FXstreet.com: Technical: Forex Trading Strategies

EURUSD Beginning to Neutralize

(Learn To Trade The Market) — Sat, 25 May 2013 02:21:51 GMT

Chart in Focus: Daily EURUSD The EURUSD pin bar setup that we discussed earlier this week has seen price move sideways to higher over the last two days. The market did show some rejection of 1.2950 - 1.3000 key resistance today but it's looking more like the market is taking on a neutral tone at this point. That 1.3000 resistance level is really the "line in the sand" for next week, and the market will need to stay contained below that level to have a chance at breaking lower. Otherwise, we

GBP/USD Trading at Falling Channel Resistance

(FXTimes) — Fri, 24 May 2013 13:26:32 GMT

GBP/USD 1H chart 5/24/2013 8:10AM EDT Falling Channel: GBP/USD has been trading in a falling channel since retreating from 1.56 at the beginning of May. This channel anchored below a rising channel and price has fallen to a previous pivot around 1.5025 . This is below 61.8% retracement of the previously broken rising channel. As we get into the last session of this week, GBP/USD has rallied above 1.51 to about 1.5125 , held there so far as the relief rally is challenged by the falling channel

GBP/USD: short term bullish above 1.5130

forex@fxstreet.com (FXstreet.com) — Fri, 24 May 2013 11:05:32 GMT

The GBP/USD continues to be capped by the 1.5130 Fibonacci level, although a general dollar negative sentiment maintains the pair above 1.5100 and with a positive tone this Friday, as price stands above its 20 SMA, while indicators head higher still below their midlines. The upward corrective movement can extend once price firms up above mentioned resistance, requiring at least a 1 hour candle opening above it to confirm more gains, towards 1.5160/80 price zone. The intraday bullish tone will

EUR/USD: it's all in the eye of the beholder

forex@fxstreet.com (FXstreet.com) — Fri, 24 May 2013 09:59:00 GMT

Last week update, purely focus on a technical perspective, showed how dangerously close the EUR/USD was to the neckline of a big H&S pattern in the daily chart. However, price was not even close to test the base of the figure, around 1.2740/50, and found buyers on dips toward 1.2800/20 price zone for most of the day. The FED did not actually bring anything new to the table, saying that they will tapper QE when the economic situation improves, something we all already knew. But it was how

AUDUSD: Bearish, Weakens

m.isah@fxtechstrategy.com (FXTechstrategy) — Fri, 24 May 2013 09:57:02 GMT

AUDUSD: Bearish, Weakens. AUDUSD - With AUDUSD seen reversing its recovery attempts on Thursday, there is risk of further downside. Support comes in at the 0.9592 level where a break will target the 0.9500 level. Other supports are located at the 0.9450 level and the 0.9400 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, immediate resistance resides at the 0.9700 level followed by the 0.9800 level and then the 0.9851 level. Further out, resistance

USD/JPY: correcting maybe, but no topping signs

forex@fxstreet.com (FXstreet.com) — Fri, 24 May 2013 09:26:53 GMT

The USD/JPY has finally reached the 103.60 price zone, strong long term resistance: if you watch your monthly chart, you will find several lows around the level, between 2004 and 2008. More important, after reaching the level the pair shed near 300 pips in less than 24 hours: is that the first sign of a top in USD/JPY? Probably not, as the pair has steadily advanced around 670 pips just this May, and price bounced strongly up on an attempt to break below the 38.2% retracement, around 101.20

EUR/USD 1H Chart Emerging Pattern: Channel Up

info@dukascopy.com (Dukascopy Bank SA) — Fri, 24 May 2013 08:11:14 GMT

EUR/USD has formed a Channel Up pattern on the 1H chart. The pattern has 41% quality and 50% magnitude in the 113-bar period. The pattern began on 16th of May when the pair peaked to 1.2930; at the moment it is trading at 1.2939. Trading volume seems to be holding in the same level in the length of the pattern. Technical indicators on aggregate point at further appreciation of the pair on 1H horizon. Long traders could focus on the Bollinger band at 1.2949, 20-day SMA/daily pivot (R1) at

The major trend is still intact till DJIA manages to trade above 14860 ranges

support@gfmresearch.com (GFM Research Private Limited) — Fri, 24 May 2013 07:20:46 GMT

Market Commentary Speculation that the Fed may reduce bond purchases led to the US Dollar gaining across the board resulted in most of the asset classes succumbing to selling pressure nevertheless the Dollar Index (DX) again finds resistance at 84.50 ranges. The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be over stretched wherein historic inverse correlation is not observed since last couple of weeks with both the indices appreciating. The benchmark equity

AUD/USD to rise to 0.9826 in 2 trading days

info@autochartist.com (Autochartist) — Fri, 24 May 2013 06:00:29 GMT

As you can see from the following trade alert for AUD/USD, this pair recently turned up from the lower trendline of the hourly Down Channel chart pattern identified by Autochartist. Expect the pair to rise to the target level 0.9826 in 2 trading days. The stop level for this alert is set at 0.9593 (point A, which is the bottom of this chart pattern). This point was formed earlier when AUD/USD reversed sharply up from the support area embracing the major support level 0.9600 coinciding with the

Brent Crude & WTI Crude

jason@daytradeideas.co.uk (DayTradeIdeas.com) — Fri, 24 May 2013 06:19:41 GMT

Daily Forecast - 24 May 2013 Brent Crude July contract Brent Crude broke support at 101.35/20 but being very oversold in the short term we bounced ahead of our buying opportunity at 100.26 & recovered to 102.40/50 resistance. This has held the bounce as expected but the outlook is more positive today so a push above here looks likely for a test of moving averages at 103.40 & Fibonacci resistance just above at 103.80. Exit longs & try shorts with stops above 104.10. Failure to hold

Index Recommended Levels

vilks49@yahoo.com (FXtechtrade) — Fri, 24 May 2013 03:13:54 GMT

Dow Jones : Resistance(daily close) : 14855.63, 15021.70, 15159.38 and 15404.28 . Breaking of the latter would give 15643.13, 15845.63, 16022.80 и 16205.32 (published on March 29, 2013). Support ( daily close ): 13 395.94 , 13 162.60 and 12 937.40. Then 12 506.84, 12 397.40, 12 214.70, 12 116.25, 11 913.40 and 11 864.53. Breaking of the letter will give 11 694.36, 11 593.13, 11 328.75 and 11 131.87 ( published on May 18, 2007, upgraded on January 24, 2013) . Then follow 9630.33 , 9358.35,

Crude Oil Pin Bar From Support

(Learn To Trade The Market) — Fri, 24 May 2013 01:34:17 GMT

Chart in Focus: Daily Crude Oil Chart Crude Oil tried to move lower today but found support near $92.00 and rejected that level to form a bullish pin bar into the daily close. If the market remains strong above $92.00 we could see it push higher from here and re-test resistance up near $97.00. Note that the pin bar signal from today rejected the same support / event area as the previous pin bar that formed on May 15th.

The JPY strengthened across the board

(FXTimes) — Thu, 23 May 2013 14:21:23 GMT

EUR/USD Even though the session was dominated by risk-averse flows, which stemmed from liquidation related flows out of Asia where the Nikkei 225 index fell over 7% and in turn prompted market participants to cover long USD/JPY positions. In terms of macroeconomic commentary, the Spanish Treasury successfully sold just over EUR 4.00bln worth of bonds, while the latest round of Manufacturing and Services PMIs out of Europe underpinned the view that more stimulative measures will be required

EUR/USD Fails to Extend Bearish Reaction and Rallies Above 1.29

(FXTimes) — Thu, 23 May 2013 13:10:29 GMT

EUR/USD 1H chart 5/23/2013 8:53AM EDT Reaction after Bernanke: The main event risk yesterday (5/22) was the Bernanke testimony in front of the Join Economic Committee. The reaction after it was a strong USD across the board. The EUR/USD fell sharply from around 1.30 but failed to reach 1.28 by the end of the session, and rallied back above 1.29 by the 5/23 US session. Double 3: What we probably witnessed yesterday was a completion of a correction pattern from just below 1.28 to just below

GBP/AUD Forming a Double Top and Threatening a Rising Trendline

(FXTimes) — Thu, 23 May 2013 13:07:46 GMT

GBP/AUD 4H chart 5/23/2013 8:23AM EDT Bullish market: GBP/AUD has been in a bull market since the beginning of April. The 4H chart shows that very clearly as price continues to makes higher highs and lows, remains above a rising trendline going back to lows from Apr. 10/11. The RSI has tagged 70 several times and held above 40. The moving averages are in bullish alignment. Rising trendline; double top: It is still a bit premature to call it, but the GBP/AUD appears to be forming a double top

GBP/USD Trades in a Falling Channel; Bounces off Support Pivot

(FXTimes) — Thu, 23 May 2013 13:00:31 GMT

GBP/USD 1H chart 5/23/2013 7:45AM EDT Support pivot: After a bearish push that followed softer UK inflation data and Bernanke’s testimony, the GBP/USD finally found support around a previous support pivot near 1.5025 .The 4H RSI also resolved an oversold reading. Bearish: The market remains bearish as price action is still within a falling channel. If today’s relief rally continues, look for test of channel resistance to challenge the rally. If we break 1.52, we are likely in sideways action,

Bell Opening Comments

Trades@mindvisiontraders.com) (Mind Vision Traders) — Thu, 23 May 2013 13:00:42 GMT

Finally stock indices moves down after the message from Bernanke was that Fed bond purchases are not going to last forever. On the other hand, the transition back to a more "normal" policy is going to be gradual and governed by the performance of the economy and more specifically the jobs Markets Gold is might some sharp corrections yesterday and now we might see further wild swings in the market and finally the long awaited correction is happened and how deep it is going to be wait and watch

GBP/USD: corrects higher, far from reversing

forex@fxstreet.com (FXstreet.com) — Thu, 23 May 2013 11:07:33 GMT

The GBP/USD corrects higher this Thursday, after reaching 1.5013 with the European opening. Risk aversion extended to Asian session, with the Nikkei losing over 7% after some initial gains, favoring the fall. Current recovery however, remains well below 1.5130, 61.8% retracement of the latest daily bullish run and immediate resistance: only a break above the level can deny the bearish bias of the pair and see Pound advancing higher. 4 hours chart shows indicators supporting the corrective

EURUSD: Bearish, Faces Further Downside Threats

m.isah@fxtechstrategy.com (FXTechstrategy) — Thu, 23 May 2013 10:21:27 GMT

EURUSD: Bearish, Faces Further Downside Threats. EURUSD - With a failed attempt on the upside seeing EUR closing lower on Wednesday, further down side is likely in the days ahead. A return to the 1.2750/35 levels, its key support levels is now expected. Below here will push it further lower towards the 1.2650 level and then the 1.2600 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.2950 level where a break will target the

AUD/USD 1H Chart Emerging Pattern: Channel Down

info@dukascopy.com (Dukascopy Bank SA) — Thu, 23 May 2013 08:31:28 GMT

AUD/USD has formed a Channel Down pattern on the 1H chart. The pattern has 45% quality and 80% magnitude in the 233-bar period. The pattern began on 8th of May when the pair dipped to 1.0155 before peaking to 1.0255; at the moment it is trading at 0.9633. Trading volume seems to be holding in the same level in the length of the pattern. The Stochastic indicator sends a buy signal on 4H horizon suggesting we might see a bullish correction soon. Long traders could focus on the 20-bar SMA at

Dax June contract

info@technicalanalysisreports.com (Charmer Charts.com) — Thu, 23 May 2013 07:21:04 GMT

SUPPORT: 8395 8380 8365 8323 8292 8257 8225/17.5 8162.5 8138.5 8106 RESISTANCE: 8435 8446 8487.5 8544.5 8561 8569 8598 8611 8685 8720 Yesterday Dax made a new high at 8561 before trading lower with the S&P last night, and breaking the uptrend on the hourly charts. This morning pre-trading spread betters are indicating that Dax will open around 8400. I am not convinced this is the end of the bull run as believe this is just a small correction in the S&P before it continues the march

CAD/JPY set to fall to 96.27 in 7 trading days

info@autochartist.com (Autochartist) — Thu, 23 May 2013 06:27:53 GMT

CAD/JPY continues to decline inside the daily Flag chart pattern identified by Autochartist, as is visible from the following trade opportunity alert I received today for this pair. CAD/JPY is set reach the target level 96.27 in the next 7 trading days. Autochartist set the stop-level for this forecast at 100.975 (B, the top of this Flag, which formed recently when the pair turned down from the resistance level 101.00). CAD/JPY is expected to reach the target level 96.27, as can also be seen

EURUSD – Bearish Bias – Looking to Sell at 1.2877 stop at 1.2905

info@first4trading.com (First4Trading) — Thu, 23 May 2013 05:45:00 GMT

EURUSD – Trading was mixed and volatile yesterday but the rally was sold close to 1.3000 with strong follow through bearish momentum resulting in EURUSD posting a negative daily performance. This selling pressure has continued overnight but the dip has been bought from 1.2824.Although the outlook is bearish, we have to be careful at current with the USD Index ‘clipping’ the 261.8% extension level (from 81.37-82.61), before turning lower. With this in mind, there is ample scope for a larger

Brent Crude & WTI Crude

jason@daytradeideas.co.uk (DayTradeIdeas.com) — Thu, 23 May 2013 05:40:45 GMT

Daily Forecast - 23 May 2013 Brent Crude July contract Brent Crude has continued lower with the outlook remaining weak. If we hold below 102.00 we could test the next support at 101.35/20. We are getting very oversold in the short term so this could hold the low for the day. Watch for a bounce but keeps stops tight below 101.00 as a break lower risks a move to 100.26. Exit shorts & try longs here with stops below 99.80. 102.40/50 is now resistance & could hold a bounce but above here

EURUSD Pin Bar Reversal Signal

(Learn To Trade The Market) — Thu, 23 May 2013 00:02:56 GMT

Chart in Focus: Daily EURUSD The EURUSD moved lower today after trying to push up above 1.2950 key resistance and then getting slammed lower as selling pressure came back into the market. We can see a large pin bar reversal signal formed today that shows rejection and a false-break of that resistance up near 1.2950. As result, we expect more downside movement in the coming days and a move down to retest 1.2750 key support is certainly a possibility.

USD/CHF Trading in an Ascending Triangle after Completing Swing Projection

(FXTimes) — Wed, 22 May 2013 13:44:47 GMT

USD/CHF 4H Chart 5/22/2012 9:15AM EDT Ascending triangle, bullish biases: USD/CHF has been bullish in May, but since it found resistance around 0.9750 it has been forming an ascending triangle. This congestion pattern reflects a market consolidating with bullish bias. The RSI has held above 40 after tagging 70 and also shows maintenance of bullish momentum. The moving averages are in bullish alignment as well, although the 200-4H SMA is relatively flat. This means our May rally as strong as it

Bell Opening Comments

Trades@mindvisiontraders.com) (Mind Vision Traders) — Wed, 22 May 2013 10:45:15 GMT

Today is very interesting day as later in the day we will see the minutes from the latest Fed Meeting (May 1) and testimony by Chairman Bernanke to Congress. This testimony will give him ample opportunity to signal to the markets what the current intentions of the central bank may be announce the date when QE ends. so very volatile market ahead. Have a nice trading day ahead of you ! Cheers ! EUR/USD (last 1.2928) Support: 1.2871 (S1) 1.2794 (S2) 1.2712 (Major Sup) Resistance: 1.2978 (R1)

GBP/USD: 1.5000 area now at sight

forex@fxstreet.com (FXstreet.com) — Wed, 22 May 2013 10:13:39 GMT

With all the noise coming from FED officials, GBP/USD finally reached the 1.5070 target set yesterday, accelerating lower after BOE’s Minutes shown an extension of QE up to £400B was considered, although finally discarded to avoid surprising markets and create doubts about price stability commitment. The pair has broke below key Fibonacci level around 1.5130 and consolidates in between 1.5070 and 1.5100 maintaining a strong bearish momentum according to the 4 hours chart, as indicators head

Elliott Morning Overview: EURJPY, EURUSD, GBPUSD and GOLD

info@ew-forecast.com (EW-Forecast) — Wed, 22 May 2013 09:25:01 GMT

JPY crosses are moving higher this mooring after BoJ Kuroda highlighted that change in fx-rates will boost export volume, but not earlier than in 6-9 months. This means that there current policy has a positive impact on the economy that’s why we can see strong rally on Nikkei which is pushing the JPY down, or XXX/JPY to the upside. We are long EURJPY from 131.90 with members and so far pair is moving very nicely in our favour with possible extension to 133.80 in sessions ahead. EURJPY 1h EUR is

WTI July contract

info@technicalanalysisreports.com (Charmer Charts.com) — Wed, 22 May 2013 08:44:52 GMT

SUPPORT: 9572 9550/43 9492 9448 9396/93** 9363 9322 9319 9232 9280 RESISTANCE: 9635pp 9683 9697 9711/17 9780 9817 9834 9886 9919/25 9946 WTI traded lower and just held that short term 23.6% fib level at 9550, but as you can see we have broken out of that rising trend channel evident on the hourly chart. The stochastics on the short term charts are over sold so we could see a bounce from here, however the daily and the weekly charts look overbought. The key will be this 9550 level as it has

GBP/USD 1H Chart Emerging Pattern: Channel Down

info@dukascopy.com (Dukascopy Bank SA) — Wed, 22 May 2013 08:23:01 GMT

GBP/USD has formed a Channel Down pattern on the 1H chart. The pattern has 63% quality and 43% magnitude in the 73-bar period. The pattern began on 16th of May when the pair peaked to 1.5322; at the moment it is trading at the 20-bar SMA at 1.5146. Trading volume seems to be decreasing in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 1H horizon. Long traders could focus on the Bollinger band/daily pivot (PP) at 1.5172/79, daily pivot

The Dollar Index (DX) eventually closes weak to currently trade at 83.80 ranges

support@gfmresearch.com (GFM Research Private Limited) — Wed, 22 May 2013 06:23:14 GMT

Market Commentary After trading strong for most part of the European session, the Dollar Index (DX) eventually closes weak to currently trade at 83.80 ranges; immediate resistance is observed at 84.50. The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued to make new highs to currently trade at 15375; it seems the correlation between DJIA Vs DX is getting lesser significant, wherein historic inverse correlation is not observed since last couple of weeks with both the

EUR/USD to reach 1.2837 in 13 hours

info@autochartist.com (Autochartist) — Wed, 22 May 2013 06:20:52 GMT

EUR/USD continues to decline in line with the following trade alert that I received today for this pair. The price is set to fall to the target level 1.2837 (the hourly Key Support Level, of the type Approach, which was recently identified by Autochartist) in the next 13 hours. EUR/USD earlier bounced up from the support zone near the support level 1.2750 (which reversed the pair strongly up at the start of April). The upward correction from 1.2750 quickly lost its momentum – as it was against

EURGBP –Bearish Bias – Looking to Sell at .8544 stop at .8570

info@first4trading.com (First4Trading) — Wed, 22 May 2013 05:54:16 GMT

EURGBP- Selling at the ‘right shoulder’ proved an incorrect call yesterday with buying pressure resulting in EURGBP posting the most positive daily performance in 2 months. This bullish momentum has continued overnight with the cross trading to the highest level in 19 (trading) days. Although this is clearly bullish for sentiment, we have the daily channel resistance at .8535, 61.8% pullback level at .8544 and Cloud Cover at .8560. In view of these facts and with intraday signals overbought,

Brent Crude & WTI Crude

jason@daytradeideas.co.uk (DayTradeIdeas.com) — Wed, 22 May 2013 05:17:52 GMT

Daily Forecast - 22 May 2013 Brent Crude July contract Brent Crude held below 105.31 & hit profit taking as expected to hit our 103.85/75 target. As predicted this did hold the downside where we advised profit taking on shorts, but a break lower today should see 103.25 & possibly good support at 102.70/50. Exit shorts & try longs here with stops below 102.00. If we push back above 103.85 we could try for resistance at 104.35 & a possible selling opportunity but shorts need

RBI buying will be the key

info@insigniaconsultants.in (Insignia Consultants) — Wed, 22 May 2013 02:54:24 GMT

Till rupee does not break 56.10 against the US dollar in futures market, I am against going long. It remains to be seen whether a weaker US dollar will result in gains as RBI demand is still there. If the rupee weakens today some of the short positions might just squared off. Bank of Japan meeting will be the key. Some of the Federal Reserve officials saying that there will be a delay in withdrawing of quantitative easing should result in more gains for the Indian currency. Intra day volatility

Index Recommended Levels

vilks49@yahoo.com (FXtechtrade) — Wed, 22 May 2013 02:05:31 GMT

USDCAD Pin Bar At Resistance

(Learn To Trade The Market) — Wed, 22 May 2013 00:28:01 GMT

Chart in Focus: Daily USDCAD The dollar/cad has pushed up into the key resistance zone between 1.0280 - 1.0340 area that we have discussed recently in our members area. We can see that today the market formed a bearish pin bar rejection signal showing a reversal and exhaustion up in this key resistance area. If the market remains weak in the next 24 hours, we could see it fall lower from current levels, perhaps back down towards key support around 1.0100 before moving significantly higher

EUR/USD Falls from 1.29; Swing Projection and Bernanke Risk Event

(FXTimes) — Tue, 21 May 2013 14:24:07 GMT

EUR/USD 1H chart 5/21/2013 8:33AM EDT 1.29 resistance: The EUR/USD rallied from just below 1.28 up to 1.29 by the 5/21 Asian session. After several failed attempts it fell and tested the “central pivot area” 1.2840-1.2850. Although the market has stalled, it remains bearish. A break above 1.2940 might be needed to establish a bottom an neutralize the bearish outlook. If the 1H RSI falls back below 40 and price below 1.2840 , we could refocus to the lows around 1.28 and subsequently the 2013

EUR/GBP Rallies Sharply on Lower UK Inflation Data

(FXTimes) — Tue, 21 May 2013 14:04:37 GMT

EUR/GBP 1H chart 8:05AM EDT 5/21/2013 Lower UK inflation: The April inflation data for the UK came in at an annual rate of 2.4%, which was lower than forecast of 2.6% and was much lower than March’s 2.4%. The GBP weakened across the board and the EUR/GBP rallied sharply. The 1H EUR/GBP chart shows the reaction after the inflation report as the market pushes it almost to 0.85 by early 5/21 US session. There is resistance now up to the 0.8515 high. Sideways market: The 1H chart shows sideways