Pattern RadarThe EUR/JPY has been trending higher on the shorter term intraday charts like the 15, 30, and 60 minute charts. As New York prepares to open it would be likely that some uptrending pattern alerts will emerge but the real question will be whether or not the EUR/JPY has the buying support to test and [...]
The GBP/USD has formed two downtrending patterns on the shorter term intraday timeframes. The 15 and 30 minute charts have alerted a falling wedge and channel down pattern respectively. Let’s take a look at the 15 minute chart with the Continuation Falling Wedge.
The pattern shows the resistance currently holding the downtrend in place. However not [...]
The EUR/USD has been heading in a mark up cycle on the four hour chart since July 14th. This climb has brought the pair often called the “fiber” to the doorstep of 1.4300. This level represents more than just a major psychological level but also significant resistance that was tested in May of this year. [...]
The GBP/USD has formed a Rising Wedge Emerging Pattern alert which with the current uptrend could have the potential to test 1.6380. The Initial Trend is low and that is partially due to the fact that prices, since the European open, have begun to congest below the 1.6350 psychological level.
This ceiling is currently being balanced [...]
With the USD/CAD fresh off its resistance at the 1.1724 to 1.1685 ceiling, the short term intraday time frames like the 15, 30, and 60 minute charts have transitioned to a downtrending market cycle. The U.S. Dollar Index has been trending lower since the Asian session and the crude oil market has rallied off the [...]
The 60 minute Reversal Channel Down pattern on the USD/JPY tells the story so far this week: The yen is gaining on most currencies. The yen is often a flight to safety buy when traders and investors are risk averse. The risk aversion of the past month shows explains why the USD/JPY has gone from [...]
The GBP/USD has been trending lower since the high made at 1.6744 on June 30th. The 60 minute chart has alerted a Reversal Channel Down Emerging pattern which has excellent Initial Trend although is weak on Uniformity. A word about Uniformity: it’s the measurement of the touchpoints that create the lines of the patterns. In [...]
The U.S. Dollar has broken uptrend line support again and is sitting on the vital support level that will likely determine whether the weakness will continue. As the dollar finds buying support at the 84.50 area the USD/CHF has been trending lower as the franc strengthens against the dollar.
The Continuation Falling Wedge pattern alert reflects [...]
The USD/JPY is trending lower even though the U.S. Dollar is stronger this morning. Taking one look at the Dow Industrial Average pointing to a lower open is giving yen buyers reason to keep buying as well as the underlying worry of the swine flu spreading.
The Continuous Channel Down pattern alert on both the 30 [...]
As the U.S. Dollar pierces the 85.00 level the weakness in the greenback has pushed the EUR/USD higher up through not only the 1.3100 level but also the 1.3200 levels as well. The initial set up was an intraday trend follow which has now led to the daily with breakout set ups of its own. [...]