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Swing Technicals- GBP/USD to Face Resistance at 1.5490
Last updated 03 September 2010 05:20 PM ET (GMT -5)
| EUR/USD (Medium Term) | | Sell EUR/USD at 1.2985. Stop at 1.3220. Profit target at 1.2435. |
| GBP/USD (Medium Term) | | Sell GBP/USD at 1.5490. Stop at 1.5511. Profit target at 1.5460. |
| 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 1.2985. Stop at 1.3220. 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
We updated both the entry (1.2985) and the stop (1.3220) on this trade although it is the same basic idea that has been posted for the past two days. We rose our entry from yesterday because the bullish trend line obviously moves up over the course of 24 hours. The broken trend line could provide new resistance near 1.2985 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 (9/6/2010).
| Resistance 3 | N/A | N/A |
| Resistance 2 | N/A | N/A |
| Resistance 1 | 1.2985 | Broken trend line |
| Current Price | 1.2894 | |
| 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
Sell GBP/USD at 1.5490. Stop at 1.5511. Profit target at 1.5460.
| What is the trend? | Down |
| What is this pattern? | Bearish Gartley - See all chart patterns |
| Why is this significant? | Five separate levels of resistance line up near the same exactly level (1.5490). |
| What other indicators or Fib Levels support this thesis? | 61.8% of YZ on the 2hr Chart, secondary ABCD within the primary CD leg. |
Reason for Strategy
A bearish Gartley/double top is forming on the GBP/USD 30min Chart. The pattern has excellent time symmetry and is currently showing good time symmetry as well. Additionally, the trade would enter near 61.8% of YZ on the 2hr Chart, and there is a secondary ABCD pattern forming within the primary CD leg. The only cause for concern is if we see a gap up over the weekend, so don't put this trade on until after the market opens on Sunday.
Trade Invalidation
The trade is invalid if the pair drops to 1.5410 before entering.
| Resistance 3 | 1.5539 | 78.6% of YZ on the 2hr Chart |
| Resistance 2 | 1.5493 | 61.8% of YZ on the 2hr Chart |
| Resistance 1 | 1.5490 | Bearish Gartley |
| Current Price | 1.5464 | |
| Support 1 | N/A | N/A |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |
- 2hr Chart - Trade would enter near 61.8% of YZ.
- 1hr Chart - Bearish Gartley; sell at 1.5490.
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
Our bearish Gartley trade from yesterday won, but I would not have taken this trade (and didn't on my LMA account). The reason is that Non Farm Payroll gapped the pair up almost instantly to our entry and that momentum almost immediately knocked the trade out. It ended up winning, but I don't think this was a high percentage trade because it entered right after NFP came out.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | Top of bearish channel | See 8hr Chart |
| Resistance 1 | 80.04 | Bearish Gartley |
| Current Price | 84.38 | |
| Support 1 | Bottom of bearish channel | See 8hr Chart |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |
- 8hr Chart - Bearish channel.
- 1hr 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.
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 new bullish trend line on the USD/CHF 30min Chart. If this trend line breaks next week and the pair rises back to the broken trend line, this could result in a solid opportunity to go short in the context of the bearish channel on the 4hr Chart.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | N/A | N/A |
| Resistance 1 | Top of bearish channel | See 4hr Chart |
| Current Price | 1.0165 | |
| Support 1 | Bullish trend line | See 30min Chart |
| Support 2 | Bottom of bearish channel | See 4hr Chart |
| Support 3 | N/A | N/A |
- 4hr Chart - Bearish channel.
- 30min Chart - 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/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
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 | 1.0381 | |
| 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 updated this trade this morning, and I agree with the general pattern. Please see his report on this pair for a more exact update.
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 | 0.9167 | |
| 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 next week.
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 | 0.7207 | |
| 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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