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Want FULL ACCESS To ROSS’ DAILY TRADE ROOM? Simply Click The Get Started Button Right Now! Trade posted at 8:30am ET buy GBPUSD at 1.6256. This pair has been falling for a few days now since testing the 1.6700 highs. The daily trend line has been well established for the year and it is now…
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Convergence of Indicators
Often times, when you can identify a level, where multiple indicators point to a certain outcome there can be a higher probability of that outcome, which is the case of the GBPUSD today.
This morning we can see at 1.6235/40 that there are 4 different indicators pointing to a price barrier, or what I like to refer to as a wall. First the trend line from the
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Potential long term technical setup has begun to take shape on the USDCAD. It is no secret that the trend for the USDCAD has been down for quite a while. Recently it has tested support into the mid .9600’s and has rebounded back into the .9800’s. This rebound has been challenging the daily trend line and gives us the first clue that the trend just might be changing.
Along with the challenge of the trend line comes the break of former support in the .9850 area. As you can see from the chart example, the break of the
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.4000
Overview – Daily trend has been pressing higher since the beginning of 2011. However, previous congestion viewed on the weekly chart between 1.3950 and 1.4100 in 2008, 2009 and 2010 is providing a range of resistance that could eventually indicate a reversal zone. As long as this pair holds under 1.4100 I will be watching for technical indications of reversal.
Resistance – 1.4085 / 1.4150 / 1.4225 / 1.4290
Support – 1.3900 / 1.3860 / 1.3825 / 1.3760
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GBP/USD – Current 1.6175
Overview – Weekly resistance viewed in the mid to upper
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3665
Overview – Last week we saw a push back to the 1.3700 area capping just under the previous weeks high. As long as it continues to hold under 1.3740 will be looking for the potential return back down to 1.3400. A push through 1.3740 will retest the 1.3850’s then back to 1.4000.
Resistance – 1.3708 / 1.3740 / 1.3790 / 1.3824 / 1.3858
Support – 1.3640 / 1.3620 / 1.3574 / 1.3547 / 1.3500 / 1.3460
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GBP/USD – Current 1.6216
Overview – I have been watching the test of the top of
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This week we saw two currency pairs set up with just about perfect reversal chart patterns. I will outline it here on the EURUSD but you should look on the AUDUSD for it on the Daily chart.
A head and shoulders pattern consists of 3 peak highs, the left shoulder, the head and the right shoulder. The left shoulder is established when
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3520
Overview – The past two weeks have found support in the mid 1.3500’s and a new leg down could target 1.3400 for the next support. Long terms trends on the daily and weekly are difficult to discern so I will continue to watch for breakouts on the 1 hr and 4 hr charts.
Resistance – 1.3628 / 1.3667 / 1.3737 / 1.3791 / 1.3824
Support – 1.3490 / 1.3413 / 1.3279 / 1.3187 / 1.3078
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GBP/USD – Current 1.6105
Overview – I have been watching the test of the top of
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3605
Overview – 4 hour retracement trend has moved up nicely from the 1.2900 area to the upper 1.3600’s. Now looking for a potential break of the 4 hour trend line to begin falling again.
Resistance – 1.3685 / 1.3745 / 1.3797 / 1.3866 / 1.3949
Support – 1.3576 / 1.3490 / 1.3413 / 1.3279 / 1.3185
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GBP/USD – Current 1.5770
Overview – Large reaction to news
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3470
Overview – Break of the daily trend line this week has given rise to test 1.3500. So far unable to break resistance at 1.3485 but holding above previous resistance at 1.3415. More upside expected on break of 1.3500 otherwise a fall below 1.3400 could see a move back to 1.3200.
Resistance – 1.3485 / 1.3580 / 1.3693 / 1.3743 / 1.3797
Support – 1.3413 / 1.3279 / 1.3185 / 1.3075 / 1.2986 /1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5930
Overview – Fall from 1.6050 gave nice profit
Want FULL ACCESS To ROSS’ DAILY TRADE ROOM? Simply Click The Get Started Button Right Now! The trend for the EURUSD has been in a downward move since last November. The pair has found support just under 1.2900 and has pressured higher so far this year. Could this be the beginings of a longer push…
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3300
Overview – Early this week we are seeing the potential break of the daily trend line that has been down since the beginning of last November. The price has found resistance at 1.3400 but a break will look for the next extension higher. The next major support break comes through 1.3075.
Resistance – 1.3335 / 1.3313 / 1.3485 / 1.3595 / 1.3693
Support – 1.3185 / 1.3075 / 1.2986 /1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5910
Overview – Daily Fib near 1.5930 capping
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3027
Overview – So far this week the EURUSD has been locked in a trend channel drifting from the 1.2880 area to the mid 1.3040 area. A clean push higher will test previous supports near 1.3090. More downside could be expected on a break below 1.2885.
Resistance – 1.3045 / 1.3085 / 1.3140 / 1.3190 / 1.3215
Support – 1.2970 / 1.2923 / 1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5675
Overview – Much like the EURUSD this pair has been drifting