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 rallied off of the bottom of the channel and may test the top of the channel soon. Hopefully this is the retracement that finally helps form a new pattern.
Trade Invalidation
No trade
| Resistance 3 | 1.4082 | 50% of AB on the 4hr Chart |
| Resistance 2 | 1.3965 | 38.2% of AB on the 4hr Chart |
| Resistance 1 | Top of bearish channel | See 4hr Chart |
| Current Price | 1.3788 | |
| Support 1 | 1.3735 | 50% of YZ on the Weekly Chart |
| Support 2 | 1.3403 | 61.8% of YZ on the Weekly Chart |
| Support 3 | 1.2930 | 78.6% of YZ on the Weekly Chart |
- Weekly Chart - Have we finally seen strong support?
- 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
The GBP/USD rallied back into the channel. Therefore, this channel is not nearly as clean as we like. There are simply too many breaches. We will leave it up for another day, but hopefully something new develops for tomorrow. Also, make a note to keep watching the bullish butterfly on the Daily Chart.
Trade Invalidation
No trade
| Resistance 3 | 1.6288 | 50% of XA on the Daily Chart |
| Resistance 2 | 1.6110 | 382.% of XA on the Daily Chart |
| Resistance 1 | Top of bearish channel | See 2hr Chart |
| Current Price | 1.5713 | |
| Support 1 | Bottom of bearish channel | See 2hr Chart |
| Support 2 | 1.1.5706 | 100% of AB on the Daily Chart |
| Support 3 | 1.5387 | 127.2% of AB on the Daily Chart |
- Daily Chart - Drop is forming a potential bullish butterfly.
- 2hr Chart - Sloppy 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
Sell USD/JPY at 90.17. Stop at 90.47. Profit target at 89.72.
| What is the trend? | Down |
| What is this pattern? | No pattern present - 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. Trade would enter one pip away from 78.6% of AB on the Weekly Chart. |
Reason for Strategy
A bearish Gartley pattern is forming on the USD/JPY 30min Chart. The
pair has been in a long
term downtrend for a while, and we would also enter at almost the exact
78.6% Fibonacci retracement of AB. That ratio was originally support,
but old support often can become new resistance. The pair has moved
sideways for a while, so be cautious of a rapid move up that could
indicate long bars.
Trade Invalidation
A move below 88.75 before reaching point D would cancel the trade. Additionally, a move above 90.47 would stop the trade out. Additional 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 0.8960, the trade is also invalidated.
| Resistance 3 | Top of bearish channel | See Weekly Chart |
| Resistance 2 | 90.18 | 78.6% of AB on the Weekly Chart |
| Resistance 1 | 90.17 | Bearish Gartley |
| Current Price | 1.5712 | |
| 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.
- 30min Chart - Bearish Gartley; sell at 90.17.
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 has dropped through the bullish trend line on the 8hr Chart. However, the line has been pierced before, and it held that time. Then again, we could be seeing resistance after the bearish Gartley completed on the Weekly Chart. However, we didn't place a trade because the convergence wasn't strong enough. We will simply stay on the sidelines and see what happens next.
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 | Bearish trend line | See Weekly Chart |
| Current Price | 1.0640 | |
| Support 1 | Bottom of ascending triangle | See 8hr 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 we see resistance soon?
- 8hr Chart - Ascending triangle broken at the top.
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 down again after testing resistance. There is nothing we can do at this point except watch for new patterns to form in the context of the bullish channel.
Trade Invalidation
No trade
| Resistance 3 | 1.0772 | 61.8% of EF on the Daily Chart |
| Resistance 2 | Top of bullish channel | See 8hr Chart |
| Resistance 1 | 1.0745 | 100% of XA on the 8hr Chart |
| Current Price | 1.0665 | |
| Support 1 | Bottom of bullish channel | See 8hr Chart |
| Support 2 | 1.0550 | 38.2% of AB on the 8hr Chart |
| Support 3 | 1.0488 | 50% of AB on the 8hr Chart |
- Daily Chart - Broken bearish trend line has provided support.
- 8hr Chart - Will we test of the bottom of the channel soon?
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 risen quite a bit over the past 24 hours. The pair is now testing the bearish trend line on the 8hr Chart. However, there is still no pattern so we just have to keep waiting for a new one to form.
Trade Invalidation
No trade
| Resistance 3 | 0.8953 | 50% of YZ on the 4hr Chart |
| Resistance 2 | 0.8864 | 38.2% of YZ on the 4hr Chart |
| Resistance 1 | Bearish trend line | See 4hr Chart |
| Current Price | 0.8794 | |
| Support 1 | 0.8733 | 100% of AB on the Daily Chart |
| Support 2 | 0.8571 | 127.2% of AB on the Daily Chart |
| Support 3 | 0.8365 | 161.8% of AB on the Daily Chart |
- Daily Chart - Big rally after testing 127.2% of AB.
- 4hr Chart - Will the bearish trend line 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
The NZD/USD has seen support at the bottom of the bearish channel on the
Daily Chart. This also is the same level as 200% of ZD on the 2hr
Chart. There is still no pattern to trade so we must remain on the sidelines at this point. However, a retracement like this is the first step in more patterns starting to develop.
Trade Invalidation
No trade
| Resistance 3 | 0.7318 | 61.8% of XC on the Daily Chart |
| Resistance 2 | 0.7220 | 50% of XC on the Daily Chart |
| Resistance 1 | 0.7122 | 38.2% of XC on the Daily Chart |
| Current Price | 0.6963 | |
| Support 1 | Bottom of channel | See Daily Chart |
| Support 2 | 0.6840 | 127.2% of AB on the Daily Chart |
| Support 3 | 0.6839 | 200% of ZD on the 2hr Chart |
- Daily Chart - Bearish channel.
- 2hr Chart - We finally see a rally.
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.