Forex Technical Trading Update

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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

Forex Technical Analysis

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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

Forex Technical Trading Update March 14 2011

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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

Technical Trading Update Feb 21 2011


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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

Technical Trading: EURUSD Reversal


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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

Technical Trading Update Feb 7 2011

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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

Technical Trading Update Jan 25 2011

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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

Technical Trading Update Jan 20 2011


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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

Technical Trading Update Jan 17 2011


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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

Technical Trading Update Jan 12 2011


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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