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December 5 - EUR/GBP Daily ChartFriday, December 5, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/December5EURGBPDailyChart_88A9/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
12/05/2008 –EUR/GBP – Currently near record levels, the key EUR/GBP cross (a daily chart of which is shown) has surpassed the recent decade-plus high for the pair set just last month at around 0.8660.
Thursday’s price action broke right through that previous high and set a new one at around 0.8720. Friday’s price action has thus far double-tested, but has not been unable to surpass, the lofty level set on Thursday. If, however, it manages to do so with conviction, the pair could eventually target the historical resistance high around the 0.9000 region, which is also a key 38.2% extension to the upside.
A retreat and decisive close back down below the aforementioned 0.8660 previous high, however, could label the new double-tested high as a false break and prompt a swift retreat back down to less extreme levels. In this event, strong support to the downside resides around the 0.8340 level.
James Chen
Chief Technical Strategist, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:45 | Comments (0) | Trackbacks (0)
December 4 - AUD/USD Daily ChartThursday, December 4, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/December4AUDUSDDailyChart_85AD/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; horizontal support/resistance levels in yellow; chart pattern in magenta; 50-period simple moving average in light blue.)
12/04/2008 –AUD/USD – Much like the consolidations that have been prevailing in other currency pairs lately, the AUD/USD (a daily chart of which is shown) has been forming a large symmetrical triangle pattern. Currently, price is around the approximate vertical middle of the triangle, unable to choose decisively in which direction to go.
To the immediate upside within this triangle, 0.6600 is a clear short-term resistance level, a clean break of which could mean an eventual upmove and break above the top border of the triangle. In this event, there is potential for a subsequent reversal of the prevailing downtrend.
There is, however, somewhat of a greater technical bias towards an eventual move towards the bottom border of the triangle and a possible bearish break of the pattern. In this event, the triangle will have shown signs of it being a continuation pattern. Of course, a major downtrend continuation would only be confirmed on a break below the 0.6000 zone which represents the recent 5+ year low in the pair.
James Chen
Chief Technical Strategist, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:32 | Comments (0) | Trackbacks (0)
December 3 - GBP/USD 4-Hour ChartWednesday, December 3, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/December3GBPUSD4HourChart_9197/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; chart patterns in grey; 50-period simple moving average in light blue.)
12/03/2008 – GBP/USD – Price action within the last three months on the key GBP/USD pair (a 4-hour chart of which is shown) has been characterized by a series of chart pattern breakdowns.
On the accompanying chart, we can see from left to right that a rising parallel channel was broken to the downside in late September; then a triangle was broken down in late October; another triangle was then broken down in mid-November; and we now find price having just tentatively broken down below a rising wedge pattern.
Does this mean that the pair will continue to plummet mercilessly? Not necessarily. However, any continued bearishness with a potentially strong break below the 1.4550 region, which represents the recent 6-year low in the pair that was hit in mid-November, should have substantially bearish implications going forward. This 1.4550 level can be considered exceptionally significant support, so in the event that price reaches and then goes on to break that level, the pair should likely carry considerable further momentum to the downside.
James Chen
Chief Technical Strategist, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:22 | Comments (0) | Trackbacks (0)
December 2 - USD/CAD Daily ChartTuesday, December 2, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/December2USDCADDailyChart_902F/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
12/02/2008 –USD/CAD – The key USD/CAD pair (a daily chart of which is shown) is giving off some clear, yet conflicting, technical signals. After coming down from a rather precise double test of the 1.3000 price region, the pair has settled down somewhat to adhere to a significant uptrend support line (the steeply angled green line) that began back in late September.
A true double top formation, of course, would not be confirmed unless price dropped below the trough between the double peaks. The level of this trough is approximately 1.1470, which is around 1000 pips below the current price.
In the meantime, as mentioned, price is currently respecting the dynamic support offered by the steep uptrend line after dropping from the second peak of the double test. Any continued upward momentum could once again target the 1.3000 region. Somewhat more likely from a technical perspective, however, we should eventually be seeing a breakdown of the uptrend support line, in which case price should initially target the 1.2100 level, a key prior support/resistance region.
James Chen
Chief Technical Strategist, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:18 | Comments (0) | Trackbacks (0)
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December 1 - EUR/USD Daily ChartMonday, December 1, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/December1EURUSDDailyChart_C714/clip_image002_thumb.jpg (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
12/01/2008 – EUR/USD – Price action on the EUR/USD daily chart, as shown, has retraced almost its entire bullish breakout run of early last week. This may be viewed as simply a continuation of the price consolidation that has prevailed in this pair for the last month or so. Currently, price has approached a strong confluence of support within the context of this consolidation.
This confluence of support is imposed by a combination of technical factors. This includes a key prior support/resistance level around the 1.2450 region; a short, but significant, uptrend line supporting the consolidation (the lowest green line); and a dynamic downtrend line (the lowest red line) that originally served as resistance before breakout, and should now serve as strong support going forward.
Because of the strength of this support confluence, any break to the downside below support should represent a significant violation that could potentially carry considerable further momentum downward. In the absence of this type of fundamentally-driven breakdown, however, the technical bias is towards a turn back up near support, eventually targeting the 1.3050-1.3100 region once again, the approximate top of the current consolidation.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 14:10 | Comments (0) | Trackbacks (0)
November 26 - USD/JPY Daily ChartWednesday, November 26, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/November26USDJPYDailyChart_8E1F/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend lines in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
11/26/2008 –USD/JPY – After breaking slightly above a key downtrend resistance line on Monday, price action on the USD/JPY (a daily chart of which is shown) has turned abruptly back down, respecting that dynamic resistance with a bearish engulfing candle pattern. Wednesday’s price action as of this writing has cautiously continued the downward push and looks to be targeting further support to the downside. From an overall technical perspective, this pair is looking bearish, as the prevailing downtrend that has been in place since mid-August currently appears to be leaning towards a continuation after a minor upside retracement. In the event of a clean breakdown below the 93.50 region, the level of the last double-tested swing low, price could eventually target major support in the 91.00 region, which is the level of the recent multi-year low in the pair.
James Chen
Chief Technical Strategist, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:06 | Comments (0) | Trackbacks (0)
November 25 - GBP/USD Daily ChartTuesday, November 25, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/November25GBPUSDDailyChart_9C4E/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; chart patterns in yellow; 50-period simple moving average in light blue.)
11/25/2008 –GBP/USD – The current consolidation on the GBP/USD daily chart, as shown, has taken the form of a tentative inverted flag formation. Price is currently near the top border of the flag in a correction off recent multi-year lows.
If a close significantly above the top border of the flag occurs (around the 1.5400 region), the flag’s customary role as a continuation pattern will have been invalidated. A subsequent bounce down off the top border of the flag, on the other hand, could presage an ultimate break to the downside of the flag, which would continue the long-term downtrend and target the 1.4550 region, which is the level of the multi-year low.
The current bar has stalled around a key 38.2% Fibonacci retracement level (the high-to-low retracement span being measured from the swing high on 10/30/2008 to the multi-year low on 11/13/2008). Therefore, any strong break and close above the 1.5400 region would be a significant feat that could represent a major upside correction and possible trend reversal.
James Chen
Chief Technical Strategist, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 11:06 | Comments (0) | Trackbacks (0)
November 24 - USD/CAD Daily ChartMonday, November 24, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/a5fca71dfcbc_86EC/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance levels in yellow; 200-period simple moving average in light blue.)
11/24/2008 –USD/CAD – After having formed a tentative double top high around the 1.3000 region, price action on the USD/CAD daily chart, as shown, has retraced considerably, all the way back to the steep uptrend support line (in green) that represents the most recent bullish run.
Momentum after the peak of this run has turned down sharply from extremely overbought. A technical trigger for further bearishness would be a breakdown and close below the current uptrend support line, which could suggest a further push towards the 1.2000 support region.
Of course, the current tentative double-top would not be confirmed unless price actually dropped below the intervening trough. In any event, there is currently a bearish bias to this pair that could manifest itself much further if there is a strong break and close below the current steep uptrend support line.
James Chen
Chief Technical Strategist, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:56
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Come Again Soon!Tuesday, November 18, 2008
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James Chen of FX Solutions is unexpectedly out of the office Nov. 8 - 21. The Chart-of-the-Day analyses will resume after Nov. 21. We apologize for the inconvenience.
Posted by TM Communications in Chart of the Day at 10:10
Come Again Soon!Tuesday, November 4, 2008
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James Chen of FX Solutions is out of the office Nov. 4 - 14. The Chart-of-the-Day analyses will resume after Nov. 14. We apologize for the inconvenience.
Posted by TM Communications in Chart of the Day at 12:55
October 31, 2008 - EUR/USD Daily ChartFriday, October 31, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October312008EURUSDDailyChart_90A0/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance level in yellow; Fibonacci retracement levels in grey; 50-period simple moving average in light blue.)
10/31/2008 –EUR/USD – Price action on the EUR/USD daily chart, as shown, has clearly been rejected at the resistance imposed by a key 38.2% Fibonacci retracement level and an important prior support/resistance level around the 1.3250-1.3300 region. This price rejection, which was manifested as a clear shooting star candle, occurs within the context of an important upside correction within the overall downtrend in the pair.
Oscillator momentum is still to the upside, but price currently appears to be targeting eventual major support at the level of the 2 ½ year low around 1.2330. Any break below 1.2450 would confirm these potentially bearish intents. A bullish break above 1.2850, on the other hand, could signal a potential subsequent rise to retest the 1.3250 resistance.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:17 | Comments (0) | Trackbacks (0)
October 30, 2008 - AUD/JPY Daily ChartThursday, October 30, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October302008AUDJPYDailyChart_8A6B/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; horizontal support/resistance level in yellow; Fibonacci retracement levels in grey; 50-period simple moving average in light blue.)
10/30/2008 –AUD/JPY – After plummeting an unprecedented amount in the last three months, price action on the AUD/JPY carry-traded pair (a daily chart of which is shown) has rebounded a substantial amount of pips off its historical lows around 55.00. This has occurred after a massive carry trade unwinding that shook out even the most determined yield-seekers.
The current rebound has taken price all the way up to a key 38.2% Fibonacci retracement level (the high-to-low retracement span being measured from the swing high on 9/22/2008 to the historical low reached on 10/24/2008) before retreating. Oscillators like the displayed Stochastics are still showing unspent upward momentum, as they are pointing unmistakably up after having just emerged from oversold.
Any continued upside momentum that breaks out above the aforementioned 38.2% Fib level could eventually target strong resistance that resides all the way up in the 72.00 region. Significant support to the downside, on the other hand, resides around the 63.00 level, a prior support region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:50 | Comments (0) | Trackbacks (0)
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October 29, 2008 - GBP/USD Daily ChartWednesday, October 29, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October292008GBPUSDDailyChart_89CA/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance levels in yellow; Fibonacci retracements in grey; 50-period simple moving average in light blue.)
10/29/2008 –GBP/USD – Price action on GBP/USD, a daily chart of which is shown, has rebounded in a major way for the last couple of days. Among other catalysts of this rebound, traders’ expectations of potential dollar weakening as a result of an expected FOMC rate cut on Wednesday contributed to the major bullish push.
After double-testing a low extreme at around 1.5265-75, price has formed two long, bullish bars in its quest to climb back up as of mid-session in New York on Wednesday. Momentum appears clearly to the upside as oscillators like the displayed Stochastics, which are just emerging up from oversold, are also supporting a bullish outlook.
Currently, price is approaching a critical juncture. This juncture combines a key 38.2% Fibonacci retracement level (the high-to-low retracement span being measured from the swing high on 9/25/2008 to the extreme swing low on 10/24/2008) with a significant prior support/resistance level around the 1.6550 region. In the event of a strong break above this level, price could target further resistance around the 1.6800 region, a key prior support area and the bottom of the previous triangle. Further major resistance above that resides around the 1.7000 area, an important psychological level and the 50% Fibonacci retracement.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:53 | Comments (0) | Trackbacks (0)
October 28, 2008 - USD/JPY Daily ChartTuesday, October 28, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October282008USDJPYDailyChart_A158/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance levels in yellow; Fibonacci retracement levels in grey; 50-period simple moving average in light blue.)
10/28/2008 –USD/JPY – After a remarkable plunge last week in the USD/JPY, a daily chart of which is shown, price action has finally made a major rebound during overnight trading as of Tuesday morning in New York.
Due to widely reported possibilities for Japanese yen intervention as well as a substantial rebound in the Nikkei Index, which contributed to a lowering of risk aversion, this significant rebound could possibly represent the beginnings of a bottom reversal in this key pair. Or it could just be an important correction within the context of a continuing overall downtrend.
At this point it is too early to tell, but traders can look towards significant support/resistance levels for guidance on potential direction. Today’s rebound reached and retreated from a 38.2% Fibonacci retracement level, which coincides approximately with a significant prior swing low (in mid-March). If price continues its retreat, clear support to the downside resides around 90.90, the level of the recent historical low. Any continuation of the current upward correction with a strong break above the 38.2% level, on the other hand, should target the 98.50 prior support region, which coincides with the 61.8% Fibonacci retracement level.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 11:29 | Comments (0) | Trackbacks (0)
October 27, 2008 - EUR/USD Daily ChartMonday, October 27, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October272008EURUSDDailyChart_934C/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/27/2008 –EUR/USD – Since the second peak of the double-top high was hit in mid-July, price on the EUR/USD daily chart, as shown, has plummeted drastically, with only one major correction in September. After this correction, price has continued to drop in an unprecedented manner without much of a rest.
In the process, price has broken down below support level after support level, finally to end up at a 2 ½ year historical low as of this writing on Monday, 10/27/2008. At this point, the pair is severely oversold, but oscillator readings can continue to be in prolonged states of oversold/overbought during strongly trending markets like what we are seeing now.
Price currently continues to appear bearishly biased. In the event of continued downside momentum and a break below the recent low reached around 1.2330, the next major support target to the downside eventually resides around the 1.1800 region. Before this level may be potentially reached, however, corrections and/or consolidations should be in order. In the event of a significant correction to the upside, key resistance currently resides around the 1.2860 region, and then the 1.3050 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:29 | Comments (0) | Trackbacks (0)
October 24, 2008 - EUR/USD Daily ChartFriday, October 24, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October242008EURUSDDailyChart_9636/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/24/2008 –EUR/USD – Massively bearish price action on several major pairs as of Friday (10/24/2008) did not spare the EUR/USD (a daily chart of which is shown). Price reached all the way down to approach a key support target in the 1.2450 region (marked “A”) before retreating back up for the weekend, missing the medium-term target by a margin of only around 45 pips.
This plummet that just occurred is yet another leg in the pair’s overall nosedive that hit its stride just about a month ago. Next week, if price action still carries enough downward momentum to re-approach and perhaps breakdown below the 1.2450 level, the pair could collapse even further and reach new long-term lows. More likely, however, traders could potentially be seeing some consolidation/correction above support as a sort of respite after this past week of strong bearish directional moves.
Key support continues to reside in the 1.2450 region, while resistance to the upside resides in the 1.3050 region (marked “B”).
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:43 | Comments (0) | Trackbacks (0)
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October 23, 2008 - GBP/USD Daily ChartThursday, October 23, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October232008GBPUSDDailyChart_8E36/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance levels in yellow; chart pattern in grey; 50-period simple moving average in light blue.)
10/23/2008 –GBP/USD – More than any other major pair, the GBP/USD (a daily chart of which is shown) has experienced a drastic one-way move this week. In the case of Cable, this move has been unmistakably to the downside, continuing and even accelerating the downtrend that had already been in place for several months.
In the process of the move, a 5-year historical low was hit. The technical catalyst for the down-move was the forceful breakdown below the well-defined triangle formation that occurred in the beginning of the week. A couple days after this event occurred, price went on to break below the bottom support line of the parallel downtrend channel, thereby confirming an acceleration of the downtrend.
As of Thursday (10/23/2008), downward price momentum looks reluctant to abate in any major way, although a correction and/or consolidation should be due as some point soon. Any continuation of the steep overall downtrend could eventually target the 1.5600 level to the downside, a significant historical support/resistance level.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:07 | Comments (0) | Trackbacks (0)
October 22, 2008 - EUR/USD Daily ChartWednesday, October 22, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October222008EURUSDDailyChart_84D8/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/22/2008 –EUR/USD – Drastically bearish price action within the last few days on the EUR/USD (a daily chart of which is shown) has continued the steep downtrend in the pair that has prevailed since the second peak of the long-term double top was reached in mid-July. Currently, the pair has reached a landmark two-year low with no convincing signs of any major near-term reversal.
Although oscillators are indicating extremely oversold conditions, extreme oscillator readings such as what we are currently seeing may often be prolonged during strongly trending circumstances. Any continuing downward momentum should eventually target key support around the 1.2450 region, a significant prior support/resistance level.
Before that target is potentially reached, however, corrections and/or consolidations within the context of the overall downtrend should provide some respite from the bearish onslaught.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:26 | Comments (0) | Trackbacks (0)
October 21, 2008 - USD/CAD 4-Hour ChartTuesday, October 21, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October212008USDCAD4HourChart_9225/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/21/2008 –USD/CAD – As of mid-Tuesday (New York session), price on the USD/CAD 4-Hour chart, as shown, has just tentatively surpassed a major top that represents the three-year high in the pair. Price broke through the key 1.2000 level and reached up past the previous high around the 1.2120 level on Tuesday morning, breaking through the strong resistance there.
Any major retreat from this new high should meet strong support at the level of the steep uptrend line (in green) that has been in place and well-respected since late September. In the event of a close significantly above the 1.2120 top, on the other hand, price will have confirmed an exceptionally forceful upward momentum, and should then target further upside resistance in the immediate 1.2250 region, a significant prior support/resistance level.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:23 | Comments (0) | Trackbacks (0)
October 20, 2008 - USD/JPY Daily ChartMonday, October 20, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October202008USDJPYDailyChart_8D5B/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance levels in yellow; chart pattern in grey; 50-period simple moving average in light blue.)
10/20/2008 –USD/JPY – Like several other currently consolidating pairs, the USD/JPY has recently been forming a significant triangle pattern consolidation. Any strong breakout of this triangle, whether to the upside or downside, should represent a significant breakout trading opportunity.
There is a slight bias for an eventual break to the downside, since triangles are often considered continuation patterns, and the trend preceding the triangle was clearly a downtrend. In the event of a breakdown below the bottom border of this triangle, the next major support to the downside resides around the 98.50 price region, a significant prior support/resistance level. A clean break to the upside, on the other hand, should likely target strong upside resistance around the level of the downtrend resistance line (in red).
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:04 | Comments (0) | Trackbacks (0)
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October 17, 2008 - AUD/USD Daily ChartFriday, October 17, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October172008AUDUSDDailyChart_889A/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance levels in yellow; chart pattern in grey; 50-period simple moving average in light blue.)
10/17/2008 –AUD/USD – Much like some other dollar-based pairs as of Friday (10/17/2008), price action on the AUD/USD daily chart, as shown, has formed a large inverted pennant/triangle formation. Currently, price is around the middle region of this triangle/pennant.
If it is viewed as a continuation pattern, the bottom border of the triangle/pennant will be most closely monitored for any strong signs of breakdown. If this occurs, price should meet the first key support around the level of the last major low, in the 1.6330 region, which is also a significant historical support/resistance level.
In reality, however, any strong break of this triangle/pennant, whether to the upside or the downside, would be an important and anticipated event. In the event of a breakout to the upside, price should target further resistance around the historically significant 1.7400 level.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:43 | Comments (3) | Trackbacks (0)
October 16, 2008 - EUR/JPY Daily ChartThursday, October 16, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October162008EURJPYDailyChart_8734/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance level in yellow; Fibonacci retracement levels in grey; 50-period simple moving average in light blue.)
10/16/2008 –EUR/JPY – After dropping consistently and rapidly over the past two months with only one significant pullback, price action on the EUR/JPY daily chart, as shown, has just pulled back once again only a couple of days ago (marked “A”). This pullback has been especially significant because it stopped almost precisely at a level that was reinforced by two different resistance factors.
For one, the move pulled right back up to a key uptrend support line (marked “B”) below which price broke down only last week. The second resistance factor is a key 38.2% Fibonacci retracement level within the context of the latest bearish run (from around 156.82 to 132.22).
A downtrend continuation off this pullback should be confirmed on a clean break and close below the key 133.00 level. If this occurs, further major support to the downside resides around the 130.50 region, a significant prior support/resistance level. To the upside, the aforementioned doubly-reinforced resistance should continue to serve as key resistance going forward.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:41 | Comments (0) | Trackbacks (0)
October 15, 2008 - GBP/USD Daily ChartWednesday, October 15, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October152008GBPUSDDailyChart_7D7B/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance levels in yellow; Fibonacci retracement levels in grey; 50-period simple moving average in light blue.)
10/15/2008 –GBP/USD – Price action on the GBP/USD daily chart, as shown, has been making what could be considered an upside correction or retracement after hitting a 5-year low late last week. This retracement has stalled just shy of reaching a key 50% Fibonacci retracement level that corresponds with a prior support/resistance level around the 1.7750 region. If there is any continued upside momentum on this correction, that 1.7750 region should serve as strong resistance to the upside.
Indeed, oscillators like the displayed Stochastics are giving hints that overall momentum may potentially be to the upside, as they are just emerging from oversold. At the same time, though, price action in the last couple of days has been indicating that this pair is having a hard time making any sustained up moves. A failure in the current upward correction would thus be confirmed on a clean breakdown of the most recent uptrend support line (in green, currently in the 1.7250 region). In this event, further support to the downside resides around the 1.7050 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 08:55 | Comments (0) | Trackbacks (0)
October 14, 2008 - EUR/USD Daily ChartTuesday, October 14, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October142008EURUSDDailyChart_86DD/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; horizontal support/resistance levels in yellow; Fibonacci retracement levels in grey; 50-period simple moving average in light blue.)
10/14/2008 –EUR/USD – Price action on EUR/USD, a daily chart of which is shown, has made an upside turn after having bottomed out at a one-year-plus low of around 1.3260 on Friday of last week. This rebound can be considered a potential correction after the steep downtrend that has been in place for the past three weeks or so.
Continued upside momentum on this correction should target key resistance around 1.3880, which represents not only the last major swing low pivot, but also the most relevant current 38.2% Fibonacci retracement level (the high-to-low retracement span being measured from the swing high on 9/22/2008 to last week’s swing low on 10/10/2008). Oscillators like the displayed Stochastics, which are beginning to emerge up from severely oversold, lend some strength to a bullish outlook on this potential correction. To the downside, support resides around the 1.3450 region, followed eventually by the long-term low in the 1.3260 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:35 | Comments (0) | Trackbacks (0)
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October 13, 2008 - USD/CHF Daily ChartMonday, October 13, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October122008USDCHFDailyChart_8519/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/13/2008 –USD/CHF – Recent price action on the USD/CHF, a daily chart of which is shown, appears to have exhausted much of the upward momentum that has characterized this pair in the last several weeks.
Currently, we are seeing the beginnings of what may be a downturn after price was rejected at a confluence of two resistance factors. One of these factors is the top of a rough parallel uptrend channel (marked “A”). The other factor is the historical support/resistance offered by the 1.1485 region (marked “B”).
Oscillators like the displayed Stochastics, which are emerging unmistakably down from overbought, are lending strength to a bearish outlook for the pair. In the event that a bearish move plays out, the first key support to the downside resides around the level of the last swing low (in the 1.1125 region). To the upside, the aforementioned 1.1485 level should continue to serve as resistance going forward.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:27 | Comments (0) | Trackbacks (0)
October 10, 2008 - USD/CAD Daily ChartFriday, October 10, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October102008USDCADDailyChart_8A02/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; horizontal support/resistance levels in yellow; 200-period simple moving average in light blue.)
10/10/2008 –USD/CAD – As of Friday mid-session in New York, recent dramatic bullish moves on the USD/CAD (a daily chart of which is shown), have shot price up past several key resistance zones, reaching all the way up to the major 1.1970-2.000 resistance region before finally backing off. This level represents close to a 3-year high in the pair.
As of Friday noon in New York, price continues to look and act in somewhat of a bullish manner, although the pair is technically well-overbought. Any subsequent rally that breaks out above the important 1.2000 level, which could be a distinct possibility, may eventually target a significant support/resistance level to the upside around the 1.2230 region. Any bearish retracement in the remarkable bull run of the last couple of weeks, on the other hand, should find substantial support around the 1.1570 area.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:49 | Comments (0) | Trackbacks (0)
October 9, 2008 - EUR/USD Daily ChartThursday, October 9, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October92008EURUSDDailyChart_7B27/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart patterns in yellow; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/09/2008 –EUR/USD – Within the past few days, a tight consolidation on the EUR/USD (a daily chart of which is shown) has formed a rough inverted flag pattern. The flagpole represents the massive drop that has occurred in the pair within the last two weeks. Three subsequent bars after the sustained plummet represent a slightly bullish consolidation/correction that strongly hints at indecision in the market.
Watch for any strong, sustained breakout below the lower border of the flag, which would fulfill the flag’s common role as a continuation pattern. In this event, strong support to the downside, below the entire flag, resides around the key 1.3350 historical support/resistance region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 08:45 | Comments (0) | Trackbacks (0)
October 8, 2008 - USD/JPY Daily ChartWednesday, October 8, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October102008USDJPYDailyChart_8EA7/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/08/2008 –USD/JPY – It is no secret that the yen has strengthened dramatically in the last few days, as shown on the accompanying USD/JPY daily chart.
After retreating from a significant downtrend resistance line (marked “A”), price has dropped all the way back down slightly below the support offered by the long-term downtrend line (marked “B”), which originally served as resistance before a breakout occurred in June. In the process, the pair has tentatively broken down below the key 100.00 level (marked “C”), and reached all the way down to the 98.50 support level (marked “D”) before bouncing back up again.
Any further bearish price action below this 98.50 level should eventually target the key 95.75 support level (marked “E”). In the event of a significant upward correction, on the other hand, the key 102.50 region should serve as strong resistance to the upside.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:08 | Comments (0) | Trackbacks (0)
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October 7, 2008 - AUD/USD Daily ChartTuesday, October 7, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October72008AUDUSDDailyChart_8BF8/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; horizontal support/resistance levels in yellow; Fibonacci Retracements in grey; 50-period simple moving average in light blue.)
10/07/2008 –AUD/USD – After having plunged over 700 pips within a single 24-hour period, price action on the AUD/USD daily chart, as shown, has currently begun consolidating within a limited range, as of Tuesday mid-session in New York. The plunge that occurred yesterday broke swiftly below several support/resistance levels and finally came to a halt precisely on the 0.7000 figure, a key psychological level that also represents historical support/resistance.
Oscillators like the displayed Stochastics are showing momentum as severely oversold and starting to point back up, suggesting a possible exhaustion in the bearish run. Currently, price is stuck in between two key support/resistance levels – the aforementioned 0.7000 level to the downside and the 0.7400 level to the upside, both denoted on the chart by yellow horizontal lines. This span can be range traded near extremes if the consolidation continues, or monitored for any potential breakout situations.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:00 | Comments (0) | Trackbacks (0)
October 6, 2008 - GBP/USD Daily ChartMonday, October 6, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October62008GBPUSDDailyChart_8A61/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance level in yellow; 50-period simple moving average in light blue.)
10/06/2008 –GBP/USD – The continued plummet on the GBP/USD daily chart, as shown, has just made a new two and a half year low on this key pair. In the process, price has broken one major support level after another, including an important recent support level around the 1.7450 region. At this point, there appears to be very little in the way of a definitive bottom in sight.
Although oscillators like the displayed Stochastics are heavily oversold, in a trending situation like what we are seeing now this oversold indication could be in effect for quite some time while price potentially continues its sharp plunge. Even with the inevitable minor retracements and consolidations, in the event of a downward continuation two historical support/resistance levels reside relatively nearby to the downside. The closest is in the 1.7230-1.7250 zone. Below that is the 1.7050 support region, which was last hit in late 2005.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:50 | Comments (0) | Trackbacks (0)
October 3, 2008 - USD/CHF Daily ChartFriday, October 3, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/October32008USDCHFDailyChart_C70D/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/03/2008 –USD/CHF – Price action on the USD/CHF daily chart, as shown, has just hit resistance at the level of the last major swing high, before retreating back down. This significant resistance level has been established at around the 1.1415 region.
Oscillators like the displayed Stochastics, which are beginning to point down from oversold, are hinting at a waning of upward momentum after the latest 700+ pip run. A continuation of this downward correction could target immediate key support around the 1.1100 region.
Any subsequent breakout above the aforementioned 1.1415 level, on the other hand, could target clear further resistance around the strong 1.1600 support/resistance area.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 14:09 | Comments (0) | Trackbacks (0)
October 2, 2008 - EUR/USD Daily ChartThursday, October 2, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September22008EURUSDDailyChart_835F/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/02/2008 –EUR/USD – Extremely bearish price action on the EUR/USD daily chart, as shown, has plunged a total of more than 1000 pips since the latest bear run began on September 23. The current drop has essentially been unidirectional, with little in the way of retracement or consolidation. This drastic plummet is reminiscent of the large drops that began in late July and late August.
As of Thursday morning (New York session), price has broken down below the last support level at 1.3880, which suggests that the overall downtrend of the last three months could still be in full force. Continued general bearish price action, even if minor retracements and/or consolidation enter into the picture, could target further key support around the 1.3550 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:20 | Comments (0) | Trackbacks (0)
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October 1, 2008 - NZD/USD Daily ChartWednesday, October 1, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September102008NZDUSDDailyChart_C4C9/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend lines in red; horizontal support/resistance level in yellow; 200-period simple moving average in light blue.)
10/01/2008 –NZD/USD – Price action on the NZD/USD daily chart, as shown, has bounced up off of a significant downtrend line (marked “A”) in what appears to be a pullback move after price broke out above the line on 9/19/2008 and subsequently reached up to a key 38.2% Fibonacci retracement level. This breakout-pullback formation could be hinting at a possible continuation to the upside in the direction of the original break.
To confirm such a move would necessitate a breakout above the swing high that was reached after breakout, around the 0.6950 level. This price level also serves as the next key resistance to the upside if price carries further bullish momentum going forward. On the downside, the aforementioned downtrend line should continue to serve as support where it originally acted as resistance before breakout. Further strong support resides around the key 0.6440 historical support/resistance level.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 01:59 | Comments (0) | Trackbacks (0)
September 30, 2008 - GBP/USD Daily ChartTuesday, September 30, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September302008GBPUSDDailyChart_AF12/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance level in yellow; 50-period simple moving average in light blue.)
9/30/2008 –GBP/USD – Price action on the key GBP/USD pair (a daily chart of which is shown) has been in strong bearish mode since the beginning of the week as the dollar has strengthened across the board. This has manifested itself into what is appearing to be a continuation of the downtrend that has been in place since late-July. Momentum on this pair still appears to be unmistakably down, with little in the way of a strong bottom in sight.
Price has broken down below support barrier after support barrier, including several significant Fibonacci levels. Currently, as of Tuesday mid-morning in New York, fast-moving price-action has moved down below a key 61.8% Fibonacci level, and any continued bearish momentum could now target the major support that resides first around 1.7750, and then eventually around the 1.7450 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 12:26 | Comments (0) | Trackbacks (0)
September 29, 2008 - USD/JPY Daily ChartMonday, September 29, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September292008USDJPYDailyChart_8B60/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance level in yellow.)
9/29/2008 –USD/JPY – Price action on the USD/JPY daily chart, as shown, has just reached up to a key downtrend line (represented by the short red line), and then subsequently bounced down considerably off this line, respecting its resistance once again. This last touch is at least the fourth time in the line’s existence that price has respected its boundary, and the line should continue to serve as resistance at least for the near-term.
To the downside, as of Monday morning (New York session), price is currently approaching both an uptrend support line and a significant horizontal support/resistance line that are converging around the 103.70-104.00 price region. A breakdown below this support zone should hit further support around the 102.50 level.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:54 | Comments (0) | Trackbacks (0)
September 26, 2008 - GBP/USD 4-Hour ChartFriday, September 26, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September262008GBPUSD4HourChart_8D2E/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; 200-period simple moving average in light blue.)
9/26/2008 –GBP/USD – Price action on the 4-Hour GBP/USD chart, as shown, is currently languishing in somewhat of a sideways consolidation, much like other major currency pairs.
As of Friday morning (New York session), price has been hugging a relatively well-defined uptrend support line (in green) after falling down off of a significant downtrend resistance line (in red). This downtrend line should continue to serve as resistance in the event of a pronounced bounce up off the current uptrend support.
In the event of a breakdown of the current consolidation, below the uptrend support line, key immediate support to the downside resides around the 1.8260-1.8270 zone.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:02 | Comments (0) | Trackbacks (0)
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September 25, 2008 - EUR/USD Daily ChartThursday, September 25, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September252008EURUSDDailyChart_8F3A/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 50-period simple moving average in light blue.)
9/25/2008 –EUR/USD – Price action on the EUR/USD daily chart, as shown, is currently in somewhat of a consolidation mode, seemingly undecided as to the next directional push. The parallel green lines on the chart show that price has bullishly begun to form a steep uptrend channel, having just hit the top of this channel a few days ago before retreating. Any continuation of this downward pullback should find solid support at or near the bottom of this channel, currently around the 1.4400 region. Overall, however, there is somewhat of a bullish technical bias to this key pair. Even with intermediate pullbacks and consolidation, price could eventually continue its climb towards the major resistance target around the 1.4960-1.5000 region. Not only does this resistance zone represent key prior resistance where price turned abruptly in the past, but it also represents a major 50% Fibonacci retracement level (the high-to-low retracement span being measured from the high reached on 7/15/2008 to the low hit on 9/11/2008).
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:11 | Comments (0) | Trackbacks (0)
September 24, 2008 - AUD/USD Daily ChartWednesday, September 24, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September242008AUDUSDDailyChart_9118/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; chart pattern in magenta; 50-period simple moving average in light blue.)
9/24/2008 –AUD/USD – Price action on the AUD/USD daily chart, as shown, has formed a pennant consolidation pattern that has followed immediately on the heels of a key downtrend resistance line breakout last week. The current pennant formation on the daily chart is represented on the chart by the magenta lines. In the event of a significant breakout above the upper border of this pennant, a potential upward continuation will have been signaled, and the next immediate resistance level to the upside resides around the top of the pennant. In turn, a strong break above the top of the pennant would confirm an uptrend continuation, potentially targeting the 0.8700 resistance region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:19 | Comments (0) | Trackbacks (0)
September 23, 2008 - USD/CAD 4-Hour ChartTuesday, September 23, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September232008USDCAD4HourChart_B824/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; 200-period simple moving average in light blue.)
9/23/2008 –USD/CAD – Price action on USD/CAD (a 4-Hour chart of which is shown) has been approaching a confluence of support offered by two trendlines. This support occurs within the context of a rough, upward-consolidating wedge pattern (represented on the chart by the two converging green lines).
The first support factor is provided by the bottom trendline of the wedge. The second support factor is the red downtrend resistance line which should now act as support after it was broken to the upside early last month. This coming together of two support factors currently resides approximately around the 1.0250 region.
Oscillators like the displayed Stochastics, which are well in oversold territory and pointing up, are supporting a potential bounce back up at or near support, towards the upper part of the wedge. This bounce may have already begun to occur as of Tuesday. In the event of an eventual breakdown below the current confluence of support, on the other hand, price should target key psychological support around the 1.0000 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 13:05 | Comments (0) | Trackbacks (0)
September 22, 2008 - USD/JPY 4-Hour ChartMonday, September 22, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September222008USDJPY4HourChart_8EFD/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; Fibonacci retracements in grey; 200-period simple moving average in light blue.)
9/22/2008 –USD/JPY – As shown on the accompanying USD/JPY 4-Hour chart, price action has recently formed a relatively well-defined downtrend resistance line (represented on the chart by the red line), with at least three or four touches thus far.
After the latest run-up to this line (between the recent low of 103.97 to the recent high of 108.00), price retraced to about 50% of the move (as shown on the chart by the Fibonacci retracement levels) before pulling back up a bit. In the event of a continuation of this upmove, clear resistance to the upside resides around the aforementioned downtrend resistance line, currently around the 107.75 region.
A continuation of the latest bounce down off that downtrend resistance line, on the other hand, should target strong support around the 104.00 region, which is the approximate level of the last major swing low.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:10 | Comments (0) | Trackbacks (0)
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September 19, 2008 - GBP/USD Weekly ChartFriday, September 19, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September192008GBPUSDWeeklyChart_E52F/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
9/19/2008 –GBP/USD – Price action on the long-term GBP/USD WEEKLY chart, as shown, is currently approaching a key level in its current upward correction.
This level (marked “A” on the chart) is the 1.8500 region, and it represents not only a key psychological price zone where price has turned several times in the past, but also where a major 38.2% Fibonacci retracement level resides (the high-to-low retracement span being measured from the high reached on 7/15/2008 to the low reached on 9/11/2008).
This 1.8500 level therefore represents strong current resistance to the upside, a strong breakout of which should indicate a major change in trend. The weekly Stochastics, as shown, are supporting this move towards resistance, as the oscillator is pointing unmistakably up from extremely oversold. A move back down, on the other hand, should meet significant support around the 1.8100 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 16:17 | Comments (0) | Trackbacks (0)
September 18, 2008 - USD/CAD Daily ChartThursday, September 18, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September182008USDCADDailyChart_8264/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; 200-period simple moving average in light blue.)
9/18/2008 –USD/CAD – USD/CAD (a daily chart of which is shown) has once again reached a critical juncture. Price has reached up to and stalled at a significant resistance point right at a key long-term downtrend line (represented on the chart by the red line). This downtrend resistance line has been touched at least five times over the last five-and-a-half years.
In the event of a pronounced bounce down off this resistance, major support resides around the 1.0400 region. Any strong breakout above this trendline with significant momentum, on the other hand, should target further resistance around the price region surrounding the 1.0900 level.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:16 | Comments (0) | Trackbacks (0)
September 17, 2008 - USD/CHF Daily ChartWednesday, September 17, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September172008USDCHFDailyChart_AEA7/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; 50-period simple moving average in light blue.)
9/17/2008 –USD/CHF – Within the context of the up-and-down consolidation in the majors in the last few days, the USD/CHF pair (a daily chart of which is shown) has been bouncing between two significant support/resistance factors. On the upside, dynamic resistance resides around the steep uptrend line that the pair broke down below earlier this week (support becomes resistance).
On the downside, there is a rather significant horizontal support/resistance level around the 1.1050 level, where price stalled and turned up almost precisely in the last two days. This level also acted as a resistance level previously. Currently, as of this writing, price is high in the consolidation range.
Barring a fundamentally-driven breakout back above the steep uptrend line, price is technically presenting somewhat of a bearish bias, potentially targeting support at or near the abovementioned 1.1050 region. If a breakout above the trendline occurs, on the other hand, strong resistance resides around the recent high in the 1.1415 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 12:25 | Comments (0) | Trackbacks (0)
September 16, 2008 - EUR/GBP Daily ChartTuesday, September 16, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September162008EURGBPDailyChart_8C09/clip_image002_thumb.gif 9/16/2008 –EUR/GBP – Price on the key EUR/GBP cross (a daily chart of which is shown) has just made a pronounced bounce almost precisely off the significant uptrend support line that has been in place for at least a year now. This line is represented on the chart by the green line. From a technical perspective, this dip (or corrective pullback) to the uptrend line might have been expected, especially after price over-extended itself by hitting a decade-long historical high (around 0.8185) just a couple of weeks ago.
Any continued upmove off the current trendline bounce should once again target strong resistance at this historical high. Oscillators like the displayed Stochastics, which are beginning to turn up from extremely oversold, are lending some potential strength to a bullish outlook on the bounce. A near-term turn and subsequent breakdown of the trendline, on the other hand, should target immediate further support around the 0.7800 region, which is the level of the last swing low pullback to the uptrend line.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:57 | Comments (0) | Trackbacks (0)
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September 15, 2008 - AUD/USD Daily ChartMonday, September 15, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September152008AUDUSDDailyChart_7913/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; 200-period simple moving average in light blue.)
9/15/2008 –AUD/USD – As of Monday morning (New York session) price action on the AUD/USD daily chart, as shown, has continued to respect the steep downtrend resistance line that has been in place since late July. This is despite a slight poke above the line that occurred in the early hours of Monday’s trading. Any downward continuation of the pullback to resistance should meet strong support around 0.7900, the level of the last swing low.
If price subsequently breaks down below that support level, a continuation of the steep downtrend will have been confirmed, and the next immediate support level below that resides around the 0.7800 level, which is where the long-term uptrend support line is currently located. On the upside, the steep downtrend line should continue to serve as resistance for the short-term. Any strong break and close above this line should initially target the 0.8350 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 08:36 | Comments (0) | Trackbacks (0)
September 12, 2008 - EUR/USD 4-Hour ChartFriday, September 12, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September122008EURUSD4HourChart_AF88/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; downtrend lines in red; 50-period simple moving average in light blue.)
9/12/2008 – EUR/USD – Price action on the 4-hour chart of EUR/USD, as shown, has progressively formed a parallel downtrend channel within the past couple of weeks. This channel has several touches on both sides, and as of Friday noon (New York session), price has reached resistance at the top of the channel once again. This represents a rather significant correction within the context of the current overall downtrend.
Any continuation of this correction via a strong breakout with a close above this channel could eventually target further resistance up around the 1.4400 region. A bounce back down at or near the downtrend channel resistance, on the other hand, should bring price back down to the 1.4000 psychological region, perhaps then targeting the bottom of the channel once again.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 12:28 | Comments (0) | Trackbacks (0)
September 11, 2008 - USD/CHF Daily ChartThursday, September 11, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September112008USDCHFDailyChart_8386/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance line in yellow; 50-period simple moving average in light blue.)
9/11/2008 –USD/CHF – Price action on USD/CHF (a daily chart of which is shown) has displayed an almost unrelenting bullish acceleration recently, much like the EUR/USD and GBP/USD have displayed a seemingly unstoppable bearish bias. Currently on the USD/CHF, price has already broken out above numerous resistance barriers in its aggressive upward move of the last two months, and has formed a very steep uptrend in the process (as represented on the chart by the green line).
A retracement at least back to this steep uptrend line is well-overdue at this point, with all technical signs currently indicating severely overbought conditions. If a retracement back to the line indeed occurs, the dynamic support offered by the line currently resides around the 1.1180-1.1200 region. Any continuation of the unrelenting uptrend acceleration, on the other hand, should eventually meet strong resistance around the 1.1600 region (represented on the chart by the yellow horizontal line), which is a significant prior support/resistance level.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:21 | Comments (0) | Trackbacks (0)
September 10, 2008 - EUR/GBP Daily ChartWednesday, September 10, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September102008EURGBPDailyChart_8B09/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart pattern in yellow; 50-period simple moving average in light blue.)
9/10/2008 –EUR/GBP – After EUR/GBP (a daily chart of which is shown) managed to reach a very long-term high last week at around 0.8185, price has corrected all the way back down to the top border of the rough triangle formation that it broke out of two weeks ago. This might be considered a possible breakout-pullback-continuation move if price subsequently makes a strong bounce back up from the top of this triangle. If this occurs, initial resistance clearly resides around the abovementioned long-term high, before any potential move towards new highs could take place.
A breakdown back into the triangle, on the other hand, should meet further support around the uptrend line (in green) that has provided support for the pair’s impressive uptrend since at least one year ago.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:53 | Comments (0) | Trackbacks (0)
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September 9, 2008 - AUD/USD Daily ChartTuesday, September 9, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September92008AUDUSDDailyChart_9089/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
9/09/2008 –AUD/USD – As noted late last week, price action on AUD/USD (a daily chart of which is shown) has recently stalled in its virtual free fall of the last month and a half. This slight pause has occurred right above a very significant support/resistance and psychological level around the 0.8000 area (as represented on the chart by the yellow horizontal line). This level was reinforced by a close approach and bounce on Friday.
Contributing to the strength of this horizontal line is a long-term uptrend line (represented by the lower green line) that currently coincides approximately with the 0.8000 level and the bounce that occurred on Friday. Any strong breakdown below this key level would likely carry the bearish momentum to target the 0.7680 support region.
A pronounced bounce at or near the current strong support, on the other hand, could eventually target the 0.8350 resistance level once again, followed possibly by the key 0.8500 region further to the upside.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:16 | Comments (0) | Trackbacks (0)
September 8, 2008 - EUR/USD Daily ChartMonday, September 8, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September82008EURUSDDailyChart_86CD/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 50-period simple moving average in light blue.)
9/08/2008 –EUR/USD – Price action on the EUR/USD daily chart, as shown, has pulled back up to the long-term uptrend support line that it broke on Thursday of last week. After pulling back almost precisely to the line (represented by the lower green line), which should now be serving as resistance (support becomes resistance), price retreated back down as might be expected from a technical perspective.
Any further move down on this potential breakdown-pullback-continuation should eventually hit key historical and psychological support around the 1.4000 region. Before that, however, there is some intermediate support around the 1.4125 level. Any correction back up, on the other hand, should continue to consider the abovementioned broken uptrend line as significant resistance.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 16:35 | Comments (0) | Trackbacks (0)
September 5, 2008 - AUD/USD Daily ChartFriday, September 5, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September52008AUDUSDDailyChart_8CD1/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
9/05/2008 –AUD/USD – From a longer-term perspective on the AUD/USD daily chart, as shown, we can see that as of Friday morning in New York, price has closely approached and tentatively retreated from a very significant support/resistance level around the 0.8000 region (as represented on the chart by the yellow horizontal line).
This level has been tested and respected several times as resistance in past years, but not yet as support (until Friday morning’s price action).
Therefore, this is currently the key level to watch. Within the context of the remarkable plummet that has occurred in this pair for the last month and a half, price has broken numerous significant support levels on its way down. The current 0.8000 level may just be another flimsy barrier that is summarily tossed aside, or it may represent a true obstacle to the freefall. Any strong breakdown of this support level should target further key support around the 0.7680 region. A clear bounce and subsequent correction, on the other hand, could target major resistance around the 0.8500 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:00 | Comments (0) | Trackbacks (0)
September 4, 2008 - USD/JPY Daily ChartThursday, September 4, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September42008USDJPYDailyChart_9282/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)
9/04/2008 –USD/JPY – Trend channels on the USD/JPY pair (a daily chart of which is shown) are rarely as accurately formed as on other currency pairs. But USD/JPY channels can still do an adequate job of outlining price action and representing relevant support and resistance levels.
As we can see on the accompanying chart, before price broke out above the large, longer-term downtrend channel (represented by the parallel red lines) in June, a medium-term parallel uptrend channel (in green) had already been in the process of forming. This channel cannot yet be considered exceptionally strong, as it only has two touches on the bottom line thus far (although there are several touches on top). But currently, price is closely approaching the bottom of the channel once again.
Oscillators like Stochastics, as shown, are supporting a possible turn at or near this uptrend support. If this turn occurs, the old support/resistance level of 108.50 should serve as immediate resistance to the upside, followed eventually by the 110.60 region. A strong breakdown and close below uptrend channel support (which would currently be around the 107.00 region), on the other hand, should target key support around the 105.50 area.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:25 | Comments (0) | Trackbacks (0)
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September 3, 2008 - EUR/USD Daily ChartWednesday, September 3, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September32008EURUSDDailyChart_A693/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
9/03/2008 –EUR/USD – Price action on EUR/USD (a daily chart of which is shown) has finally hit the long-term uptrend support line that has been in place for at least two and a half years. Poking slightly below the line during the first half of European session on Wednesday, price has since rebounded somewhat to settle slightly above the trendline again as of early Wednesday in New York.
Any strong breakdown of the long-term uptrend line should first target immediate support in the 1.4300 region. A further breakdown below this level would signify a definitive end to the long-term uptrend, and a potential continuation of the recent freefall.
In this event, the next major support to the downside resides around the 1.4125 region. A significant rebound off the long-term trendline, on the other hand, should first target immediate resistance to the upside around 1.4570.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 11:50 | Comments (0) | Trackbacks (0)
September 2, 2008 - GBP/JPY Daily ChartTuesday, September 2, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/September22008GBPJPYDailyChart_8997/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
9/02/2008 –GBP/JPY – Price on the GBP/JPY daily chart, as shown, bounced precisely up off a significant long-term support level late on Monday. This level resides around 192.60, give or take a few pips.
Back in July 2005, this pair reached a swing low of 192.60, and then reached down to 192.57 in March of this year. Just yesterday, price descended quickly and bounced accurately off the 192.61 level. The sheer precision of this support level has been remarkable. As of Tuesday morning, price has corrected substantially to the upside after retreating from support.
Any continuation of this correction should hit additional resistance around the 196.80 region, a relatively significant prior support/resistance level. The 192.60 support level to the downside, as mentioned, should continue to act as strong support going forward.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:47 | Comments (0) | Trackbacks (0)
August 29, 2008 - AUD/USD 4-Hour ChartFriday, August 29, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August292008AUDUSD4HourChart_9414/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; 50-period simple moving average in light blue.)
8/29/2008 –AUD/USD – Though price action on AUD/USD (a 4-hour chart of which is shown) has been consolidating recently, the overall trend is still down. The long red line displays relatively significant downtrend resistance that extends all the way back to the beginning of the recent plummet in late July.
In the beginning of this week, price broke down below a short-term uptrend support line (represented on the chart by the upper green line). The pair pulled back to the same line after breakdown, and then continued downward to form the beginnings of yet another short-term uptrend support line (represented by the lower green line).
As of this writing, price is on the verge of breaking down below this latter support line. In the event that a clean breakdown indeed occurs, the 0.8500 region should serve as immediate support to the downside. A strong breakout above the red downtrend resistance line, on the other hand, may signify a potential trend reversal, and should target further resistance around the 0.8750 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 17:31 | Comments (0) | Trackbacks (0)
August 28, 2008 - USD/CHF Daily ChartThursday, August 28, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August282008USDCHFDailyChart_AA66/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance lines in yellow; 50-period simple moving average in light blue.)
8/28/2008 –USD/CHF – Price on the USD/CHF daily chart, as shown, has formed a steep uptrend line (in green) within the last month and a half or so. Thursday’s bar has reached down to touch this dynamic support line once again, and then subsequently bounced up off the line. Further upward momentum on this bounce should target significant resistance around the 1.1100 region (represented by the upper yellow line), which has been tested as resistance several times this year, including just a couple of days ago.
A breakdown of the steep uptrend support line, on the other hand, should meet immediate support around the 1.0840 region (represented by the lower yellow line), and then further down at the 1.0730 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 12:06 | Comments (0) | Trackbacks (0)
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August 27, 2008 - USD/CAD Daily ChartWednesday, August 27, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August272008USDCADDailyChart_B373/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
8/27/2008 –USD/CAD – Long-term price action on USD/CAD (a daily chart of which is shown) has come down decisively off the significant downtrend line (in red) that has served as resistance for at least 5 years. After retreating from this resistance line last week, price has gradually descended from the swing high.
Going forward, the red downtrend line should continue to act as resistance to the upside, while the yellow horizontal support/resistance line around the 1.0300 region should serve as immediate support to the downside. Further down, additional key support resides around the green intra-channel uptrend line. A strong breakdown of this uptrend line, incidentally, would constitute a very bearish signal that would hint at a potential prolonged drop, continuing the long-term downtrend in the pair.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 12:45 | Comments (0) | Trackbacks (0)
August 26, 2008 - EUR/USD Daily ChartTuesday, August 26, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August262008EURUSDDailyChart_88FF/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance levels in yellow; 200-period simple moving average in light blue.)
8/26/2008 –EUR/USD – Long-term price action on the EUR/USD daily chart, as shown, has come down a long way to approach the very significant uptrend line that has served as dynamic support since at least the beginning of 2006. This long-term uptrend support line is represented on the chart by the long green line. Any further bearish price action should find strong support around this line, which is currently located around the 1.4400-1.4450 region.
Oscillators like the displayed Stochastics are just emerging from oversold territory and pointing up. Any significant turn back up between the current price and the support imposed by the long-term uptrend line should target major resistance around the 1.4900 region once again.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:44 | Comments (0) | Trackbacks (0)
August 25, 2008 - EUR/GBP Daily ChartMonday, August 25, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August252008EURGBPDailyChart_9CC5/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; chart pattern in yellow; 50-period simple moving average in light blue.)
8/25/2008 –EUR/GBP – Price on the EUR/GBP pair (a daily chart of which is shown) has reached the very top resistance line of a large symmetrical triangle consolidation that has been forming since late March. Each side of this triangle (represented on the chart by the yellow converging lines) has been touched by price around three times during the triangle’s life.
Now that price action has reached the top of the triangle once again, oscillators like the displayed Stochastics are indicating severely overbought conditions, but not yet turning down. In the event that price turns down at or near triangle resistance, clear support to the downside resides around the bottom of the triangle. A clean breakout of triangle resistance, on the other hand, should target immediate further resistance around the 0.8030 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 11:08 | Comments (0) | Trackbacks (0)
August 22, 2008 - AUD/USD Daily ChartFriday, August 22, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August222008AUDUSDDailyChart_98A5/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart pattern in yellow; 200-period simple moving average in light blue.)
8/22/2008 –AUD/USD – After the steep plunge in the first half of August on the AUD/USD (a daily chart of which is shown), price has consolidated into a rough inverted flag formation. For the time being, this consolidation may persist. But a strong break below the flag would indicate a potential continuation of the recent downtrend, as flags are generally considered continuation patterns after breakout. If this occurs, the 0.8500 region should serve as significant support to the downside. A move back up, on the other hand, should target the top of the flag consolidation once again, around the 0.8800 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:51 | Comments (0) | Trackbacks (0)
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August 21, 2008 - GBP/USD Daily ChartThursday, August 21, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August212008GBPUSDDailyChart_BC0C/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; 200-period simple moving average in light blue.)
8/21/2008 –GBP/USD – Price action on GBP/USD (a daily chart of which is shown), appears to have respected and bounced up off the long-term uptrend line (represented on the chart by the long green line), after a week-long period of consolidation right at the line. This bounce hints at a potential correction after the plummet that has occurred within the last several weeks.
Oscillators like the displayed Stochastics, which are pointing unmistakably up from extremely oversold, lend some strength to the technical bias towards an upward correction. In the event that a major correction occurs in the near future, key resistance to the upside resides around the 1.9150 region. Support, on the other hand, should continue to reside at or near the long-term uptrend line.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 13:22 | Comments (0) | Trackbacks (0)
August 20, 2008 - EUR/USD 1-Hour ChartWednesday, August 20, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August202008EURUSD1HourChart_AE47/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; downtrend lines in red; 200-period simple moving average in light blue.)
8/20/2008 –EUR/USD – In what amounts to a continuing low-volatility consolidation in the major pairs, EUR/USD (an hourly chart of which is shown) has formed a short-term parallel downtrend channel. This gradual down-channel consolidation is expressing the remnants of the extreme downward momentum that has defined the pair in last several weeks.
Range-trading the current channel might be a possibility, but the height of the range is rather tight. A strong breakout to the upside of the channel, on the other hand, could potentially signal the beginnings of a long awaited correction. In this event, the next resistance to the upside resides around the 1.4850 region. If price respects the range boundaries, however, support resides at or near the bottom of the channel.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 12:25 | Comments (0) | Trackbacks (0)
August 19, 2008 - USD/CAD 4-Hour ChartTuesday, August 19, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August192008USDCAD4HourChart_84CC/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart pattern in yellow; 200-period simple moving average in light blue.)
8/19/2008 –USD/CAD – As shown on the accompanying USD/CAD 4-Hour chart, price action on this pair has formed both a steep uptrend support line (represented in green) and a flag pattern (represented in yellow) since the forceful bullish run in the dollar began several weeks ago. The combination of these two factors hints at a possible impending continuation of the uptrend.
The uptrend line is acting as dynamic support, while the flag is indicating a potential continuation of the up-move after breakout. In the event of a strong breakout of the flag, major resistance to the upside resides around the 1.0865 region. Immediate support to the downside, on the other hand, resides around the green uptrend line.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:26 | Comments (0) | Trackbacks (0)
August 18, 2008 - GBP/JPY Daily ChartMonday, August 18, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August182008GBPJPYDailyChart_A1E3/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart patterns in yellow; 200-period simple moving average in light blue.)
8/18/2008 –GBP/JPY – Monday’s price action on most currency pairs has been slow-moving and marked by sideways consolidation. GBP/JPY, a daily chart of which is shown, has been no different.
After the severe drop that occurred last week, this pair has corrected somewhat and consolidated into what currently appears to be an inverted pennant formation (as represented on the chart in yellow). As flags and pennants are generally considered continuation patterns, the current pennant hints at a possible downward continuation of the uptrend support breakdown that occurred early last week.
Watch for any fast and clean breakdown below the bottom border of the inverted pennant, which could signify a bonafide continuation of the down move. In this event, major support to the downside resides around the 202.50 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 11:30 | Comments (0) | Trackbacks (0)
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August 15, 2008 - EUR/USD Daily ChartFriday, August 15, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August152008EURUSDDailyChart_81B2/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
8/15/2008 –EUR/USD – Although most technical signals on the EUR/USD daily chart, as shown, are indicating extremely exhausted and oversold conditions, downward momentum currently appears almost unstoppable. Logically, there should be a potential impending correction to the drastic plummet that is occurring, but the point at which this correction actually happens is the big question on most traders’ minds.
At the current juncture, price is already deeply entrenched within the previous horizontal trading range that was in effect from late last year to early this year. In addition, the pair is currently just around 300 pips away from hitting the long-term uptrend support line (represented on the chart in green), which currently resides around the 1.4400 region. This uptrend line is a strong support factor, and if it gets broken to the downside, we would no longer consider the pair to be in a long-term uptrend. If a major correction occurs sooner than hitting that support trendline, on the other hand, the 1.4960 level (which represents the top of the previous trading range) continues to serve as major resistance going forward.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:13 | Comments (0) | Trackbacks (0)
August 14, 2008 - EUR/CHF Daily ChartThursday, August 14, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August142008EURCHFDailyChart_872C/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; 50-period simple moving average in light blue.)
8/14/2008 –EUR/CHF – Price action on the EUR/CHF daily chart, as shown, has pulled back to the significant downtrend line above which it broke out late last month. This downtrend line is represented on the chart by the long red line, which price touched as resistance at least five times before breakout. Concurrently, a tentative uptrend support line has also begun to form (as represented on the chart by the rightmost green line).
Oscillators like the displayed Stochastics are also emerging up from oversold territory. Therefore, the technical bias for the pair at this juncture is towards a potential impending bounce off the support imposed by both the pullback to the downtrend line (in red) and the touch of the tentative uptrend line (in green). The first major resistance in this event resides around the high before pullback, around 1.6365. A clean breakdown of the current support, on the other hand, should target further major support around the 1.6000 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:36 | Comments (0) | Trackbacks (0)
August 13, 2008 - GBP/USD Daily ChartWednesday, August 13, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August132008GBPUSDDailyChart_B759/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
8/13/2008 –GBP/USD – The deep and rapid plunge in price within the last two weeks on GBP/USD (a daily chart of which is shown), has brought the pair all the way down to the key long-term uptrend support line. This line (represented on the chart by the longest green line) has served as support for many years now. The plummet that has occurred and is occurring on the pair has closely approached this strong support, which currently resides around the 1.8600 level.
Any break to the downside below the trendline should meet additional strong support around the 1.8500 region, which is a significant previous horizontal support/resistance level. A bounce at or near support, on the other hand, should first target the 1.8800 region as immediate resistance to the upside. Lending strength to a possible bounce are oscillators like the displayed Stochastics, which are indicating extremely oversold.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 13:03 | Comments (0) | Trackbacks (0)
August 12, 2008 - USD/JPY Daily ChartTuesday, August 12, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August122008USDJPYDailyChart_951E/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend lines in red; horizontal support/resistance lines in yellow; 50-period simple moving average in light blue.)
8/12/2008 –USD/JPY – With recent dollar-strengthening, price on the USD/JPY daily chart, as shown, has reached up to approach resistance at the uptrend line (in green) that has defined price action since mid-March. This line originally served as support before being broken down in June, and has since acted as resistance.
Oscillators like the displayed Stochastics have been in a prolonged state of overbought and are pointing down once again, possibly hinting at a tentative exhaustion of recent upward momentum. In the event of a turn back down, major support resides at or near the significant 108.50 level that price broke just last week. Resistance, on the other hand, should continue to reside around the green uptrend line.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 10:35 | Comments (0) | Trackbacks (0)
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August 11, 2008 - EUR/JPY Daily ChartMonday, August 11, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August112008EURJPYDailyChart_9BCC/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; 200-period simple moving average in light blue.)
8/11/2008 –EUR/JPY – Price action on the key EUR/JPY cross (a daily chart of which is shown), has performed a throwback to the downtrend line (represented by the long red line) that it broke in early June. This line was originally an exceptionally strong resistance level with at least six solid touches before breakout, and should therefore subsequently act as significant support going forward. The most recent bar has reached down and approached the line closely before bouncing right back up, as of this writing. Oscillators like the displayed Stochastics are also in oversold territory, although they have not yet begun to point up. In the event of a continuation of the current bounce up off support, the next resistance to the upside resides around the 166.00 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 12:00 | Comments (0) | Trackbacks (0)
August 8, 2008 - EUR/USD Daily ChartFriday, August 8, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August82008EURUSDDailyChart_99F9/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
8/08/2008 –EUR/USD – On the EUR/USD daily chart, as shown, a massive breakdown of the horizontal trading range that price has been traversing for the past 5 months has finally occurred.
This exceptionally strong and swift breakdown of the range’s low at around 1.5280-1.5300 occurred on Thursday night, and has continued with fierce follow-through on Friday morning. Incidentally, coinciding with this breakdown have been equally significant breaks on the other majors.
Oscillators like the displayed Stochastics are giving extreme oversold readings, but still pointing down. Strong support immediately to the downside, as of this writing, resides around the 1.4960 level, which is the top of the previous horizontal trading range. Any major rebound of the breakdown should meet a solid resistance barrier at the key 1.5280-1.5300 level that price just broke.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 17:56 | Comments (0) | Trackbacks (0)
August 7, 2008 - USD/CHF Daily ChartThursday, August 7, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August72008USDCHFDailyChart_813E/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; downtrend lines in red; horizontal support/resistance line in yellow; 50-period simple moving average in light blue.)
8/07/2008 –USD/CHF – With the recent pronounced rally in the USD/CHF (a daily chart of which is shown), price has reached significant resistance at the juncture of two different resistance factors.
One of these factors is the long-term downtrend resistance line (represented on the chart by the longest red line). The second factor is the horizontal level around 1.0625 (represented by the yellow horizontal line), where price reached a swing high in early May.
Because of the combined strength of these two resistance factors, any breakout above would carry considerable significance. In this event, price should target the next resistance levels to the upside around 1.0730 and then 1.0830. Oscillators like the displayed Stochastics are indicating that price is still in a prolonged overbought period and pointing sideways. In the event of an impending downward correction, price should find immediate support around the 1.0520 level, and then further down at the 1.0400 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:11 | Comments (0) | Trackbacks (0)
August 6, 2008 - USD/JPY Daily ChartWednesday, August 6, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August62008USDJPYDailyChart_89D0/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend lines in red; horizontal support/resistance line in yellow; 50-period simple moving average in light blue.)
8/06/2008 –USD/JPY – After much anticipation, price on the USD/JPY daily chart, as shown, has just made a swift breakout above the key resistance level around 108.50-108.60. This break is significant, as price had been bumping up against this level since February without a breakout.
Now that it has occurred, if there is continued follow-through and upward momentum on the break, price should meet significant resistance at or near the uptrend line (in green) that has served alternately as support and resistance since March.
Any retracement on the current bull run, on the other hand, should now meet support around the broken 108.50-108.60 level, as prior resistance should subsequently become support.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click herefor more information.
Posted by TM Communications in Chart of the Day at 09:47 | Comments (0) | Trackbacks (0)
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August 5, 2008 - EUR/USD Daily ChartTuesday, August 5, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August52008EURUSDDailyChart_873B/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
8/05/2008 –EUR/USD – Price action on the EUR/USD daily chart, as shown, has finally made a significant breakdown of the long-term uptrend support line (represented by the green line labeled “A”). In doing so, price has hit a significant support/resistance level around the 1.5460 level.
Any further downward momentum on this break should target the first support to the downside around the 1.5360 region. A bit further down, there is a major support area at the very bottom of the current horizontal trading range (labeled “B”), around the 1.5280-1.5300 region.
Oscillators like the displayed Stochastics are in prolonged oversold conditions at this point, but price may still have more room to drop. Resistance to the upside on a rebound, on the other hand, should now reside around the green uptrend line that the pair just broke down today.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:36 | Comments (0) | Trackbacks (0)
August 4, 2008 - USD/CAD Daily ChartMonday, August 4, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August42008USDCADDailyChart_8350/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
8/04/2008 –USD/CAD – As noted on a previous Chart of the Day a week ago, price on the USD/CAD daily chart, as shown, was on the brink of breaking out above a long-term downtrend resistance line (in red).
Price subsequently ended up breaking above this line and has now reached major resistance around the 1.0350 horizontal support/resistance level (the top yellow line). At this point, oscillators are indicating well overbought.
But in the event of any continued move up, breaking this horizontal resistance, price should target further resistance around the 1.0470 region, which is another horizontal support/resistance level to the upside. A turn back down at or near the current horizontal resistance, on the other hand, should target support back down at the red downtrend line.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 16:20 | Comments (0) | Trackbacks (0)
August 1, 2008 - NZD/USD Weekly ChartFriday, August 1, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/August12008NZDUSDWeeklyChart_8CC5/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; 50-period simple moving average in light blue.)
8/01/2008 –NZD/USD – The long-term weekly chart of NZD/USD is showing a precise touch of up trend support as of this writing.
This support line is represented on the chart by the bottom green line. In addition, oscillators like the displayed Stochastics are indicating that price is currently on the border of oversold territory, suggesting a possible waning of downward momentum.
In the event of a turn-up at or near this significant long-term support line, the next major resistance level to the upside resides around the 0.7380 region. In the event of a strong and clean breakdown of the line, on the other hand, significant support below the current uptrend line resides around the 0.7120 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 17:00 | Comments (0) | Trackbacks (0)
July 31, 2008 - GBP/USD 4-Hour ChartThursday, July 31, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/July312008GBPUSD4HourChart_8BB0/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; 200-period simple moving average in light blue.)
7/31/2008 –GBP/USD – Price on the GBP/USD (a 4-hour chart of which is shown) shot up on Thursday morning to hit a significant resistance point that combines the top of a new short-term downtrend channel (in red) and the underside of the previous short-term uptrend channel (in green) which price broke below within the past several days.
After the quick bullish move on Thursday morning, price came back down swiftly, retracing most of the original rally as of this writing.
Any continued bearish action should first find some support near the bottom of the red downtrend channel. A rebound, on the other hand, should eventually target the top of the same channel once again.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:56 | Comments (0) | Trackbacks (0)
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July 30, 2008 - EUR/USD Daily ChartWednesday, July 30, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/July302008EURUSDDailyChart_885F/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
7/30/2008 –EUR/USD – As of this writing, EUR/USD (the daily chart of which is shown) has hit a key dynamic support level in the form of a relatively long-term uptrend support line. This trendline, denoted by the long green line labeled “A”, has been an active support line for around a year, since August 2007 when price was around the 1.3350 region. Price has revisited this line several times since then, and just today has threatened a breakdown. If indeed a true break occurs with significant downward momentum, we should be seeing price ultimately target the next major support level to the downside around the 1.5350 region, which is near the bottom of the horizontal range that price has been entrenched in since March. On the other hand, oscillators like the displayed Stochastics are showing well oversold, indicating a potential waning or stalling of downward momentum. If this is the case, and price turns up around the uptrend support line (even if there is a slight false break), immediate resistance to the upside resides around the 1.5630 region, which is the prior support level that was broken during yesterday’s bearish price run.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:41 | Comments (0) | Trackbacks (0)
July 29, 2008 - USD/JPY Daily ChartTuesday, July 29, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/July292008USDJPYDailyChart_8A47/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend lines in red; horizontal support/resistance lines in yellow; 50-period simple moving average in light blue.)
7/29/2008 –USD/JPY – The swift bullish dollar move that has occurred this morning (Tuesday, July 29) was evident on all of the majors, including the USD/JPY pair (the daily chart of which is shown). As the other majors all had key levels broken by this move, USD/JPY also broke a short-term resistance line at around 108.00. Right above this is a significant resistance level at around 108.60 (the top yellow line). If price continues up to break this level as well, the medium-term uptrend line (in green) should provide further resistance to the upside. If the current bullish dollar move fails, on the other hand, a deep fall back would ultimately meet strong support around the top of the downtrend channel (in red).
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 16:49
July 28, 2008 - EUR/USD Daily ChartMonday, July 28, 2008
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http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/July282008EURUSDDailyChart_8761/clip_image002_thumb.gif
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
7/28/2008 –EUR/USD – After hitting a significant support resistance level at around 1.5630 late last week, price action on the EUR/USD daily chart, as shown, has made a clear bounce up off that support, as of this writing. Corresponding with this bounce is oscillator confirmation in the form of the displayed Stochastics, which have tentatively emerged up from oversold territory. In the event of a continued move up on the bounce, closest resistance to the upside resides around the 1.5800-1.5820 support/resistance region. Above this is the strong 1.5900 resistance. Immediate support to the downside, on the other hand, continues to reside in the 1.5630 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 09:37
July 25, 2008 - USD/CAD Daily ChartFriday, July 25, 2008
http://tellafriend.socialtwist.com/wizard/images/tafdropdn_green24.png
http://www.tradingpostfinancial.com/blog/uploads/WindowsLiveWriter/July252008USDCADDailyChart_7C76/clip_image002_thumb.gif (Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
7/25/2008 –USD/CAD – Price action on the USD/CAD daily chart, as shown, has just hit a long-term downtrend resistance line. This line extends from early 2007, and is represented on the chart by the long red line. Price is also entrenched within a rough horizontal trading range, as bounded by the yellow horizontal lines. If this pair has enough upward momentum to breakout above the downtrend resistance line, the next resistance to the upside resides at or near the top of the range in the 1.0350 region. On the other hand, if this downtrend resistance is strong enough to turn price back down, the first support to the downside resides around the 0.9970 region.
James Chen
Chief Technical Analyst, FX Solutions
To download the latest version of FX AccuCharts 7.0, please click here: Download FX AccuCharts 7.0
*IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Click here for more information.
Posted by TM Communications in Chart of the Day at 08:51
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