Technical Trading Update Jan 10 2011

Technical Trading

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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 1.2925

Overview – Supports along 1.2890 area holding bottom side pressure for now. A confident break of this support will look for the next slide to 1.2800 and 1.2750. Resistance will likely be seen near 1.2975 but a push could send it higher to 1.3080.

Resistance – 1.2975 / 1.3035 / 1.3080 / 1.3148 / 1.3190

Support – 1.2890 / 1.2810 / 1.2750 / 1.2670 / 1.2625

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GBP/USD – Current 1.5540

Overview – Consolidation is dominant viewed on the

Technical Trading Update Jan 5 2011

Technical Trading

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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.

Looking forward to the end of the week, there are some significant news events that could dramatically change the technical trading outlook.

EUR/USD – Current 1.3145

4 hour View – As noted in the last update, a break of the 1.3300 area gave way to the next leg lower and now finding support in the mid 1.3100’s. Significant congestion between

Daily Trader Outlook

Technical Trading

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EUR/USD – Current 1.3315

4 hour View – Major resistance at 1.3410 area. A break heads back to 1.3500. 4 hour trend has been up but seeing some downside pressure.

Resistance – 1.3360 / 1.3385 / 1.3410 / 1.3470 / 1.3500

Support – 1.3341 / 1.3322 / 1.3303 / 1.3282 / 1.3264

Intraday Opportunities – Next leg lower begins with a break of 1.3300. Above 1.3350 could challenge 1.3385 and 1.3400

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GBP/USD – Current 1.5480

4 hour View – Bears took over after market open on Sunday however

Buy USDCHF at 0.9573

Technical Trading

Want FULL ACCESS To ROSS’ DAILY TRADE ROOM? Simply Click The Get Started Button Right Now! Buy posted at 8:21am ET buying at 0.9575 area. We have seen multiple supports line up at this level. Looking for a triple bottom bounce and continued signs of reversal after that. Market has ranged between 0.9575 and 0.9700…

AUDUSD potential reversal pattern

Trading Signals & Strategies

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It is no secret that the AUDUSD pair has been in a strong uptrend for quite some time. That trend has been capped recently at 1.0200. My thoughts now turn for reversal possibilities. There has already been a break of the daily trend line established back in August. Before the last high a former resistance area was found from the 0.9900 to 1.000 zone. If this duplicates on the right side of the high it could form a head and shoulders reversal pattern and the beginning of a leg down. Using this overall outlook I will begin to drill down to smaller compressions and look for entries for sells between the 0.9900 and 1.000 zone. Fibs of the last run down on the