All Trade Ideas and trading scenarios found 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 futures results.
Candlestick Daily: Cable Rallies, USD/JPY Falls on Last Trading Day of 2011
Last updated 30 December 2011 10:19 AM ET (GMT -5)
| EUR/USD (Short Term) | | EUR/USD testing resistance at 1.2970, room up to 1.30 if rates break above. |
| GBP/USD (Short Term) | | Strong rally leaves room up to previous support at 1.5580. See full report for more details. |
| USD/JPY (Short Term) | | USD/JPY breaks key support at 77.50, volatility picking up modestly. |
| USD/CHF (Short Term) | | Trade in Progress: Long USD/CHF from .9340, STOP ADJUSTED TO BREAKEVEN (.9340), targeting .9530. See full report for more details. |
| USD/CAD (Short Term) | | Ticking lower toward 1.0170 support after anemic trade over past 20 hours. See full report for more details. |
| AUD/USD (Short Term) | | Recent rally approaching critical resistance near 1.0200-20. See full report for more details |
| NZD/USD (Short Term) | | Similar to Aussie, Kiwi rallying but key resistance looms at .7775. See full report for more details. |
- EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- USD/CAD
- AUD/USD
- NZD/USD
EUR/USD (Intraday Forecast)
Potential Strategy
EUR/USD testing resistance at 1.2970, room up to 1.30 if rates break above.
| What is the trend? | Neutral |
| What is this pattern? | Doji - See all chart patterns |
| Why is this significant? | A Doji candle is formed when rates trade higher and lower within a given timeframe, but close in the middle of the range, near the open. Dojis suggest indecision in the market. |
| What other indicators or Fib Levels support this thesis? | |
Reason for Strategy
The EUR/USD has essentially stagnated over the past 24 hours as traders use the last trading day of 2012 as an opportunity to digest the recent volatility. The pair recently put in a Doji candlestick formation on the 4hr chart, indicating a indecision and balanced, two-way trade in the market. For the rest of the day, further consolidation is likely, though a break above 1.2970 would signal the potential for a rally to the 1.30 handle ahead of the weekend.
| Resistance 3 | 1.3145 | Monthly S1 Pivot |
| Resistance 2 | 1.3100 | Round handle resistance |
| Resistance 1 | 1.3000 | Key psychological resistance |
| Current Price | 1.2971 | |
| Support 1 | 1.2873 | Previous support |
| Support 2 | 1.2850 | Monthly S2 Pivot |
| Support 3 | tbd | |
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.
GBP/USD (Intraday Forecast)
Potential Strategy
Strong rally leaves room up to previous support at 1.5580. See full report for more details.
| What is the trend? | Up |
| 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
The GBP/USD meanwhile, is showing clear relative strength against its mainland counterpart. The pair broke above minor resistance near 1.5475 earlier this morning, paving the way for a continuation rally up to 1.5580 ahead of the weekend. Short-term traders may want to look for intraday pullbacks as buying opportunities, given the clear bullish momentum to the this morning’s trade
| Resistance 3 | tbd | |
| Resistance 2 | 1.5733 | Monthly Pivot |
| Resistance 1 | 1.5580 | Previous support, now resistance |
| Current Price | 1.5529 | |
| Support 1 | 1.5475 | Previous resistance, now support on 4hr |
| Support 2 | 1.5362 | Previous support |
| Support 3 | tbd | |
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.
USD/JPY (Intraday Forecast)
Potential Strategy
USD/JPY breaks key support at 77.50, volatility picking up modestly.
| 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
Trade in the USD/JPY finally appears to be picking up after a two-month slumber between 77.60 and 78.20. Rates dropped below critical support at the monthly pivot at 77.54, leading to a quick 30 pip drop thus far. Bears will push for a test of the Dec. 8 low at 77.12 ahead of the weekend; More importantly though, the recent pickup in volatility, if maintained, should lead to more trading opportunities in 2012.
| Resistance 3 | 78.20 | Previous resistance |
| Resistance 2 | 78.00 | Round handle |
| Resistance 1 | 77.54 | Monthly Pivot |
| Current Price | 77.20 | |
| Support 1 | 77.12 | Dec. 8 Low |
| Support 2 | 77.00 | Round handle |
| Support 3 | tbd | |
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.
USD/CHF (Intraday Forecast)
Potential Strategy
Trade in Progress: Long USD/CHF from .9340, STOP ADJUSTED TO BREAKEVEN (.9340), targeting .9530. See full report for more details.
| What is the trend? | Up |
| 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
The USD/CHF has pulled back modestly over the past 24 hours and is trading below .9400 support as of writing. However, rates are currently testing key previous-support-turned-resistance at .9388, a level which has a higher probability of leading to uptrend resumption. Our longer-term buy trade from .9340 remains open with the stop at breakeven. Given the longer-term uptrend, there is still a higher probability of rates continuing up to the target at .9530.
| Resistance 3 | tbd | |
| Resistance 2 | .9545 | Previous resistance |
| Resistance 1 | .9500 | Round handle resistance |
| Current Price | .9378 | |
| Support 1 | .9280 | Previous resistance, now support |
| Support 2 | .9200 | Round handle support |
| Support 3 | tbd | |
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.
USD/CAD (Intraday Forecast)
Potential Strategy
Ticking lower toward 1.0170 support after anemic trade over past 20 hours. See full report for more details.
| 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
The USD/CAD has stagnated lately as loonie traders have apparently clocked out early for the new year. Rates have consolidated in a microscopic 25 pip range over the last 24 hours, though the bears may finally be taking the upper hand as we move into the North American session. To the downside, previous support at 1.0170 is likely to put a floor under any intraday pullbacks in the unit.
| Resistance 3 | 1.0400 | Round handle resistance |
| Resistance 2 | 1.0300 | Round handle resistance |
| Resistance 1 | 1.0256 | Monthly Pivot |
| Current Price | 1.0178 | |
| Support 1 | 1.0170 | Previous support |
| Support 2 | 1.0065 | Previous support |
| Support 3 | tbd | |
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.
AUD/USD (Intraday Forecast)
Potential Strategy
Recent rally approaching critical resistance near 1.0200-20. See full report for more details
| 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
The Aussie dollar also rallied modestly on the general “risk on” sentiment of today’s European trade. Rates are now approaching converging resistance from 1.0200-20, an area that has capped rates on two occasions in the past 2 weeks. Given today’s empty economic data slate, it is unlikely the Aussie will find enough buying pressure to break above this area.
| Resistance 3 | 1.0300 | Round handle resistance |
| Resistance 2 | 1.0220 | Previous resistance |
| Resistance 1 | 1.0200 | Round handle |
| Current Price | 1.0188 | |
| Support 1 | 1.0050 | Previous support |
| Support 2 | 1.0000 | Key psychological support |
| Support 3 | .9900 | Round handle |
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.
NZD/USD (Intraday Forecast)
Potential Strategy
Similar to Aussie, Kiwi rallying but key resistance looms at .7775. See full report for more details.
| 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
The Kiwi has also rallied thus far this morning, though key previous resistance at .7775 looms just above current market prices. As we’ve outlined throughout this week, rates remain contained within the .7650 - .7775 consolidation zone in the medium-term. A breakout above this range at this point would turn the bias bullish into next week for a test of previous resistance at .7830 in short-order.
| Resistance 3 | tbd | |
| Resistance 2 | .7830 | Previous resistance |
| Resistance 1 | .7775 | Previous resistance |
| Current Price | .7750 | |
| Support 1 | .7650 | Previos support |
| Support 2 | .7600 | Round handle support |
| Support 3 | tbd | |
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. We generally encourage readers and clients not to risk more than 3% of their account on any single trade. 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 futures results.