September 2011 Blog Posts (23)

USDCAD

Last week showed a fantastic bullish break and surge of more than 200 pips above parity for the Loonie, reaching the weekly 161.8% extension on the previous swing high, and closing well above the 138.2% level after a small correction. Both our targets at the weekly SMA100 and the projection of the flag pole at 1.0238/40 were met, the…

USDJPY

The Dollar-Yen didn’t reach the lows and remained last week in a tight range between round numbers 76.00 and 77.00. We could be having a double bottom on the daily charts and my expectations are for a bullish break of the confluence of the daily SMA34 and middle line of the Bollinger bands, targeting the resistance at previous highs…

EURCHF

The Euro-Swiss Franc made a new high last week at 1.2340, reaching and breaking above our target at the weekly SMA34 level. We are still away from the descending trend line and price could be contained by the strong resistance area between 1.2350 and 1.2390, with also the daily SMA200 in the middle. If that level is broken, we might…

EURUSD

Last week the markets opened with a downside gap for the Euro-Dollar, briefly closed for a continuation and small breach of the previous week’s lows, as expected in our bearish scenario, and finally ending at about the same price, just above round number 1.3500. I would expect further downside for this pair, targeting the daily 127%…

I didn’t expect the downwards gap in my previous analysis and we had a nice descent afterwards, retest and small breach of previous lows at 1.0180. However, we can see on the hourly charts that price bounced neatly from the trendline that is binding those to August lows, and seems to be recovering to the upside. This could be the end of an Elliott Wave 5 and the subsequent projection of the next C wave at a 38.2% retracement on wave 2, brings us to around 1.0360.…

USDJPY

As expected, the Dollar-Yen went back to the lows of the previous week, and stayed inside a range from Wednesday to Friday. There is no clear direction for this pair as of now, although I would expect some bearish continuation if the bottom at 76.00 is broken, in extension towards 71.80, 70.30 and 66.30 as successive medium-to-long-term…

EURCHF

Very little action for the Euro-Swiss Franc last week. This pair stayed in a very small range after its previous week’s surge and is lingering barely above the 61.8% retracement from the last swing low. We might attempt to reach 1.2260/70 at the weekly SMA34 level or even to the upper trendline of the descending channel, and I expect from there…

EURUSD

The Euro-Dollar barely made a new low last week, with price well supported at 1.3500 from where it bounced back for a retest of the broken ascending trend line and pierced the 23.6% Fibonacci retracement, ending just above the weekly SMA100. Our bullish views were on point as price went well above our targets reaching above 1.3900. I would…

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USDCAD

The Loonie rose as expected last week, reaching barely 23 pips below parity, which it finally achieved earlier today. At the present moment the price is a little above Friday’s high but was rejected from the new highs it made at 1.0025. It is too soon to predict here a double top, but we could consider it might have a retrace to…

USDJPY

The Dollar-Yen modestly rose as we had expected, not yet reaching our targets though, but slightly breaking above the previous highs and ending on Friday above the confluence of the daily SMA34 and middle line of the Bollinger bands. There is still some more road to travel on the weekly charts to reach the middle bands, and the pair…

EURCHF

The Euro-CHF reversed to the upside last week, reaching near the SMA34 and closing at the 61.8% weekly Fibonacci retracement level. We have a strong engulfing candle and a fairly high possibility for this pair to start a new trend, however we are still as of today below the weekly SMA34 from which we could bounce back down for a retest of…

EURUSD

The weekly support at SMA34 and 38.2% retracement level failed to hold for the Euro-Dollar and the price broke further down, closing at the 61.8% Fibonacci level. Since the beginning of this week, it has reached below the daily 138.2% extension on the previous swing low, and we could expect a continuation of the bearish move towards…

EUR/USD: Technical Analysis

The euro-dollar could bounce after finding support from an old trend-line from the May highs. Both momentum indicators are over-sold but there are no other major reversal signs yet. A small double-bottom on the 10 minute chart on the S2 daily pivot may start the counter trend rally, with the first upside target at 1.4170 and then if it extends to fill the gap a continuation to the upper channel line of the descent at 1.4205. A deeper…

Weekly Update - September 02 close

USD/CAD

Monthly chart patterns suggest a possible double bottom (2007-2011) and thus a trend reversal could be in the making. We also have another triple bottom if we take account of April, May and July candles. The USD/CAD almost retraced all the way to the lows and is fighting…

Weekly Update - September 02 close

USD/JPY

The Dollar-Yen has been forming a pronounced falling wedge, ending near the bottom line last month. There is still some room to the downside but I would expect a bullish turn soon to break the upper line; there is a second descending channel line (a wider wedge, not…