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Swing Technicals- Currency Patterns Still Resetting
Last updated 04 January 2010 06:05 PM ET (GMT -5)
| EUR/USD (Medium Term) | | Wait until a new pattern emerges. |
| GBP/USD (Medium Term) | | Wait until a new pattern emerges. |
| USD/JPY (Medium Term) | | Wait until a new pattern emerges. |
| 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 drawn a relatively short term bullish channel which is emerging on
the 4hr Chart. The channel isn't perfect, but it is all we have at this point. As the holiday season ends, we will watch for price action that fits our patters better.
Trade Invalidation
No trade
| Resistance 3 | 1.4678 | 50% of XA on the 4hr Chart |
| Resistance 2 | 1.4569 | 38.2% of XA on the 4hr Chart |
| Resistance 1 | Top of channel | See 4hr Chart |
| Current Price | 1.4413 | |
| Support 1 | Bottom of 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 - Bullish 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
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 Daily Chart |
| Resistance 2 | 1.6216 | 38.2% of XA on the Daily Chart |
| Resistance 1 | Top of channel | See 8hr Chart |
| Current Price | 1.6089 | |
| Support 1 | 1.5957 | 78.6% of AB on the Daily Chart |
| Support 2 | 1.5706 | 100% of AB on the Daily Chart |
| Support 3 | Bottom of channel | See 8hr Chart |
- Daily Chart - Will support at 1.5957 (78.6% of AB) continue to hold?
- 8hr 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.
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 4hr 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 | 92.46 | |
| 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: 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
We have updated the bearish channel on the 2hr Chart. However, this channel is fairly weak. We would like at least one more point of support or resistance before we are confident in this channel. Still, we will watch for new patterns to
emerge within the 2hr Chart channel.
Trade Invalidation
No trade
| Resistance 3 | 1.1104 | 50% of AB on the Weekly Chart |
| Resistance 2 | 1.0822 | 38.2% of AB on the Weekly Chart |
| Resistance 1 | Top of channel | See 2hr Chart |
| Current Price | 1.0293 | |
| 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: 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
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 trade from last week is invalidated because the pair dropped down before entering the trade. There isn't much to watch on this pair at this point, but there is a possible point of long term support around 1.0200. Notice there is an ABCD pattern that would complete there, 161.8% of XA on the 8hr Chart, and the previous low on the Daily Chart (point F).
Trade Invalidation
No trade
| Resistance 3 | 1.0664 | 50% of EF on the Daily Chart |
| Resistance 2 | Bearish trend line | See Daily Chart |
| Resistance 1 | 1.0556 | 38.2% of EF on the Daily Chart |
| Current Price | 1.0417 | |
| Support 1 | 1.0404 | 100% of XA on the 8hr Chart |
| Support 2 | 1.0347 | 78.6% of FG on the Daily Chart |
| Support 3 | 1.0311 | 127.2% of XA on the 8hr Chart |
- Daily Chart - Potential long term support near 1.0200.
- 8hr Chart - Potential long term support near 1.0200.
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 has nearly shot up to the top of the bearish channel on the 8hr Chart. However, there is no pattern so we cannot set up a trade yet. We will continue to watch for new patterns to develop on the 8hr Chart.
Trade Invalidation
No trade
| Resistance 3 | 0.9261 | 78.6% of AD on the 8hr Chart |
| Resistance 2 | Top of channel | See 8hr Chart |
| Resistance 1 | 0.9148 | 61.8% of AD on the 8hr Chart |
| Current Price | 0.9119 | |
| Support 1 | 0.9088 | 61.8% of BC on the 8hr Chart |
| Support 2 | 0.9025 | 78.6% of BC on the 8hr Chart |
| Support 3 | 0.8944 | 100% of BC on the 8hr Chart |
- Weekly Chart - Broken bullish channel.
- 8hr Chart - Will the top of the channel hold.
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
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 | 0.7490 | 78.6% of AD on the Daily Chart |
| Resistance 2 | 0.7378 | 61.8% of AD on the Daily Chart |
| Resistance 1 | Top of channel | See Daily Chart |
| Current Price | 0.7339 | |
| Support 1 | 0.7249 | 61.8% of BC on the Daily Chart |
| Support 2 | 0.7174 | 78.6% of BC on the Daily Chart |
| Support 3 | 0.7079 | 100% of BC on the Daily Chart |
- Daily Chart - Will the top of the bearish channel hold?
- 4hr Chart - Twin channel breakouts.
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.
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The information, including Commentary and Trade Ideas, provided on FX360.com should not be relied upon as a substitute for extensive independent research which should be performed before making your investment decisions. Global Forex Trading and FX360 .com is merely providing this information for your general information. The information and opinions presented do 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. Any projections or views of the market provided by FX360.com may not prove to be accurate.
The views of the authors and analysts are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. 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. 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.