Pattern RadarThe Initial Trend’s medium to high reading indicates that the downtrend is intact on the 30 minute chart of the AUD/USD. The Continuation Channel Down is setting up a correction entry in what would be a trend-follow or “swing” play. The downtrend line resistance (green) is the short entry trigger for the bounce within
the the downtrend. Currently that level [...]
The intraday downtrend across the 30 and 60 minute charts has been slowing as Asia approaches. The Monday session for the USD/CHF showed the franc gaining on the dollar throughout the session due in no small part to an inactive Swiss National Bank. The pause now offers a chance to consider what the next move for the pair will [...]
One of the most powerful Quality Indicators associated with every Autochartist update is the Initial Trend reading. It is one of the most distinguishing facets of Autochartist. The Initial Trend reading allows each chart pattern to be analyzed within the context of the underlying market cycle. The 30 minute Reversal Channel Up pattern on the EUR/USD has a broken the [...]
The 240 minute EUR/USD has been trading within a wide range as prices are bouncing off the 1.4280 area and hitting a ceiling between 1.4480 and 1.4500. The range, coupled with the lack of trend (T), has formed a Continuation Channel Up pattern. It’s a shallow channel, certainly not a sharp uptrend. In fact, some [...]
The strong intraday downtrend on the GBP/JPY appears to be taking a pause and possibly making a small correction. This would set up the Continuation Channel Down pattern for a swing (trend follow) short.
Remember that corrections can be defined as bounces within a trending pattern so this means that the downtrend line resistance (R) of the channel is both [...]
The Continuation Falling Wedge on the 15 minute chart has found Forecast area support (F) between 1.4380 and 1.4360. Trade management levels such as this that are available on Complete Patterns can offer insight into what a pair’s next move could be. Combine the support area with the low Initial Trend (T) reading and the market appears that the near [...]
Setting up short or near term breakdowns can be a great way to play a top or reversal in a pair. The 15 minute time frame is especially well-suited for this type of entry. The 15 minute EUR/USD has formed
a Continuation Flag pattern as prices have congested into a upward angling formation. This flag could also be considered [...]
The intraday USD/CHF has been volatile on the shorter intraday time frames like the 15, 30, and 60 minute charts. The trend shifts have been quick and this type of environment having an understanding of where selling pressure and buying support are is invaluable. The 30 minute USD/CHF break higher through a downtrend line break [...]
With the uptrend on the daily chart pulling back for yet another session, prices have broken down through the support of 0.9200.
The 60 minute chart has a projected downside target of 0.9060 if prices can break down lower. This would mean another strong day for the Dollar Index and a weaker commodities complex.
The trigger for [...]
The USD/CAD is in a mark up cycle (C) that is slowing as prices are correcting to the uptrend line of the Continuation Channel Up. The swing buy trigger also has the added support (S) of the 1.0500 level which is a significant psychological price level.
The 240 minute time frame is a slow intraday time frame which is [...]