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发表于 2009-4-8 09:12
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January 12 - EUR/USD Daily ChartMonday, January 12, 2009
(Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; horizontal support/resistance lines in yellow; chart pattern in magenta; Fibonacci retracements in grey; 50-period simple moving average in light blue.)
1/12/2009 –EUR/USD – Price action on the EUR/USD daily chart, as shown, has been hovering around a key support/resistance line in the 1.3300 region as of Monday (1/12/09) morning in New York. This price level represents very significant prior support/resistance, as price has hit and turned off this level several times in the recent past. Therefore, any substantial breakdown and close below this level should be a significant technical event. Immediately below this level is also a key downtrend line that price broke out above in mid-December.
This line now serves as dynamic support for the pair. Therefore, a breakdown below this line should lend even more significance and momentum to a potential break below the 1.3300 level. If these breaks indeed occur, price action will have confirmed a continuation of the short-term downtrend that began in late December.
In this event, the major support target to the downside resides around the 1.2330 region, which is the level of the last long-term swing low in the pair. Before that, however, intermediate support resides in the general 1.3050 region. If price ultimately breaks down strongly below the 1.2330 region, a continuation of the overall downtrend that began in July 2008 will have been confirmed.
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 13:12 | Comments (0) | Trackbacks (0)
January 9 - AUD/USD Daily ChartFriday, January 9, 2009
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; horizontal support/resistance lines in yellow; chart pattern in magenta; 50-period simple moving average in light blue.)
1/09/2009 –AUD/USD – Price action on the AUD/USD daily chart, as shown, is currently within the boundaries of a thin parallel uptrend channel. Within the last few days, price has dropped to the bottom of this channel after hitting and retreating from key resistance in the 0.7250 region. Currently, momentum indicators like the displayed Stochastics are indicating a bearish bias, with price emerging down from extremely overbought.
In the event of a significant breakdown of the current channel, the pair could target key support in the 0.6750 region. And any strong breakdown of that further support level would hint that the pair could be leaning towards a potential continuation of the overall downtrend.
To the upside, the noted 0.7250 level should continue to serve as key resistance for the near-term. In the event of a break above that level, the top of the parallel trend channel should serve as significant further resistance.
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 10:05 | Comments (0) | Trackbacks (0)
January 8 - GBP/USD Daily ChartThursday, January 8, 2009
(Price on 1st pane, Slow Stochastics on 2nd pane; downtrend lines in red; chart patterns in magenta; 50-period simple moving average in light blue.)
1/08/2009 –GBP/USD – Though it is still entrenched in an overall downtrend, price action on the GBP/USD daily chart, as shown, has been rising steadily during the first week of the New Year within the context of a consolidation near the long-term, multi-year lows. This consolidation can be considered a broadening formation, which is a relatively rare chart pattern.
Broadening formations, which are shaped much like megaphones facing towards the right, can be viewed either as an opportunity to range trade the consolidation between the diverging lines, or as possible reversal signals at extreme price levels. This pair is currently near an extreme price level, so some may consider this as a potential sign that a firm bottom in the pair has indeed been reached.
At the current juncture, one might be well-advised not to jump too hastily to this conclusion. But technical signs can give us an indication of whether or not this is indeed the case. The top border of the broadening formation currently resides around the 1.5900-1.6000 region, so this zone should act as very substantial resistance in the event of further bullishness in the short-term. A break above the top border of the formation should lend considerable strength and confirmation to the outlook of a reversal in the pair. More likely, however, before that resistance is reached, we should be seeing a rest or consolidation in the up-move, if not an outright turn back to the downside, in which case strong support resides in the 1.4350 region, the level of the last extreme low.
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 10:19 | Comments (0) | Trackbacks (0)
January 7 - USD/CAD Daily ChartWednesday, January 7, 2009
(Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; Fibonacci retracements in grey; chart pattern in magenta; 50-period simple moving average in light blue.)
1/07/2009 –USD/CAD – Price action on the USD/CAD daily chart, as shown, has broken down below a key uptrend support line, after having first broken down below a small triangle continuation pattern. Subsequent to these breakdowns, price pulled back up to the point where it broke the uptrend line, but then stalled and retreated soon thereafter.
Currently, price appears poised to continue in the direction of the break. If this is indeed the case, a major support target to the downside resides around the 1.1450 region, a significant prior support resistance level. A break and close back up above the uptrend line, on the other hand, should invalidate the current bearishness, and could therefore target the key 1.2100 resistance level to the upside.
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 12:17 | Comments (0) | Trackbacks (0)
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