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Swing Technicals- USD/JPY Approaching Short Opportunity at 90.75
Last updated 15 December 2009 05:53 PM ET (GMT -5)
| EUR/USD (Medium Term) | | Wait until a new pattern emerges. |
| GBP/USD (Medium Term) | | Buy GBP/USD at 1.6118. Stop at 1.5982. Profit targets at 1.6322, 1.6474. |
| USD/JPY (Medium Term) | | Sell USD/JPY at 90.75. Stop at 91.29. Profit targets at 89.93. 89.32. |
| USD/CHF (Medium Term) | | Wait until a new pattern emerges. |
| USD/CAD (Medium Term) | | Sell USD/CAD at 1.0736. Stop at 1.0777. Profit targets at 1.0674, 1.0630. |
| 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 drawn a bearish channel on the 2hr
Chart that has provide fairly accurate support and resistance at this point. The pair also has broken the Daily Chart
channel. Both of these charts point to a move farther down, but we
will still stay on the sidelines until a new pattern emerges.
Trade Invalidation
No trade
| Resistance 3 | Bottom of channel | See Daily Chart |
| Resistance 2 | 1.4746 | 38.2% of AB on the Daily Chart |
| Resistance 1 | Top of channel | See 2hr Chart |
| Current Price | 1.4534 | |
| Support 1 | Bottom of channel | See 2hr Chart |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |
- Daily Chart - Broken bullish channel.
- 2hr Chart - Bearish channel.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
GBP/USD (Swing Forecast)
Potential Strategy
Buy GBP/USD at 1.6118. Stop at 1.5982. Profit targets at 1.6322, 1.6474.
| What is the trend? | Up |
| What is this pattern? | Bullish Gartley - 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? | None |
Reason for Strategy
A fairly long term bullish Gartley pattern is developing on the GBP/USD
8hr Chart below. The pair is hovering above the entry, and could enter any day now. This is a solid opportunity.
Trade Invalidation
A move above 1.6375 before reaching point D would cancel the trade. Additionally, a move below 1.5982 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 | 1.7042 | 100% of XA on the Daily Chart |
| Resistance 2 | 1.6756 | 78.6% of XA on the Daily Chart |
| Resistance 1 | 1.6532 | 61.8% of XA on the Daily Chart |
| Current Price | 1.6264 | |
| Support 1 | 1.6118 | Bearish Gartley |
| Support 2 | 1.5957 | 78.6% of AB on the Daily Chart |
| Support 3 | 1.5706 | Significant low |
- Daily Chart - Zoomed out version of the pattern shows the context we have been following for several days.
- 8hr Chart - Bullish Gartley; buy at 1.6118.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
USD/JPY (Swing Forecast)
Potential Strategy
Sell USD/JPY at 90.75. Stop at 91.29. Profit targets at 89.93. 89.32.
| What is the trend? | Down |
| What is this pattern? | Bearish Gartley - 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. |
Reason for Strategy
A bearish Gartley/double top is forming on the USD/JPY 2hr Chart. This
is a good situation because it allows us to go short within the context
of the bearish channel on the Weekly Chart. It may take a couple of
days for the pattern to rise to the entry, but the set up is still
worth posting at this point.
Trade Invalidation
A move below 89.00 before reaching point D would cancel the trade. Additionally, a move above 91.29 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 | 99.82 | 38.2% of XA on the Weekly Chart |
| Resistance 2 | Top of channel | See Weekly Chart |
| Resistance 1 | 90.75 | Bearish Gartley/Double Top |
| Current Price | 89.59 | |
| 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.
- 2hr Chart - Bearish Gartley; sell at 90.75.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
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 has continued to rise above the channel we had drawn on the
8hr Chart. Again, we did not set up this potential trade because it
reached point D and retraced to 38.2% of CD before we could enter the
trade. It also appears that the pair is bullish on the Weekly Chart
because we have broken above the bears trend line and the 78.6% of XA
level is finally providing some strong support.
Trade Invalidation
No trade
| Resistance 3 | 1.1386 | 61.8% of AB on the Weekly Chart |
| Resistance 2 | 1.1104 | 50% of AB on the Weekly Chart |
| Resistance 1 | 1.0822 | 38.2% of AB on the Weekly Chart |
| Current Price | 1.0406 | |
| Support 1 | 1.0184 | 78.6% of XA on the Weekly Chart |
| Support 2 | 0.9609 | 100% of XA on the Weekly Chart |
| Support 3 | 0.8878 | 127.2% of XA on the Weekly Chart |
- Weekly Chart - The USD/CHF have begun to rise from 1.0184 (78.6% of XA).
- 8hr Chart - Broken bearish channel.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
USD/CAD (Swing Forecast)
Potential Strategy
Sell USD/CAD at 1.0736. Stop at 1.0777. Profit targets at 1.0674, 1.0630.
| 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? | Larger ABCD which contains the primary pattern in its CD leg, Top of channel, Just above bearish trend line on the Daily Chart. |
Reason for Strategy
A bearish butterfly pattern is forming on the USD/CAD 2hr Chart. This pattern would complete at the top of the bullish channel on the 2hr Chart. The patterns also takes place within the the CD leg of a large ABCD pattern. Finally the trade would complete just above the bearish trend line on the Daily Chart. Overall, this trade setup has a lot of convergence at this sell entry.
Trade Invalidation
A move below 1.0540 before reaching point D would cancel the trade. Additionally, a move above 1.0777 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 | Bearish trend line | See Daily Chart |
| Resistance 2 | Top of channel | See 2hr Chart |
| Resistance 1 | 1.0736 | Bearish butterfly |
| Current Price | 1.0611 | |
| Support 1 | Bottom of channel | See 2hr 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 - Trade would complete just above the bearish trend line.
- 2hr Chart - Bearish butterfly; sell at 1.0736.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
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 fell before entering the bearish pattern we posted yesterday on the 8hr
Chart. The pair hasn't formed any new patterns that are near completing,
however, so we
can't really do anything here. It is important to note that the pair
broke below the bullish channel on the Weekly Chart again, which could
indicate some
weakness on the horizon.
Trade Invalidation
No trade
| Resistance 3 | 0.9230 | 61.8% of YZ on the 8hr Chart |
| Resistance 2 | 0.9175 | 50% of YZ on the 8hr Chart |
| Resistance 1 | 0.9121 | 38.2% of YZ on the 8hr Chart |
| Current Price | 0.9054 | |
| Support 1 | 0.8107 | 38.2% of AB on the Weekly Chart |
| Support 2 | 0.7706 | 50% of AB on the Weekly Chart |
| Support 3 | 0.7304 | 61.8% of AB on the Weekly Chart |
- Weekly Chart - Broken bullish channel.
- 8hr Chart - Bearish trend line.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
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 pair broke out of the top of the channel on the 2hr Chart, saw support at
previous resistance, and shot straight up. This is not unusual
behavior when a trend line breaks out. Since there is no pattern
forming at this point, we will simply
continue to watch for new patterns to emerge within the context of
either of our charts.
Trade Invalidation
No trade
| Resistance 3 | 0.7401 | 61.8% of AD on the 8hr Chart |
| Resistance 2 | 0.7329 | 50% of AD on the 8hr Chart |
| Resistance 1 | 0.7256 | 38.2% of AD on the 8hr Chart |
| Current Price | 0.7214 | |
| Support 1 | 0.7174 | 78.6% of BC on 8hr Chart |
| Support 2 | 0.7079 | 100% of BC on the 8hr Chart |
| Support 3 | 0.6958 | 127.2% of BC on the 8hr Chart |
- 8hr Chart - Recent price action doesn't lend itself to forming our patterns.
- 2hr Chart - Broken bearish channel.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.