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 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 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 60 minute USD/JPY has formed at Continuation Rising Wedge — an uptrending pattern alert — that is trading higher up through the 99.00 psychological level. The pattern has reached what could be consdered the “narrows” of the wedge where prices are increasingly squeezed by the tightening range of the uptrend lines coming together.
The Initial [...]
The U.S. Dollar range continues to dictate action in the majors, most especially the EUR/USD. The current range on the U.S. Dollar Index has reached uptrend line support and subsequently bounced pushing the EUR/USD off the 1.3438 double top.
The EUR/USD ceiling coincides with the 83.50 major psychological level support on the dollar index. [...]