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Trading with a Flexible Mindset

Wed, 08 Sep 2010 19:59:34 +0000

Don’t let your opinions get in the way of your analysis.

Intraday Technicals: Counter-trend USD/JPY Buy

Wed, 08 Sep 2010 19:59:34 +0000

CURRENCY	CURRENT BIAS	POTENTIAL STRATEGY
EUR/USD (Short Term)		Testing near-term 78.6% support near 1.2660
GBP/USD (Short Term)		Testing key near-term triple-top resistance near 1.55
USD/JPY (Short Term)		Buy if prices drop to 83.054, risking 82.766 and targeting 83.739 (counter-trend opportunity)
USD/CHF (Short Term)		Testing near-term double-bottom support near 1.0060
USD/CAD (Short Term)		Waiting for a new pattern to emerge
AUD/USD (Short Term)		Testing key resistance near 91.80 (near-term double-top, see 30min chart), but room up to longer-term double top near 92.20 (see daily chart)
NZD/USD (Short Term)		Waiting for a new pattern to emerge

Swing Technicals- EUR/USD to Face Resistance at 1.3075?

Wed, 08 Sep 2010 19:59:33 +0000

CURRENCY	CURRENT BIAS	POTENTIAL STRATEGY
EUR/USD (Medium Term)		Sell EUR/USD at 1.3075. Stop at 1.3370. Profit target at 1.2435.
GBP/USD (Medium Term)		Wait until a new pattern emerges.
USD/JPY (Medium Term)		Wait until a new pattern emerges.
USD/CHF (Medium Term)		Wait until a new pattern emerges.
USD/CAD (Medium Term)		Wait until a new pattern emerges.
AUD/USD (Medium Term)		Wait until a new pattern emerges.
NZD/USD (Medium Term)		Wait until a new pattern emerges.

Japanese Yen Forex Options Sentiment Suggests Major Reversal Near

Wed, 08 Sep 2010 19:54:00 +0000

Intensely choppy forex market price action has made short-term US Dollar forecasts especially difficult, but evidence of sentiment extremes in the Japanese Yen suggests that the USDJPY may soon reverse. Forex futures positioning data shows that Non-commercial traders are near the most net-long the Japanese Yen (short USDJPY) since the USDJPY bottomed in late 2009.

Chart of the Day – AUD/USD

Wed, 08 Sep 2010 19:41:49 +0000

Price action on AUD/USD (a 4-hour chart of which is shown) as of Wednesday (9/08/2010) has resumed its bullish stance, after a bearish pullback, to approach the last major resistance high around 0.9220 reached in early August. This occurs within the context of a general uptrend extending from the June low.

EUR/CAD Under Pressure Following BoC Rate Hike, Ivey PMI Report; Traders Shift Their Focus to the Canadian Employment Report

Wed, 08 Sep 2010 19:35:00 +0000

GBP/USD: Trading the Bank of England Interest Rate Decision

Wed, 08 Sep 2010 19:35:00 +0000

The Bank of England is widely expected to maintain its current policy in September, and the British Pound could face increased volatility following the rate decision as investors weigh the prospects for future policy.

Chart of the Day – AUD/USD

Wed, 08 Sep 2010 18:48:29 +0000

(Chart courtesy of FX Solutions’ FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.) 9/08/2010 – AUD/USD – Price action on AUD/USD (a 4-hour chart of which is shown) as of Wednesday (9/08/2010) has resumed its bullish stance, after a bearish pullback, to approach the last major resistance high around 0.9220 reached

Treasury Bond Weakness could mean another Leg Down

Wed, 08 Sep 2010 18:06:09 +0000

Renewed demand for risky assets is helping to drive the December Treasury Bonds lower. Technically the T-Bonds may have made a secondary lower top on Tuesday after testing the retracement zone at 133’03 to 133’22. The actual rally to 133’12 completed a 50% retracement of the 135’19 to 130’12 range. If a secondary lower top has been formed and appetite for risky assets continues to grow, then look for this market to break lower. A trade through 130’12 will not only take out a swing bottom to

Dollar/Yen making Daily Reversal Bottom

Wed, 08 Sep 2010 18:03:41 +0000

Ahead of the release of this afternoon’s Federal Reserve Beige Book, the U.S. Dollar is trading weaker against most major currencies. This report shouldn’t be a market mover, but traders should read it to gain a little more knowledge into what the Fed looked at when it made its recent Federal Open Market Committee decisions. The Japanese Yen is under pressure versus the U.S. Dollar at the mid-session after rising to a 15-year high against the Greenback. Strong moves in the equity markets are