February 2011 Blog Posts (41)

USDCAD

The Loonie broke the lower descending daily trend line, reaching a 127% reversal on previous swing high, while ending at the weekly lower line of a falling wedge, closing ten pips below 0.9800. Price has continued on the bearish side since this week’s market opening, and I would expect a further push towards 0.9720/0.9700 where we have the next…

USDJPY

Another bearish week with greater momentum for the Dollar-Yen, nearly reaching the lower line of the symmetrical triangle. Price has almost given back all the gains made on the previous daily swing high and seems to be headed towards a retest of the lows near 81.15. Given the strength of last week’s candle, I would expect a further fall…

EURCHF

This pair had a second subsequent bearish week after its bounce back from the upper line of the descending channel. Price reached the 61.8% Fibonacci retracement on Daily time frame and traded below the SMA34 for most of the week. A small rejection at this support and a hammer candle would probably be an indication that the Euro-Swiss Franc…

EURUSD

A little higher than previous week but still inside the boundaries of the weekly symmetrical triangle, the Euro-Dollar nearly reached January highs and closed just above the SMA100 level. On the Daily charts, we could be having a double top but there is still room for a break to reach the extension at 127% or 138.2% with a target at the…

USDCAD

Daily bullish pin bar on last Thursday was confirmed and the expectations for a correction to the upside were right, however we experienced a rejection from the upper Bollinger bands on Wednesday, after having reached the upper line of the daily falling wedge forming now a bearish pin bar yet to be confirmed at today’s close. However we have…

USDJPY

Last week the Dollar-Yen made a bearish move after a higher weekly high, bouncing from the SMA34 and still inside a symmetrical triangle. Daily charts show a retracement on previous swing high, ending near the 38.2% level on Friday. I was expecting a further retracement down to the 50% level on both time frames, around 82.50/60 (middle line of…

EURCHF

This pair started a leg down last week after bouncing from the weekly SMA34 and top of the descending channel, meanwhile it ended with a doji and at the bottom ascending trend line on the daily charts, just above the SMA34. The outlook is bearish as we have seen after the week end (though we had thought of a possible bounce up to psychological…

EURUSD

The Euro-Dollar has been trading inside a symmetrical triangle formation and ended last Friday at the weekly SMA100 level, barely above the middle line of the daily Bollinger Bands, also with a similar formation. I would expect a break to the upside towards the previous daily highs at around 1.3860 as first target, and then a further bullish…

USDCAD

The Loonie gained and gave back almost all gains on a very volatile week, ending with a long-wicked hammer on weekly charts, and a 100-pip bearish candle on the daily charts. This pair seems to be still consolidating despite its struggle to pierce through parity, and is hovering mostly between 0.9830 and 0.9990. The last three days have been…

USDJPY

Last week this pair broke above the upper trend line of the weekly descending channel inscribed in a falling wedge, nearly reaching the SMA34 at the end of the week. Daily charts formed an apparent double top yet to be confirmed at that point. On the last two days, the Dollar-Yen broke over Friday highs at 83.68 coming near psychological level…

EURCHF

This pair ended last week at the top trend line of the weekly descending channel and SMA34, this level also being at the 61.8% retracement from the previous swing low. On the daily charts it almost reached the 127% Fibonacci extension ending 70 pips above the SMA100. The expected move was a bounce back down and continuation of the…

EURUSD

This week seems to be poised for a continuation to the downside for the Euro-Dollar, with a confirmed pin bar on the weekly charts and Friday’s close below the daily SMA100. We have been seeing a consolidation between 1.3550 and 1.3420 since Monday and I would favor a further push down to the 61.8% daily Fibonacci retracement on…