfly; buy at 0.8849.
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
Buy NZD/USD at 0.6966. Stop at 0.6900. Profit targets at 0.7068, 0.7144.
| What is the trend? | Up |
| What is this pattern? | Bullish Butterfly - See all chart patterns |
| Why is this significant? | Converging Fibonacci levels provide strong support @ point D. |
| What other indicators or Fib Levels support this thesis? | If RSI falls below 30. |
Reason for Strategy
The NZD/USD has dropped out of the bullish channel on the Daily Chart.
However, we are still looking to buy the pair it drops and completes
our bullish butterfly on the 1hr Chart. This trade isn't as good as
the AUD/USD setup in my opinion, so if you only take one, I would take
the AUD/USD trade on this same report.
Trade Invalidation
A move above 0.7275 before reaching point D would cancel the trade. Additionally, a move below 0.6900 would stop the trade out. Long bars in the CD leg near the entry would also invalidate this trade. Also, if the pattern comes within 15 pips of hitting the entry, does not enter, and reaches T1, the trade is also invalidated.
| Resistance 3 | N/A | N/A |
| Resistance 2 | Top of channel | See Daily Chart |
| Resistance 1 | Bottom of channel | See Daily Chart |
| Current Price | 0.7213 | |
| Support 1 | 0.6966 | Bullish butterfly |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |
- Daily Chart - Broken bullish channel.
- 1hr Chart - Bullish butterfly; buy at 0.6966.
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.