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 uptrend on the 240 minute EUR/USD has been rejected at the 200sma that has come down as a dynamic resistance level. The selling pressure at the 200sma and the support of the wedge uptrend line has
brought this pair to a major decision level. The Initial Trend is low and indicates that the uptrend is stalling and becoming [...]
After 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 15 minute EUR/USD has alerted at Triangle Complete Pattern with a Forecast Region waiting between 1.3490 and 1.3510. The resistance on this 15 minute chart may seem like it has limited potential upside but then again remember it is a short time frame as well. What this small bounce could set up are corrections [...]
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 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 [...]
Looking at both long term, intermediate term, and short term charts is an important aspect of pattern analysis. Understanding the both the market cycles and the support and resistance of each time frame independently will clarify the set ups in a pair. Longer time frames typically will entail more risk tolerance while shorter time frames [...]
The USD/JPY is trading above the 98.00 level and with the Dow up over 100 point pre-market, there is little reason to think that the climb will not follow-through. The 8:30am EST Jobless Claims number will be
a factor that could shake things up though so there is something that the market is waiting on to [...]
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 chart pattern alert for the 240 minute GBP/USD is a Continuation Falling Wedge and like any trending pattern there is the possibility for both the trend follow and the trend reversal. Here the decision level is the downtrend line resistance (green).
The breakout would trigger a buy if prices broke the 1.4690 level and this [...]