Forex has bee pretty awesome lately. Currencies have been trading ahead of the equity markets leading the way down for a correction.
EUR/USD GBP/USD USD/CAD
EUR/USD finally hit my target at 1.3880. No real solid Support here going to see if it can break down another 200 pips to 1.37-1.36. Another note to bring point out is that the the monthly euro chart.
AUD/USD USD/JPY USD/CHF
USD/JPY looks like a massive bull wedge with a target around 105. USD/CHF has a double bottom on the monthly.
EUR/JPY GBP/JPY AUD/JPY
Yen Crosses look extremely weak as well. EUR/JPY needs to bounce here or its going to waterfall quite a bit. GBP/JPY looks somewhat like a Triangle. AUD/JPY has a big bearish wedge looking prime to drop.
FX Swing Positions
Here are my current Swing Positions in Forex at the moment. Just waiting to get confirmation of any reversals before I cover.
Trading in the market today you better watch where you go.
There’s money in the market today but where you’ll never know.
For every trader who thought he was hot, todays he’s ruined and he’s clearly not!
Cause today’s the day the market bears had their pic–nic…
I’m sure a lot of people felt like this the past week.
I’ve [...]
Triangles in EUR/USD and GBP/USD are still intact somewhat. Both are still within the larger Rising Wedges *Yellow dashes. Every break above 1.4230 was sold into every time though managed to get above 1.4250 (which is a pretty good resistance level) multiple times. Cable (GBP/USD) is up against stiffer resistance and looks to want to [...]
EUR/USD made a major push this week and broke through 1.50 but was unable to close above there. Main support is still 1.4850 area for now but a daily close above 1.50 should bring euro bulls to the table. GBP/USD made a huge move which looked to me to be profit taking and/or [...]
This was one crazy week in all markets. To recap Monday morning we had ramp job in Crude due to a Short Squeeze. Apparently a “Rouge Trader” was short 9000 QM Futures contracts lol. It was an obvious short squeeze because at the time crude was ripping, currencies were just sitting there [...]
