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Intraday Technicals: Multiple Patterns Developing on the EUR/USD
Last updated 02 September 2010 09:15 AM ET (GMT -5)
| EUR/USD (Short Term) | | Sell at 1.28626, risking 1.29695 and targeting 1.27010 (see 4hr chart) |
| GBP/USD (Short Term) | | Down off near-term 61.8% resistance, room down to 1.5320 |
| USD/JPY (Short Term) | | Waiting for a new pattern to emerge |
| USD/CHF (Short Term) | | Waiting for a new pattern to emerge |
| USD/CAD (Short Term) | | Waiting for a new pattern to emerge |
| AUD/USD (Short Term) | | Trade in progress: Sold at .9113, risking .9166 and targeting .8967 |
| NZD/USD (Short Term) | | Waiting for a new pattern to emerge |
- EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- USD/CAD
- AUD/USD
- NZD/USD
EUR/USD (Intraday Forecast)
Potential Strategy
Sell at 1.28626, risking 1.29695 and targeting 1.27010 (see 4hr chart)
| What is the trend? | Down |
| What is this pattern? | Bearish Gartley - See all chart patterns |
| Why is this significant? | A confluence of fibonacci resistance levels near entry at point D increase odds of a temporary market reversal |
| What other indicators or Fib Levels support this thesis? | 38.2% of XA, 161.8% of BC, 127.2% ABCD pattern extension |
Reason for Strategy
Trade Invalidation
This trade would be invalid if prices dropped below point C (1.2625) prior to reaching entry
| Resistance 3 | 1.3048 | 61.8% on 4hr |
| Resistance 2 | 1.2960 | 50% on 4hr |
| Resistance 1 | 1.2872 | 38.2% on 4hr |
| Current Price | 1.2806 | |
| Support 1 | 1.2767 | 38.2% on 30min |
| Support 2 | 1.2739 | 50% on 30min |
| Support 3 | 1.2712 | 61.8% on 30min |
- 4hr Chart -
- 30min Chart -
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 (Intraday Forecast)
Potential Strategy
Down off near-term 61.8% resistance, room down to 1.5320
| What is the trend? | Down |
| What is this pattern? | Bullish Butterfly - See all chart patterns |
| Why is this significant? | A confluence of fibonacci and pattern support levels near entry at point D increase odds of a temporary reversal |
| What other indicators or Fib Levels support this thesis? | 161.8% of XA, 161.8% on 2hr, ABCD Pattern |
Reason for Strategy
| Resistance 3 | 1.5597 | Recent high on 2hr |
| Resistance 2 | 1.5539 | 78.6% on 2hr |
| Resistance 1 | 1.5493 | 61.8% on 2hr |
| Current Price | 1.5387 | |
| Support 1 | 1.5362 | 78.6% on 2hr |
| Support 2 | 1.5325 | Recent low (point B on 2hr) |
| Support 3 | 1.5280 | 127.2% on 2hr |
- Daily Chart -
- 2hr Chart -
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 (Intraday Forecast)
Potential Strategy
Waiting for a new pattern to emerge
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | |
| What other indicators or Fib Levels support this thesis? | |
Reason for Strategy
| Resistance 3 | 85.04 | 61.8% on 30min |
| Resistance 2 | 84.78 | 50% on 30min |
| Resistance 1 | 84.66 | Recent high on 1hr |
| Current Price | 84.27 | |
| Support 1 | 84.03 | 61.8% on 1hr |
| Support 2 | 83.87 | 78.6% on 1hr |
| Support 3 | 83.65 | Recent low on 1hr |
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 (Intraday Forecast)
Potential Strategy
Waiting for a new pattern to emerge
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | |
| What other indicators or Fib Levels support this thesis? | |
Reason for Strategy
| Resistance 3 | 1.0255 | 78.6% on 1hr |
| Resistance 2 | 1.0214 | 61.8% on 1hr |
| Resistance 1 | 1.0186 | 50% on 1hr |
| Current Price | 1.0127 | |
| Support 1 | 1.0089 | 78.6% on 1hr |
| Support 2 | 1.0064 | Recent low on 1hr |
| Support 3 | 1.0000 | Key psychological support level |
- Weekly Chart -
- 1hr Chart -
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 (Intraday Forecast)
Potential Strategy
Waiting for a new pattern to emerge
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | |
| What other indicators or Fib Levels support this thesis? | |
Reason for Strategy
| Resistance 3 | 1.0788 | 161.8% on 2hr |
| Resistance 2 | 1.0720 | 127.2% on 2hr |
| Resistance 1 | 1.0667 | Recent double top on 2hr |
| Current Price | 1.0492 | |
| Support 1 | 1.0471 | Recent low on 2hr |
| Support 2 | 1.0417 | 127.2% on 2hr |
| Support 3 | 1.0347 | 161.8% on 2hr |
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 (Intraday Forecast)
Potential Strategy
Trade in progress: Sold at .9113, risking .9166 and targeting .8967
| What is the trend? | Down |
| What is this pattern? | Bearish Gartley - See all chart patterns |
| Why is this significant? | A confluence of fibonacci and pattern resistance levels near entry at point D increase odds of a temporary market reversal |
| What other indicators or Fib Levels support this thesis? | 78.6% of XA, 161.8% of BC, ABCD pattern |
Reason for Strategy
Trade Invalidation
This trade has already entered. It will be stopped out on a movement up to .9166.
| Resistance 3 | .9344 | 127.2% on 8hr |
| Resistance 2 | .9221 | Recent high (point X on 4hr) |
| Resistance 1 | .9124 | 78.6% on 4hr |
| Current Price | .9091 | |
| Support 1 | .8768 | 50% on 8hr |
| Support 2 | .8661 | 61.8% on 8hr |
| Support 3 | .8509 | 78.6% on 8hr |
- 8hr Chart -
- 4hr Chart - Sold at .9113, risking .9166 and targeting .8967
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 (Intraday Forecast)
Potential Strategy
Waiting for a new pattern to emerge
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | |
| What other indicators or Fib Levels support this thesis? | |
Reason for Strategy
| Resistance 3 | tbd | |
| Resistance 2 | .7248 | 161.8% on 1hr |
| Resistance 1 | .7188 | 127.2% on 1hr |
| Current Price | .7162 | |
| Support 1 | .6947 | Recen tlow on 1hr |
| Support 2 | .6894 | 127.2% on 1hr |
| Support 3 | .6827 | 161.8% on 1hr |
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.