With ten days to go before the end of the month, the U.S. Dollar appears poised to finish lower and in a position to take out last month’s low at 78.600. A move through this… Continue reading
Based on the news breaking over the week-end, last week’s technical closing price reversal in the EUR USD could have been in anticipation of Greece’s projected budget shortfall of about 20 billion Euros ($26 billion)… Continue reading
The USD CAD reached the first objective signaled by its daily closing price reversal bottom formed on September 14 at .9633. Typically, this chart pattern signals a minimum 2 to 3 day rally equal to… Continue reading
The EUR/USD broke through the resistance line on the weekly chart last week, triggering the start of a rally. It also broke through an old top at 1.2747, changing the main trend to up on… Continue reading
Fundamental and technical factors are both indicating that the Australian Dollar may have reached a top and could be setting up for the start of a long-term decline. This is especially evident on the monthly… Continue reading
Despite the Euro’s short-covering rally triggered by positive comments from European Central Bank President Mario Draghi three weeks ago, the move amounted only to a little more than 50% of the last swing down from… Continue reading
Despite last week’s closing price reversal bottom, the EUR USD is still in a downtrend, and if there is no follow-through to the upside then the downtrend will remain intact. With the first step in… Continue reading
As we end July, the U.S. Dollar Cash Index is showing a sustained move to the upside after breaking through a key Fibonacci retracement level and downtrending Gann angle. The strong upside momentum into the… Continue reading
After piercing the upper boundary of a key retracement zone, the AUD USD stalled short of downtrending Gann angle resistance. Although the currency pair did finish higher for the week, it did open lower Sunday… Continue reading
After confirming the weekly closing price reversal top at 1.0446, the USD CAD is now on track to complete a 50% retracement of the rally from .9799 to 1.0446. This price level is 1.0122. Additionally… Continue reading
Following Monday’s closing price reversal top, a pattern that usually indicates the start of a 2 to 3 day sell-off, the GBP USD reversed course to the upside, setting up a near-term test of a… Continue reading
I believe that in order to analyze a financial market properly, one has to look at the charts using a top-down approach. This means starting with the monthly chart and working down into the weekly… Continue reading
A possible upside target is emerging in the Australian Dollar/U.S. Dollar as the weekly chart is indicating that despite all the bad economic news, the market wants to move higher. The move has been slow… Continue reading
The U.S. Dollar Index is finishing May in a strong position. The renewed European sovereign debt crisis helped give the Greenback a boost as traders fled higher risk assets for the safety of the lower-yielding… Continue reading
The Weekly British Pound/U.S. Dollar, symbol GBP USD, collapsed through an uptrending support line and a key 50% level, triggering a sharp break to the downside. To technical traders, the sell-off did not come as… Continue reading
This week the U.S. Dollar/Canadian Dollar, symbol USD CAD, broke out to the upside of a downtrending Gann angle from the October 2011 main top at 1.0657. The breakout triggered an acceleration to the upside… Continue reading
The EUR USD took out its most recent swing bottom at 1.2994, reaffirming the downtrend and setting up the market for a potential wash-out to the downside. For weeks, traders have been eying 1.3000 as… Continue reading
The weekly USD CAD posted a bull-flip chart pattern last week, closing higher and reversing the weak close from the previous week. This pattern was confirmed overnight when the currency pair followed-through to the upside… Continue reading
After trading sideways for several months, the Euro is showing signs of life versus the New Zealand Dollar. On Thursday, the EUR NZD crossed the March 22 high at 1.6396, triggering a mild breakout to… Continue reading
The EUR USD reached the apex of a triangle formation and plunged to the downside. The triangle chart pattern is a non-trending pattern and often indicates impending volatility especially as it nears the apex of… Continue reading