Weekend Technical Analysis – Forex – July 25

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 trade lower however.

USD/CAD still within the downward channel I drew out last week, Traded all the way down to 1.0793 where it bounced sharply.  1.08 was previous support from earlier June.  However I still think it goes lower perhaps down to 1.05 level.  It really depends on where crude wants to go.  Should crude continue its rally, look for USD/CAD to trade lower with it being that it is the inverse of the crude trade.

EUR/JPY , GBP/JPY finding strength with the equity rallying.  These two look toppy to me but who knows.  If you love volatility, GBP/JPY is your best friend.  Fortunes are made and lost in this pair.  Sometimes all within a day.

USD/JPY broke out of its downward spiral as expected this week, it close up against resistance.  There’s a Triangle forming on the hourly charts that point upward towards 95.70 level.

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  04 July 2009 10:04 AM | View Comments

  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 [...]

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  18 October 2009 9:49 AM | View Comments

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  02 August 2009 9:19 AM | View Comments

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  04 July 2009 9:59 AM | View Comments

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  24 July 2009 6:20 PM | View Comments

  Equities rallied hard just as expected.. Nice move in SPG . I did a trade with options as well as stocks on this but I’ll just mention the stock trade since the option trade didn’t really work out. I bought 200 shares @ $50.90 in my IRA with a stop at $50.12 relatively low risk trade [...]

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