Forex Trade Setup – Chart of the Week Aug. 31st
USDCAD – Critical Range about to be Broken? For over 3 mos, the USDCAD has been stuck between 1.0125 and 1.0850, but most of that was hemmed in by 1.0675 which happens to be the level its being pinned up against now. Rarely has the pair attacked these levels which such vigor as of late and rarely has it closed so close to the level. The price action suggests it wants to push to the...
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EURUSD – A weak cross but below the 3 After climbing for 8 out of 9 weeks, the EURUSD got slammed but then took a pause underneath the Tenkan – which ironically has just posted an upward cross. This really creates a cross situation, whereby the TKx move up and sharpness of the Tenkan angle suggests short term is with the bulls, however the pair is below all three lines (tenkan,...
Read MoreForex Trade Setups – Chart of the Week Aug. 17th
USDCHF – Sub 1.0400 offers a little play After 7 attempts, the Swissie has failed to close below 1.0371. Several rejections below but nothing closing past. This gives trades a cautious buy off the lows just sub 1.0400 with tight stops below the yearly low while taking half of the position off the board at the 20ema while gunning for 1.0600. However it should be noted the pair has...
Read MoreForex Ichimoku Report – August 17th
EURUSD – 1st in Seven Suffering its 1st weekly loss (and a large one at that) in 7 weeks, the pair shed 5 1/2 cents in a week which is its 3rd largest weekly loss for the year. In one fell swoop, the pair broke below the 20ema, the Kijun and landed atop the Tenkan. Here it has found a little support but so far, the bounce is limited and timid. Rightfully so in the face of that fall...
Read MoreForex Trade Signal – Chart of the Day Aug. 12th
USDJPY – Is this 85 bounce for real? A lot of talk about 85 has hit the wires for the USDJPY lately. Just the mere rumors of it by the BOJ have sparked a solid bounce. The pair has touched the 85 barrier 3x in the last 3 days but the first two bounces were small. However, the last one is most interesting while another piece of evidence says a lot. Of all the prodding the pair has done...
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