CURRENCYCURRENT BIASPOTENTIAL STRATEGY
EUR/USD (Medium Term)
Sell EUR/USD at 1.2477. Stop at 1.2554. Profit target at 1.2361.
GBP/USD (Medium Term)
Sell GBP/USD at 1.5902. Stop at 1.6010. Profit target at 1.5732.
USD/JPY (Medium Term)
Sell USD/JPY at 78.94. Stop at 79.34. Profit target at 78.14
USD/CHF (Medium Term)
Watch for an opportunity to go long near one of the bullish trend lines.
USD/CAD (Medium Term)
Watch for an opportunity to go short near the most relevant bearish trend line.
AUD/USD (Medium Term)
Watch for a new opportunity to emerge related to the wedge.
NZD/USD (Medium Term)
Watch for a new opportunity to emerge.
  • EUR/USD
  • GBP/USD
  • USD/JPY
  • USD/CHF
  • USD/CAD
  • AUD/USD
  • NZD/USD
EUR/USD (Swing Forecast)
Potential Strategy
Sell EUR/USD at 1.2477. Stop at 1.2554. Profit target at 1.2361.
What is the trend?Down
What is this pattern?Bearish Gartley - See all chart patterns
Why is this significant?Multiple levels of resistance are converging near 1.2477 within the context of a long term downtrend.
What other indicators or Fib Levels support this thesis?Downtrend on the Weekly Chart.
Reason for Strategy
A bearish Gartley pattern is emerging on the the EUR/USD 8hr Chart that may allow us to go short within the context of the long term downtrend on the Weekly Chart.  The three levels of resistance are 61.8% of 01, 127.2% of AB, and 1A=BC.  Time symmetry was initially an issue because the pair rallied strongly from point B due to non farm payroll.  However, the pair has now slowed down so that the time symmetry is ideal.
Trade Invalidation
The trade idea is invalid if the pair drops to 1.2112 before reaching our entry.
Support & Resistance Levels
Resistance 3N/AN/A
Resistance 2Bearish trend lineSee Weekly Chart
Resistance 11.2303Bearish Gartley
Current Price1.2287
Support 11.1876Significant low on Weekly Chart
Support 2N/AN/A
Support 3N/AN/A
  • Weekly Chart - Trade idea would enter within the context of the downtrend.
  • 8hr Chart - Sell EUR/USD at 1.2477.
GBP/USD (Swing Forecast)
Potential Strategy
Sell GBP/USD at 1.5902. Stop at 1.6010. Profit target at 1.5732.
What is the trend?Down
What is this pattern?Bearish Gartley - See all chart patterns
Why is this significant?Multiple levels of resistance are converging near our entry at 1.5902.
What other indicators or Fib Levels support this thesis?N/A
Reason for Strategy
The recent GBP/USD rally established point B on the Daily Chart, and now we are watching a solid medium term bearish Gartley emerge.  The levels of convergence at point C are 61.8% of 01, 127.2% of AB, and 1A=BC.  The Weekly Chart outlook is neutral related to this trade idea since there are reasons for both support and resistance.  Otherwise, this is a straightforward setup that minimizes the spread's impact on our edge.
Trade Invalidation
The trade idea is invalid if the pair drops to 1.5380 before reaching our entry.
Support & Resistance Levels
Resistance 3N/AN/A
Resistance 2Bearish trend lineSee Weekly Chart
Resistance 11.5902Gartley resistance
Current Price1.5685
Support 11.5330General support on the Weekly Chart
Support 2N/AN/A
Support 3N/AN/A
  • Weekly Chart - A long term descending triangle is emerging.
  • Daily Chart - Bearish Gartley; sell at 1.5902.
USD/JPY (Swing Forecast)
Potential Strategy
Sell USD/JPY at 78.94. Stop at 79.34. Profit target at 78.14
What is the trend?Down
What is this pattern?Bearish Gartley - See all chart patterns
Why is this significant?Multiple levels of resistance are converging near our entry at 78.94.
What other indicators or Fib Levels support this thesis?Bearish trend line on the Daily Chart
Reason for Strategy
A pattern is emerging that could allow us to go short near the bearish trend line on the USD/JPY Daily Chart.  The trend line is very strong because it already has three perfect points of contact.  Now, a bearish Gartley pattern is forming that would allow us to go short almost exactly at the trend line.  The three levels of resistance that create the Gartley are 38.2% of 01, 127.2% of AB, and 1A=BC.  The stop and profit target are a little farther from the entry than usual due to the strength of the trend line on the Daily Chart.  Typically, I would put the stop a little closer, but in this case I want to make sure we give this trend line a good opportunity to work.
Trade Invalidation
The trade idea would be invalid if the pair drops to 78.09 before reaching our entry.
Support & Resistance Levels
Resistance 3N/AN/A
Resistance 2Bearish trend lineSee Daily Chart
Resistance 178.94Bearish Gartley
Current Price78.24
Support 1N/AN/A
Support 2N/AN/A
Support 3N/AN/A
  • Daily Chart - Trade idea would entry at the bearish trend line.
  • 8hr Chart - Sell USD/JPY at 78.94.
USD/CHF (Swing Forecast)
Potential Strategy
Watch for an opportunity to go long near one of the bullish trend lines.
What is the trend?Up
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
The USD/CHF had a successful test of both bullish trend lines we have drawn, but now the trend lines are pierced.  The trend lines could still hold on, but the pair is near the breaking point.  Both trend lines were tested simultaneously due to the fact the trend lines are the same basic idea.  The only difference is that that Daily Chart version is a zoomed in version of the Weekly Chart.  Regardless, we will still watch for a pattern to emerge that would allow us to go long near these trend lines.
Trade Invalidation
No trade.
Support & Resistance Levels
Resistance 3N/AN/A
Resistance 2N/AN/A
Resistance 1N/AN/A
Current Price0.9771
Support 1Bullish trend lineSee Daily Chart
Support 2Bullish trend lineSee Weekly Chart
Support 3N/AN/A
  • Weekly Chart - Bullish trend line.
  • Daily Chart - Bullish trend line.
USD/CAD (Swing Forecast)
Potential Strategy
Watch for an opportunity to go short near the most relevant bearish trend line.
What is the trend?Down
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
Multiple bearish trend lines are emerging on the USD/CAD.  The trend line on the 4hr Chart now has three tests, although the third test didn't line up perfectly.  Still, we will look for patterns that would allow us to go short near this trend line.  If the 4hr Chart trend line ends up breaking, then there are two more potential trend lines forming on the 8hr Chart.  Both of those trend lines only have two tests, so we would need at least one more successful test for those trend lines to become valid.
Trade Invalidation
No trade.
Support & Resistance Levels
Resistance 3N/AN/A
Resistance 2Possible bearish trend linesSee 8hr Chart
Resistance 1Bearish trend lineSee 4hr Chart
Current Price0.9906
Support 1N/AN/A
Support 2N/AN/A
Support 3N/AN/A
  • 8hr Chart - Potential bearish trend lines.
  • 4hr Chart - Bearish trend line.
AUD/USD (Swing Forecast)
Potential Strategy
Watch for a new opportunity to emerge related to the wedge.
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 couple of trend lines on the AUD/USD 8hr Chart that form a wedge.  The top of the wedge is solid because it has five successful tests.  The bottom of the wedge held on to its third test as well.  The top of the wedge appears to be the stronger trend line, so there is probably a better chance of the pair breaking out down rather than breaking out up.  Regardless, the pair is quickly approaching the moment of truth, and a strong break out may be inevitable.
Trade Invalidation
No trade.
Support & Resistance Levels
Resistance 31.1080Point 0 on the Weekly Chart
Resistance 21.071778.6% of 01 on the Weekly Chart
Resistance 1Top of wedgeSee 8hr Chart
Current Price1.0575
Support 1Bottom of wedgeSee 8hr Chart
Support 20.970178.6% of 1A on the Weekly Chart
Support 30.9387Point 1 on the Weekly Chart
  • Weekly Chart - 78.6% of 1A continues to provide strong support.
  • 8hr Chart - Which way will the pair break out of the wedge?
NZD/USD (Swing Forecast)
Potential Strategy
Watch for a new opportunity to emerge.
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

The NZD/USD finally had a decent third test of a new potential trend line, but the trend line broke just hours after the successful test.  So now we have two broken trend lines and not much else to focus on.  Although many major currency pairs are moving well right now, this pair is not one of them.  Therefore, we will watch for something brand new to emerge.

Trade Invalidation
No trade.
Support & Resistance Levels
Resistance 3N/AN/A
Resistance 2N/AN/A
Resistance 1Broken trend lineSee 2hr Chart
Current Price0.8129
Support 10.7850General support on the 8hr Chart
Support 2N/AN/A
Support 3N/AN/A
  • Daily Chart - Bearish trend line has broken.
  • 2hr Chart - Broken 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. 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.

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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.

The views of the authors and analysts are not necessarily those of GFT Markets, 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. GFT Markets 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.
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TRADE IDEAS

  • Trades to Watch
  • Trades in Progress
currency trade idea
AUD/USD
Medium term



Sell Sell at .9775
Stop at 0.985
Target at 0.963
There are currently no trades in progress.
These are hypothetical trades and should not be relied upon as a substitute for independent research.

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