CURRENCYCURRENT BIASPOTENTIAL STRATEGY
EUR/USD (Short Term)
Reversing lower off strong resistance at 1.2651, but all eyes on Greek election
GBP/USD (Short Term)
Close open short trade at market ahead of weekend event risk. See full report for more details
USD/JPY (Short Term)
Key previous support at 79.08 now expected to provide resistance on any future bounces
USD/CHF (Short Term)
Bouncing from monthly pivot / round handle support at .9500
USD/CAD (Short Term)
Following bullish trend line lower, next support at 1.0200
AUD/USD (Short Term)
Previous sell trade stopped out as rates rally through parity resistance. Room for further gains as long as 1.00 floor holds
NZD/USD (Short Term)
At 1-month highs around .7850, room up to minor previous resistance at .7900 next

Matthew Weller

Technical Analyst, GFT

  • EUR/USD
  • GBP/USD
  • USD/JPY
  • USD/CHF
  • USD/CAD
  • AUD/USD
  • NZD/USD
EUR/USD (Intraday Forecast)
Potential Strategy
Reversing lower off strong resistance at 1.2651, but all eyes on Greek election
What is the trend?Neutral
What is this pattern?Dark Cloud Cover - See all chart patterns
Why is this significant?A Dark Cloud Cover is formed when one candle opens near the top of the previous candle’s range, but sellers step in and push rates down to close in the lower half of the previous candle’s range. It suggests a potential trend reversal.
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The EUR/USD rallied yesterday on optimism that Greece would find a workable coalition from its election vote this weekend. Technically, the pair rallied into previous resistance near the monthly Pivot Point (1.2651) before showing signs of reversing lower overnight. Specifically, rates carved out a Dark Cloud cover formation on the 4hr chart, indicating a potential shift from buying to selling pressure in the near-term. Short-term traders may want to look for intraday selling opportunities ahead of the weekend, but with the extreme uncertainty surrounding the Greek elections, traders should be extremely wary of holding trades over the weekend.

Support & Resistance Levels
Resistance 3tbd
Resistance 21.2700Round handle resistance
Resistance 11.2651Monthly Pivot
Current Price1.2595
Support 11.2500Round handle support
Support 21.2440Previous support
Support 3tbd
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GBP/USD (Swing Forecast)
Potential Strategy
Close open short trade at market ahead of weekend event risk. 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 GBP/USD continued to consolidated in a tighter and tighter range with rates now on the verge of breaking out of the multi-week symmetrical triangle pattern. Due to this pattern, rates have merely consolidated since we entered our sell trade earlier this week. With unpredictable volatility likely in the wake of the Greek elections this weekend, we will look to close the trade out at current market rates (1.5521). 

Support & Resistance Levels
Resistance 3tbd
Resistance 21.5660Monthly Pivot
Resistance 11.5600Round handle resistance
Current Price1.5554
Support 11.5400Round handle support
Support 21.5300Round handle support
Support 3tbd
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USD/JPY (Swing Forecast)
Potential Strategy
Key previous support at 79.08 now expected to provide resistance on any future bounces
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

After consolidating around 79.50 for the first 4 days of the week, the USD/JPY is finally showing signs of volatility.  The pair dropped below monthly pivot support at 79.08 on the BOJ’s decision to leave policy unchanged. Moving forward, this 79.08 level is likely to provide resistance for rates, and may mark a favorable opportunity to establish sell trades after the weekend. Stay tuned to FX360 and our daily Live Market Analysis webinars for any intraday updates or specific trade opportunities.

Support & Resistance Levels
Resistance 3tbd
Resistance 279.65Previous resistance
Resistance 179.08Monthly Pivot
Current Price78.71
Support 178.00Round handle support
Support 277.56Monthly S1 pivot
Support 3tbd
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USD/CHF (Swing Forecast)
Potential Strategy
Bouncing from monthly pivot / round handle support at .9500
What is the trend?Neutral
What is this pattern?Bullish Pin Candle - See all chart patterns
Why is this significant?A Bullish Pin (Pinnochio) candle, also known as a hammer or paper umbrella, is formed when prices fall within the candle before buyers step in and push prices back up to close near the open. It suggests the potential for a bullish continuation if the high of the candle is broken.
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The USD/CHF pulled back to monthly pivot support at .9504 yesterday, but has since bounced back modestly. The recent bounce was confirmed by Bullish Pin Candle on the 4hr chart, which suggests that short-term dips are being seen as buying opportunities. A modest move higher ahead of the weekend would not be surprising, but for now, the prudent course of action is to avoid establishing new trades until after the Greek elections this weekend.

Support & Resistance Levels
Resistance 3tbd
Resistance 2.9700Round handle resistance
Resistance 1.9650Previous resistance
Current Price.9533
Support 1.9504Monthly Pivot
Support 2tbd
Support 3tbd
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USD/CAD (Swing Forecast)
Potential Strategy
Following bullish trend line lower, next support at 1.0200
What is the trend?Down
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 USD/CAD dropped during yesterday’s North American session, but has stalled out in the low 1.0200s over the past 16 hours. The longer-term bearish trend line remains intact, and may put a cap on any intraday rallies that emerge over the course of the day. Meanwhile, a key support level sits at 1.0200, which represents this week’s low, in addition key round handle support. 

Support & Resistance Levels
Resistance 3tbd
Resistance 21.0300Round handle resistance
Resistance 1~1.0250 (currently)Bearish trend line resistance
Current Price1.0243
Support 11.0200Round handle support
Support 21.0181Monthly Pivot
Support 3tbd
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AUD/USD (Swing Forecast)
Potential Strategy
Previous sell trade stopped out as rates rally through parity resistance. Room for further gains as long as 1.00 floor holds
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 Aussie surged higher yesterday, and after a brief pause, broke above key psychological resistance at parity (1.00). This move through parity resistance stopped out our open sell trade from earlier this week, resulting in a 50-pip loss. Yesterday’s break above 1.00 opens the door for further rallies today and into next week, with the next clear level of resistance up at the Monthly R1 pivot at 1.0180. Stay tuned to FX360 and our daily Live Market Analysis webinars for any intraday updates or specific trade opportunities.

Support & Resistance Levels
Resistance 3tbd
Resistance 2tbd
Resistance 11.0100Round handle resistance
Current Price1.0026
Support 11.0000Key psychological support
Support 2.9916Monthly Pivot
Support 3.9825Previous support
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NZD/USD (Swing Forecast)
Potential Strategy
At 1-month highs around .7850, room up to minor previous resistance at .7900 next
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 Kiwi also rallied yesterday, breaking conclusively to new 1-month highs above .7785. As we outlined in yesterday’s Candlestick Daily report, the New Zealand Dollar has been showing relative strength against other currencies , and buy opportunities will be favored as long as the pair remains above bullish trend line support. The next level of resistance is the minor previous high near .7900.

Support & Resistance Levels
Resistance 3tbd
Resistance 2tbd
Resistance 1.7900Round handle resistance
Current Price.7850
Support 1.7785Previous resistance, now support
Support 2.7712Monthly Pivot
Support 3tbd
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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.


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 Futures & Forex, Ltd. (“GFT Markets”) 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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Stop at 0.985
Target at 0.963
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