Forex Forum @ ForexAbode

[Himanshu]

Is USD/CAD coming outta box? At least for short term:

The attachment usd-cad-may-15th.jpg is no longer available

1) Red dotted resistance line: This has been the resistance since February 1st. It was broken first time recently even though not yet decisively.

2) Blue trend line: This resistance line seemed to have become support line. At least the last bottom indicates that.

3) Yellow resistance trend line: Expect that next resistance should come here.

Please ignore the green line. That is the current take profit target of my position.

Yep, USD/CAD moved as expected. Please check the chart below:

usd-cad-may16th.jpg (258.06 KiB) Viewed 3051 times

[Himanshu]

Well, The break of the channel was short-lived but then being back into the falling channel is a bit old news but the fact remains that the upper trend line resistance has been working again. 0.9890 should be the next traget !!! At least I believe so. You may also check the weekly analysis posted on yesterday:

The attachment aud-usd-back-into-the-channel.jpg is no longer available

We expected 0.9880 a couple of days back, it dipped a few pips below that. We expect some more weakness. Please check the the daily chart:

[Himanshu]

EUR/USD broke the critical support level of Jan 13th to 17th. A strong upward move of over 800 pips had taken place from this support level. I would expect the next move towards 1.2540 but it may be slow because of the approaching psychoogical level of 1.2500:

EUR/USD daily chart:

eur-usd-may23rd.jpg (275.7 KiB) Viewed 2999 times

[Himanshu]

AUD/JPY broke the low of December 16th, 2011 and the support area of Decempber 14th to 21st from where a strong upward move of over 1100 pips had taken place. I would expect the next target to be 75.90. Of course I am on short side as I was yesterday with EUR/USD (the previous post of yesterday). This month has given 100% returns as of date. One of the good ones.

AUD/JPY daily chart:

aud-jpy-May-23rd.jpg (264.99 KiB) Viewed 2986 times

[Himanshu]

This refers to the previous post and the outlook doesn't change but on the hourly chart an inverse Head and Shoulder pattern is emerging. Some upward correction may take place towards 78.10/78.20 or a bit more before another fall:

AUD/JPY daily chart:

aud-jpy-May-23rd-1.jpg (131.37 KiB) Viewed 2978 times

[Himanshu]

EUR/USD is finding resistance exactly at 22-day EMA. Please check the yellow EMA line on the daily chart. In case this resistance is broken then we can expect a move towards Fib 38.2% retracement i.e. towards 1.2670 but otherwise a downward move:

EUR/USD daily chart:

EUR USD June 7th.jpg (228.39 KiB) Viewed 2820 times

[Himanshu]

Please refer the previous post. This one is a follow-up of that.

Till now it seems that 22-day EMA resistance is working. I will post that daily chart once again. On the other hand there seems to be a support trend line coming into the picture... or already in the picture . If this holds good, wouldn't 1.2480 should be the target if 22-day EMA resistance is not broken? If that is broken then the Fib 38.2% mentioned in the previous post should come true.

(Please check the daily and 8-hourly charts below)

Sooner or later a deeper bottom will come, that is what I think... and I am not always right

EUR/USD daily chart (repetition):

EUR USD June 7th-2.jpg (262.34 KiB) Viewed 2806 times

EUR/USD 8 hourly chart (with trend line):

EUR USD June 7th- 8 hourly chart.jpg (252.59 KiB) Viewed 2806 times

[Himanshu]

USD/CHF is finding resistance almost exactly at the strong resistance level during Mid January to Mid February of 2011 or 17 months back (the red horizontal trend line). But then, after all the recent upwards price action, I would be surprised if the curreny pair misses to complete 61.8% retracement which would be near 0.9940 followed by the next resistance near 1.0060 (over the parity level). But before that a correction towards the crossed 50% retracement i.e. towards 0.9400/0.9390 also can not be ignored:

USD/CHF Weekly Chart:

USDCHF-Year back and now.jpg (294.15 KiB) Viewed 2788 times

[hard1head1]

Agreed, I believe the latter will come to pass. Just waiting for some volativity now. 2660 and possibly 2800 but I think 2660 will be it. But as you said, another run down is definately comming.

Please refer the previous post. This one is a follow-up of that.

Till now it seems that 22-day EMA resistance is working. I will post that daily chart once again. On the other hand there seems to be a support trend line coming into the picture... or already in the picture . If this holds good, wouldn't 1.2480 should be the target if 22-day EMA resistance is not broken? If that is broken then the Fib 38.2% mentioned in the previous post should come true.

(Please check the daily and 8-hourly charts below)

Sooner or later a deeper bottom will come, that is what I think... and I am not always right

EUR/USD daily chart (repetition):

EUR USD June 7th-2.jpg

EUR/USD 8 hourly chart (with trend line):

EUR USD June 7th- 8 hourly chart.jpg

[Himanshu]

A classic example of 55-day EMA resistance (red line) and that is getting more strength from the psychological resistance of 1.0000 (parity) level. On the other hand support is coming from 22-day EMA level (yellow line). Overall, I believe that even if the resistance is broken, another fall should come from the area near 1.0065/1.0080 (Fib 38.2% in the third chart). Please check 3 daily charts of AUD/USD as follows:

AUD/USD EMAs

AUD-USD-June-13th.jpg (244.25 KiB) Viewed 2706 times

AUD/USD Fibonacci -1

AUD-USD-June-13th-2.jpg (280.54 KiB) Viewed 2706 times

AUD/USD Fibonacci -2

AUD-USD-June-13th-3.jpg (272.69 KiB) Viewed 2706 times