Tech Trading

EUR/GBP Rebounds from solid support

César B. Leiceaga — Fri, 20 Nov 2009 10:19:26 +0000

Euro approached 0,8800 - 0,8820 support zone as mentioned on earlier posts:

(http://blogs.fxstreet.com/techtrading/2009/11/17/eurgbp-breaking-08900-support/)

Exactly 0,8830 which represents a strong support level: 61,80% Fib from the bull move 0,8450-0,9400 and 200 SMA on the Daily chart.

Still trapped in a descending wedge pattern, some could argue the breakout is in place but needs confirmation. In my opinion,a break and close above 0,9000 - 0,9050 would definately change long term direction for the pair.

EUR/GBP: Daily & 1 hour chart:

César B.Leiceaga.

AUD/USD At a decisive spot

César B. Leiceaga — Thu, 19 Nov 2009 13:27:40 +0000

Aussi has made a run down to 0,9200 handle after a turnaround from 93,40 (61,8% Fib resistance from bear leg 0,9400 - 0,9240) see earlier posts for further details:

(http://blogs.fxstreet.com/techtrading/2009/11/17/audusd-holds-above-1-hour-200-sma/)

The 200 SMA on the 4 hour chart (see chart below) has been holding aussie on a smooth uptrend for a few months now. At this precise moment it is been put to test and if that possible head & shoulders formation takes place, australian dollar could visit 0,9100 (main bullish trendline)

To reinforce this theory take a look at divergent RSI indicator constructing lower highs.

AUD/USD 4 hour charts:

César B.Leiceaga

GBP/JPY Update

César B. Leiceaga — Thu, 19 Nov 2009 09:07:33 +0000

Finally we’ve had a breakout to the downside, next significant support reference lays at 147,70 , 4 hour 200 SMA that has held the pair above 147,00 in various ocassions throughout October 2009. Lower support zones located at 146,50 and 145,80.

Oversold studies suggest a short term rebound that could extend to psychological resistance at 150,00.

GBP/JPY 4 hour chart:

César B.Leiceaga

GBP/JPY Warns a breakout

César B. Leiceaga — Wed, 18 Nov 2009 09:09:18 +0000

The big triangular pattern and narrowing bollinger bands are warning a breakout that could easily happen today after the BOE’s Minutes is released.

If the breakout occurs to the upside the relevant resistance area comes in at 151,50 and 153,00 handle. If the breakout seems to be bearish for cable keep an eye on 146,50-147,00 support zone.

GBP/JPY 4 hour chart:

César B.Leiceaga

AUD/USD Holds above 200 SMA on 1 hour chart

César B. Leiceaga — Tue, 17 Nov 2009 14:45:00 +0000

This mornings major sell off has been supported by the 200 SMA on 1 hour timeframe at 0,9250 and since then, aussie bulls are trying to take control of the pair after reaching resistance area located at 38,20% Fib and 100SMA (0,9310)

RSI indicator shows oversold readings on short time frames probably indicating a short term rebound but if the drop in euro and kiwi continues, I’m expecting a test of 0,9200 figure for the coming sessions.

AUD/USD on 1 hour:

César B.Leiceaga

EUR/GBP Breaking 0,8900 support

César B. Leiceaga — Tue, 17 Nov 2009 09:19:35 +0000

The breakout of the trading range formed between 0,8900 and 0,9050 will probably lead the pair lower to 0,8800 - 0,8820 region (61,80% Fib reference from the whole move 0,8450-0,9400)

Price action is hovering around the 100 and 200 day moving average on the daily chart, undoubtedly a convergence spot to bear in mind for the euro bulls. Keep an eye on 0,8800 area.

Note: I’m adding Bollinger Bands to my setup

EUR/GBP Daily & 4 hour charts:

César B.Leiceaga

USD/CAD Retesting 61,80% Fib support

César B. Leiceaga — Mon, 16 Nov 2009 14:55:42 +0000

The pair is still holding to 1,0400 - 1,0460 support zone (61,80% Fib from the last bull leg) and will need to block any other USD bear attack to confirm a USD bottom.

If not, a retest of previous low’s at 1,02 is very likely.

USD/CAD 4 hour chart:

César B.Leiceaga

NZD/USD Assaulting resistance area

César B. Leiceaga — Mon, 16 Nov 2009 09:39:52 +0000

The area comprehended between 0,7420 and 0,7460 represents a heavy resistance that has been attacked several times now over the past sessions by NZD bulls.

The ascending triangle suggests an upward breakout that could impulse NZD towards 2009’s highs at 0,7630’s.

NZD/USD 1 hour chart:

César B.Leiceaga

USD/CHF Moves away from parity

César B. Leiceaga — Fri, 13 Nov 2009 10:51:39 +0000

Support area at 1,0030 capped any bearish implications for the moment on usd/chf. It seems like players want to hold the pair above parity showing technical traders a possible double bottom formation.

Daily RSI shows a clear bullish divergence although price action remains below the 30,50 and 100 daily SMA these low USD levels invite me to start building a long position for a mid/long term trade. See the daily chart for further details…

Daily USD/CHF chart:

César B.Leiceaga

EUR/GBP Range trade?

César B. Leiceaga — Thu, 12 Nov 2009 11:40:05 +0000

0,9060 resistance has been put to test during today’s session. Price action stepped back from resistance and now trading 40 pips below near the 38,20% Fib support from the whole move 0,8896 - 0,9064.

This level belongs to 0,9000 (also 4 hour 50 SMA), a rebound from here could indicate a further euro bull move to 0,9100 region. Otherwise trade the 100-150 pip range…

César B.Leiceaga