Caroline Carlin's Blog – July 2011 Archive (4)

USDCAD

We have a double bottom both on the weekly and daily charts. Last week the price bounced back up from the lower line of the daily descending channel after testing May lows. I would expect a 50% retracement on weekly near 0.9660/70 which coincides with the middle line of the Bollinger bands, and as a second step a retest of the highs around…

USDJPY

The Dollar-Yen maintained its bearish tone last week, reaching the bottom line of a falling wedge and making a new low. In my opinion, there is still momentum to push further down to a 138.2% Fibonacci extension on the previous swing low, or even attempt to retest the level of the last spike down near round number 76.00 and the 161.8%…

EURCHF

This was a bullish week for the Euro-Swissie, which bounced from the bottom line of the descending channel and ending on a strong rejection of round number 1.1900. We have a falling wedge forming and I would expect a further…

EURUSD

Still on a rising trend, last week the Euro-Dollar confirmed the previous week's pin bar, bouncing from the confluence of the three moving averages (34, 100 and 200) at a 50% fibonacci retracement from the swing high. I would be aiming…