Pattern RadarAfter breaking out from a Continuation Triangle pattern and climbing to the July 9th high, the EUR/USD could be making a soft double top as seen on the 60 minute chart. With the prior high at 1.4074 and
today’s high at 1.4083 the nine pip variance between the two highs and the 1.4080 minor psychological level [...]
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 240 minute chart, an intermediate intraday time frame has broken out of congestion within a Continuation Triangle. The breakout pierced the downtrend line resistance during the 4:00am EST candle and has a projected Forecast Region of between 1.1480 to 1.1570. This resistance level will also factor in the 1.1500 psychological level that will [...]
The AUD/USD is enjoying a surge of buying support improvements in the credit market are perceived to be increasing risk appetite. From a technical standpoint this psychology can be measured by the breakout above the key 0.7100 level. As the AUD/USD has been rallying the U.S. Dollar Index has sunk back below the 86.00 further [...]