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Intraday Technicals: Counter-trend USD/JPY Buy
Last updated 08 September 2010 09:13 AM ET (GMT -5)
| EUR/USD (Short Term) | | Testing near-term 78.6% support near 1.2660 |
| GBP/USD (Short Term) | | Testing key near-term triple-top resistance near 1.55 |
| USD/JPY (Short Term) | | Buy if prices drop to 83.054, risking 82.766 and targeting 83.739 (counter-trend opportunity) |
| USD/CHF (Short Term) | | Testing near-term double-bottom support near 1.0060 |
| USD/CAD (Short Term) | | Waiting for a new pattern to emerge |
| AUD/USD (Short Term) | | Testing key resistance near 91.80 (near-term double-top, see 30min chart), but room up to longer-term double top near 92.20 (see daily chart) |
| 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
Testing near-term 78.6% support near 1.2660
| What is the trend? | Neutral |
| 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
| Resistance 3 | 1.2818 | 61.8% on 30min |
| Resistance 2 | 1.2788 | 50% on 30min |
| Resistance 1 | 1.2757 | 38.2% on 30min |
| Current Price | 1.2716 | |
| Support 1 | 1.2657 | 78.6% on 4hr |
| Support 2 | 1.2587 | Recent low (point A on 4hr) |
| Support 3 | 1.2497 | 127.2% on 4hr |
- 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
Testing key near-term triple-top resistance near 1.55
| 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 | 1.5607 | 161.8% on 30min |
| Resistance 2 | 1.5540 | 127.2% on 30min |
| Resistance 1 | 1.5488 | Recent high on 1hr |
| Current Price | 1.5454 | |
| Support 1 | 1.5417 | 38.2% on 30min |
| Support 2 | 1.5394 | 50% on 30min |
| Support 3 | 1.5371 | 61.8% on 30min |
- Daily 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.
USD/JPY (Intraday Forecast)
Potential Strategy
Buy if prices drop to 83.054, risking 82.766 and targeting 83.739 (counter-trend opportunity)
| What is the trend? | Down |
| What is this pattern? | Bullish Butterfly - See all chart patterns |
| Why is this significant? | A confluence of fibonacci support levels near entry at point D increase odds of a temporary market reversal |
| What other indicators or Fib Levels support this thesis? | 127.2% of XA, 141.4% of BC, AB=CD pattern |
Reason for Strategy
Trade Invalidation
This trade would be invalidated if prices rise above 85.21 prior to reaching entry.
| Resistance 3 | tbd | |
| Resistance 2 | 85.42 | Recent high (point A on 2hr) |
| Resistance 1 | 85.21 | Recent high (point C on 2hr) |
| Current Price | 83.73 | |
| Support 1 | 82.95 | 127.2% of XA on 2hr |
| Support 2 | 82.03 | 127.2% on daily |
| Support 3 | tbd | |
- 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/CHF (Intraday Forecast)
Potential Strategy
Testing near-term double-bottom support near 1.0060
| 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 | 1.0170 | 61.8% on 2hr |
| Resistance 2 | 1.0149 | 50% on 2hr |
| Resistance 1 | 1.0128 | 38.2% on 2hr |
| Current Price | 1.0099 | |
| Support 1 | 1.0034 | Recent low (point A on 2hr) |
| Support 2 | 1.0016 | 127.2% on 2hr |
| Support 3 | 1.0000 | Key psychological support level |
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? | Bearish Gartley - See all chart patterns |
| Why is this significant? | A confluence of fibonacci and pattern resistance levels near point D increase odds of a temporary market reversal |
| What other indicators or Fib Levels support this thesis? | |
Reason for Strategy
| Resistance 3 | 1.0601 | 78.6% on 8hr |
| Resistance 2 | 1.0545 | 61.8% on 8hr |
| Resistance 1 | 1.0505 | 50% on 8hr |
| Current Price | 1.0476 | |
| Support 1 | 1.0443 | 38.2% on 30min |
| Support 2 | 1.0423 | 50% on 30min |
| Support 3 | 1.0403 | 61.8% on 30min |
- 8hr 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.
AUD/USD (Intraday Forecast)
Potential Strategy
Testing key resistance near 91.80 (near-term double-top, see 30min chart), but room up to longer-term double top near 92.20 (see daily chart)
| 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 | .9221 | Double top on daily |
| Resistance 2 | .9205 | 127.2% on 30min |
| Resistance 1 | .9183 | Recent double top on daily |
| Current Price | .9165 | |
| Support 1 | .9150 | 38.2% on 30min |
| Support 2 | .9140 | 50% on 30min |
| Support 3 | .9130 | 61.8% on 30min |
- Daily 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.
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 | .7395 | Recent high on 8hr |
| Resistance 2 | .7299 | 78.6% on 8hr |
| Resistance 1 | .7255 | Recent high on 1hr |
| Current Price | .7202 | |
| Support 1 | .7144 | 38.2% on 1hr |
| Support 2 | .7110 | 50% on 1hr |
| Support 3 | .7076 | 61.8% 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.