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Swing Technicals- EUR/USD Short Opportunity at 1.2935
Last updated 01 September 2010 06:08 PM ET (GMT -5)
| EUR/USD (Medium Term) | | Sell EUR/USD at 1.2935. Stop at 1.3125. Profit target at 1.2435. |
| GBP/USD (Medium Term) | | Watch for another potential round of resistance at the broken trend line. |
| 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) | | See FX360 Technical Analyst Staff's Intraday Technical Report |
| 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
Sell EUR/USD at 1.2935. Stop at 1.3125. Profit target at 1.2435.
| What is the trend? | Down |
| What is this pattern? | - See all chart patterns |
| Why is this significant? | Broken bullish trend line could provide new resistance. |
| What other indicators or Fib Levels support this thesis? | N/A |
Reason for Strategy
The EUR/USD rose before entering our bullish pattern from yesterday's report, but this rise has put the pair somewhat near the broken bullish trend line. The broken trend line could provide new resistance near 1.2935 if that level is tested in the next 24 hours.
Trade Invalidation
The trade is invalidated if the trade does not enter by 6pm eastern time tomorrow (9/2/2010).
| Resistance 3 | N/A | N/A |
| Resistance 2 | N/A | N/A |
| Resistance 1 | 1.2935 | Broken trend line |
| Current Price | 1.2810 | |
| Support 1 | 1.2605 | 50% of YZ on the Daily Chart |
| Support 2 | 1.2433 | 61.8% of YZ on the Daily Chart |
| Support 3 | 1.2188 | 78.6% of YZ on the Daily Chart |
- Daily Chart - Trade would enter near the broken trend line.
- Daily Chart - Close up of our potential entry.
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
Watch for another potential round of resistance at the broken trend line.
| What is the trend? | Down |
| What is this pattern? | - See all chart patterns |
| Why is this significant? | We saw old support turn into new resistance once already. |
| What other indicators or Fib Levels support this thesis? | N/A |
Reason for Strategy
There may be a second test of the broken trend line on the GBP/USD 2hr Chart. We already shot down from the resistance once, but that was a much smaller breach of the trend line. This time the pair really dropped a long way before its rise, so I am hesitant to place a trade based on this information. However, that level is still worth watching.
Trade Invalidation
N/A
| Resistance 3 | N/A | N/A |
| Resistance 2 | Bottom of broken channel | See Daily Chart |
| Resistance 1 | Broken trend line | See 2hr Chart |
| Current Price | 1.5456 | |
| Support 1 | 1.5366 | 38.2% of YZ on the Daily Chart |
| Support 2 | 1.5171 | 50% of YZ on the Daily Chart |
| Support 3 | 1.4975 | 61.8% of YZ on the Daily Chart |
- Daily Chart - Broken channel.
- 2hr Chart - We saw strong resistance off of the broken bullish 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.
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
There is a new bearish channel that has formed on the USD/JPY, but we cannot take any action yet. It is surprising that the wedge keeps hanging on despite multiple breaches.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | Top of bearish channel | See 8hr Chart |
| Resistance 1 | Top of wedge | See Daily Chart |
| Current Price | 84.42 | |
| Support 1 | Bottom of wedge | See Daily Chart |
| Support 2 | Bottom of bearish channel | See 8hr Chart |
| Support 3 | N/A | N/A |
- Daily Chart - Will the wedge see a strong breakout after the recent breach?
- 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/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 drawn a potential bearish channel on the USD/CHF 4hr Chart. However, it is still too early to look for a trade off of the trend line because there are only two points of contact on each trend line that makes up the channel.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | Bearish trend line | See Monthly Chart |
| Resistance 1 | Bearish trend line | See 4hr Chart |
| Current Price | 1.0151 | |
| Support 1 | Bottom of bearish channel | See 4hr Chart |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |
- Monthly Chart - Long term bearish trend line.
- 4hr 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? | Down |
| 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
This is another example of a pair breaking out of a channel, rising back to the bottom, and seeing new resistance. While this even occurred between reports, hopefully some of you caught this on your own because I have written so much about this topic. Also, it appears we may be forming a range on the Daily Chart.
Trade Invalidation
No trade
| Resistance 3 | 1.0831 | 127.2% of AB on the Daily Chart |
| Resistance 2 | 1.0676 | 100% of AB on the Daily Chart |
| Resistance 1 | Bottom of broken bullish channel | See 2hr Chart |
| Current Price | 1.0502 | |
| Support 1 | 1.0138 | 100% of AB on the Daily Chart |
| Support 2 | 0.9992 | 127.2% of AB on the Daily Chart |
| Support 3 | 0.9806 | 161.8% of XA on the Daily Chart |
- Daily Chart - Is a range forming between point A and point B?
- 2hr Chart - Broken 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.
AUD/USD (Swing Forecast)
Potential Strategy
See FX360 Technical Analyst Staff's Intraday Technical Report
| What is the trend? | Down |
| What is this pattern? | Bearish Gartley - See all chart patterns |
| Why is this significant? | Multiple levels of potential resistance have converged at one precise level. |
| What other indicators or Fib Levels support this thesis? | N/A |
Reason for Strategy
A bearish Gartley is forming on the AUD/USD 4hr Chart. FX360 Technical Analyst Staff posted this trade this morning, and I agree with the general pattern. Please see his report on this pair for a more exact trade idea.
Trade Invalidation
N/A
| Resistance 3 | 0.9447 | 127.2% of XA on the Daily Chart |
| Resistance 2 | 0.9387 | 100% of XA on the Daily Chart |
| Resistance 1 | 0.9104 | 78.6% of XA on the Daily Chart |
| Current Price | 0.9113 | |
| Support 1 | 0.8779 | 38.2% of AB on the Daily Chart |
| Support 2 | 0.8643 | 50% of AB on the Daily Chart |
| Support 3 | 0.8507 | 61.8% of AB on the Daily Chart |
- Daily Chart - Will we start testing support soon?
- 4hr Chart - Bearish Gartley.
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
After it looked like the NZD/USD might not see support at the broken bearish trend line, the pair rallied. This was a sloppy reaction, but it still technically would have worked. Regardless, we will go onto the next trade idea tomorrow.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | N/A | N/A |
| Resistance 1 | Bearish trend line | See Weekly Chart |
| Current Price | 0.7121 | |
| Support 1 | Broken bearish trend line | See 4hr Chart |
| Support 2 | 0.7018 | N/A |
| Support 3 | N/A | N/A |
- Weekly Chart - Bearish trend line.
- 4hr Chart - Broken 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.
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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.
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