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 4hr
Chart that has provided fairly accurate support and resistance.
However, the channel has now broken to the upside. The pair also has
broken the Daily Chart
channel. Lastly, there is a shorter term bullish channel emerging on
the 4hr Chart. However, at this point there is no clear direction the
pair would be
more likely to go, so we will stay on the sidelines for now.
Trade Invalidation
No trade
| Resistance 3 | 1.4787 | 61.8% of XA on the 4hr Chart |
| Resistance 2 | 1.4678 | 50% of XA on the 4hr Chart |
| Resistance 1 | 1.4569 | 38.2% of XA on the 4hr Chart |
| Current Price | 1.4319 | |
| Support 1 | Top of bearish channel | See 4hr Chart |
| Support 2 | 1.4281 | 61.8% of YZ on the Daily Chart |
| Support 3 | 1.4047 | 78.6% of YZ on the Daily Chart |
- Daily Chart - Broken bullish channel.
- 4hr Chart - Broken bearish channel and emerging 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.
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. We have just seen resistance at the top of the channel. If the pair continues to drop, the channel will continue to get stronger. We will watch for new patterns to form within the context of the channel.
Trade Invalidation
No trade
| Resistance 3 | 1.6374 | 50% of XA on the Weekly Chart |
| Resistance 2 | 1.6216 | 38.2% of XA on the Weekly Chart |
| Resistance 1 | Top of channel | See 8hr Chart |
| Current Price | 1.6161 | |
| Support 1 | Bottom of channel | See 8hr Chart |
| Support 2 | 1.5957 | 78.6% of AB on the Daily Chart |
| Support 3 | 1.5706 | 100% of AB on the Daily Chart |
- Daily Chart - Will support at 1.5957 (78.6% of AB) continue to hold?
- 8hr 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 bullish channel on the USD/JPY 2hr Chart. The channel has improved and now appears to be fairly strong. However, we have also no risen to the bearish trend line on the Weekly Chart. So, something has to give, but we can't tell yet what that might be.
Trade Invalidation
No trade
| Resistance 3 | 99.82 | 38.2% of XA on the Weekly Chart |
| Resistance 2 | Top of channel | See 4hr Chart |
| Resistance 1 | Top of channel | See Weekly Chart |
| Current Price | 92.90 | |
| Support 1 | Bottom of channel | See 4hr Chart |
| Support 2 | 90.18 | 78.6% of AB on the Weekly Chart |
| Support 3 | 87.12 | 100% of AB on the Weekly Chart |
- Weekly Chart - Bearish channel.
- 4hr 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/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 updated the bearish channel on the 2hr Chart as the old channel has been completely invalidated. We will watch for new patterns to emerge within the 2hr Chart channel.
Trade Invalidation
No trade
| Resistance 3 | 1.1104 | 50% of XA on the Weekly Chart |
| Resistance 2 | 1.0822 | 38.2% of XA on the Weekly Chart |
| Resistance 1 | Top of channel | See 2hr Chart |
| Current Price | 1.0355 | |
| 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 - The USD/CHF have begun to rise from 1.0184 (78.6% of XA).
- 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.
USD/CAD (Swing Forecast)
Potential Strategy
Sell USD/CAD at 1.0664. Stop at 1.0709. Profit targets at 1.0596, 1.0544.
| 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 trend line on the Daily Chart and 50% of EF on the Daily Chart. |
Reason for Strategy
We have drawn a bearish Gartley pattern on the USD/CAD 2hr Chart. Although the pair has to rise quite a bit before entering, this setup has outstanding symmetry. Also, the trade would enter at the bearish trend line which we have been watching for weeks. Furthermore, the trade would enter at the exact 50% Fibonacci retracement of EF on on the Daily Chart. This is an above average setup.
Trade Invalidation
A move below 1.0445 before reaching point D would cancel the trade. Additionally, a move above 1.0709 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 | 1.0664 | 50% of EF on the Daily Chart |
| Resistance 1 | 1.0664 | Bearish Gartley |
| Current Price | 1.0524 | |
| Support 1 | 1.0458 | 61.8% of AB on the Daily Chart |
| Support 2 | 1.0347 | 78.6% of AB on the Daily Chart |
| Support 3 | 1.0205 | Significant low |
- Daily Chart - Trade would enter at bearish trend line and 50% of EF.
- 2hr Chart - Bearish Gartley; sell at 1.0664.
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 has continued to fall rapidly. We have drawn a channel
because of this drop. The pair also completed an ABCD pattern. I
wouldn't be surprised to see a bump up at this point, but there isn't
enough convergence to post a trade.
Trade Invalidation
No trade
| Resistance 3 | 0.9148 | 61.8% of AD on the 8hr Chart |
| Resistance 2 | 0.9069 | 50% of AD on the 8hr Chart |
| Resistance 1 | 0.8990 | 38.2% of AD on the 8hr Chart |
| Current Price | 0.8963 | |
| Support 1 | 0.8841 | 127.2% of BC on the 8hr Chart |
| Support 2 | Bottom of channel | See 8hr Chart |
| Support 3 | 0.8711 | 161.8% of BC on the 8hr Chart |
- Weekly Chart - Broken bullish channel.
- 8hr Chart - Will the channel hold?
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
We have drawn two bearish channels on the NZD/USD 4hr Chart. It is
interesting that this channel looks virtually identical to the channel
immediately preceding it. The pair has broken above the second
channel, and we will just keep watching for new patterns to emerge.
Trade Invalidation
No trade
| Resistance 3 | 0.7278 | 61.8% of AD on the Daily Chart |
| Resistance 2 | 0.7299 | 50% of AD on the Daily Chart |
| Resistance 1 | 0.7221 | 38.2% of AD on the Daily Chart |
| Current Price | 0.7230 | |
| Support 1 | 0.7079 | 100% of BC on the 8hr Chart |
| Support 2 | 0.6958 | 127.2% of BC on Daily Chart |
| Support 3 | Bottom of channel | See Daily Chart |
- Daily Chart - Bearish channel.
- 4hr Chart - Twin broken bearish channels.
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.