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
The EUR/USD has shot up before completing the ABCD patterns we were watching last week, so now we are back to looking at only channels. We will watch for a new pattern to form within the context of either channel.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | Top of channel | See Daily Chart |
| Resistance 1 | Top of channel | See 4hr Chart |
| Current Price | 1.4964 | |
| Support 1 | 1.4886 | 38.2% of XA on the 4hr Chart |
| Support 2 | 1.4836 | 50% of XA on the 4hr Chart |
| Support 3 | 1.4787 | 61.8% of XA on the 4hr Chart |
- Daily Chart - Bullish 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.
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 bullish
channel on the GBP/USD 4hr Chart below. The channel has been broken, but the break is somewhat minor
at this point. I would not be surprised to see the pair face resistance at the bottom of the broken channel if the pair rises to that point.
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 | Bottom of channel | See 4hr Chart |
| Current Price | 1.6607 | |
| Support 1 | 1.6430 | 38.2% of AB on the 8hr Chart |
| Support 2 | 1.6292 | 50% of AB on the 8hr Chart |
| Support 3 | 1.6153 | 61.8% of AB on the 8hr Chart |
- 8hr Chart - Will recent resistance hold?
- 4hr Chart - Broken 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/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 USD/JPY after the pair
dropped down before entering the bearish pattern from two days ago.
There is a potential bullish butterfly that is near completion, but I
don't feel comfortable posting it because it nearly entered and then
bounced up to 38.2% of that potential CD. Therefore, we will
watch for new patterns to develop within the context of the bearish
channel.
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 | 89.00 | |
| 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.
- 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
The USD/CHF dropped before entering our bearish pattern next week. Therefore, that pattern has been invalidated, and we have drawn a bullish channel on the 2hr Chart below. This channel has almost perfect symmetry at this point and could provide a high probability opportunity later this week.
Trade Invalidation
No trade
| Resistance 3 | 1.1164 | 50% of AB on the Weekly Chart |
| Resistance 2 | 1.1164 | 50% of AB on the Weekly Chart |
| Resistance 1 | Top of channel | See 2hr Chart |
| Current Price | 1.0099 | |
| 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 - What will finally happen around the 1.0184 level.
- 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
Our USD/CAD bearish Gartley completed and has reached both profit targets. Although there were somewhat long bars, but that is part of the reason why we made CD 127.2% of AB. We will watch for new patterns to emerge tomorrow.
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 | 1.0560 | |
| Support 1 | 1.0495 | 127.2% of AB on the Daily Chart |
| Support 2 | 1.0324 | 161.8% of AB on the Daily Chart |
| Support 3 | 1.0205 | Significant low |
- Daily Chart - Will we see a significant move down, or will we see support?
- 4hr Chart - Completed bearish Gartley pattern.
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
Sell AUD/USD at 0.9588. Stop at 0.9709. Profit targets at 0.9406, 0.9275.
| What is the trend? | Down |
| What is this pattern? | Bearish Butterfly - 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? | None |
Reason for Strategy
A fairly long term bearish butterfly pattern is forming on the AUD/USD 8hr Chart below. This trade could take a while to complete, but it is the best pattern to watch on the AUD/USD at this time. This would also go against the long term trend. However, keep in mind this would be a brief move down in the context of the Weekly Chart bullish channel, not a long term trend reversal.
Trade Invalidation
A move below 0.9050 before reaching point D would cancel the trade. Additionally, a move above 0.9709 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 30 pips of hitting the entry, does not enter, and reaches T1, the trade is also invalidated.
| Resistance 3 | Top of channel | See Weekly Chart |
| Resistance 2 | 0.9588 | Bearish butterfly |
| Resistance 1 | 0.9327 | Significant high |
| Current Price | 0.9237 | |
| Support 1 | Bottom of channel | See Weekly Chart |
| Support 2 | 0.8199 | 38.2% of AB on the Weekly Chart |
| Support 3 | 0.7827 | 50% of AB on the Weekly Chart |
- Weekly Chart - Bullish channel.
- 8hr Chart - Bearish butterfly; sell at 0.9588.
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 been tough to deal with since the large gap from two
weekends ago. There is not a whole lot of symmetry here, and the fairly weak bullish channel has been broken. However, this move down has covered the
gap, so we will likely be able to resume trading this pair soon.
Trade Invalidation
No trade
| Resistance 3 | Bottom of channel | See Daily Chart |
| Resistance 2 | Top of channel | See 4hr Chart |
| Resistance 1 | Bottom of channel | See 4hr Chart |
| Current Price | 0.7319 | |
| Support 1 | 0.7301 | 50% of XA on the 4hr Chart |
| Support 2 | 0.7249 | 61.8% of XA on the 4hr Chart |
| Support 3 | 0.7174 | 78.6% of XA on the 4hr Chart |
- Daily Chart - Broken bearish channel has seen resistance at previous support.
- 4hr Chart - Broken 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.