Mirrored price action in EURUSD yesterday although gains in this currency pair are more pronounced due to a weaker CHF. Using the 13 day moving average as a platform, minor gains took prices into the daily Ichimoku Cloud. This price action does not provide strong intraday signals but they are mildly positive with potential for .8880 and .8912.…Continue
Added by Alan Collins on April 22, 2014 at 7:00am — No Comments
This pair has consolidated below key resistance over the bank holiday weekend but the trend still remains strong to the upside. We expect to see this market push higher this week or produce a very obvious false-break - we will wait for either scenario to play out before looking to act here.…Continue
Added by Lewis Barber on April 21, 2014 at 9:30pm — No Comments
What ProAct Forex Target Traders See: We are currently sitting @ 1.3813. We were unable to even get the gap closed so we are looking for a continued move DOWN to the 1.3723 area and a breakout would target the 1.3665. We may still have one higher move to fill the gap. The average daily true range (ATR) for the pair currently is now down to only 64 pips.…Continue
Added by Scott Barkley on April 19, 2014 at 1:59pm — No Comments
Currently we are at 1.4219 in a channel. We are looking for a bullish continuation to the Wave 1 R5 @ 1.4851 and maybe Wave 3 R4 @ 1.4869. The average daily true range (ATR) for the pair currently is 83 pips.…Continue
Added by Scott Barkley on April 18, 2014 at 12:37pm — No Comments
This pair dropped a large bullish pin bar today from the key support level down at 1.6660. We may get a dip back to intra-day support near 1.6700 before this market pushes higher again - it may well retest key resistance up at 1.6820 over the rest of this week if it can pick up some momentum.…Continue
Added by Lewis Barber on April 15, 2014 at 10:15pm — No Comments
The GBP/USD produced a small bullish pin bar today as it rejected dynamic support. Tomorrow we may see a pop higher towards key resistance at 1.6800 and a continuation of the current uptrend.
Added by Lewis Barber on April 14, 2014 at 8:56pm — No Comments
While most of us were enjoying the weekend, Mario Draghi – the ECB president – hold a press conference in Washington DC. The key of his statement was that a further strengthening of the euro exchange rate would require more loosening in the European Central Bank's monetary policy to keep the overall policy stance as accommodative as it is now. This is the reason for the today’s eur/usd gap.
As usual, he gave no numbers, no thresholds to guide us to understand how much is too much. "I…Continue
Added by Arenoosh on April 14, 2014 at 6:16am — No Comments
A sequence of 3 up weeks ended with strong selling last week - emphasising the importance of a 50% correction point. There are 3 main reasons we look for the downside to extend.
1) Prices are 'hugging the lower end of a negative Keltner channel. 2) The key 13 day moving average is capping rallies.
3) CHF showing broad strength.
Potential for .8712 and .8676.…Continue
Added by Alan Collins on April 14, 2014 at 5:59am — No Comments
What ProAct Forex Target Traders See: We are currently sitting @ 1.3883. We are looking for a continued move to the 1.3968 area and maybe a higher move to the R5 Resistance @ 1.4016. The average daily true range (ATR) for the pair currently is 72 pips.…Continue
Added by Scott Barkley on April 12, 2014 at 1:22pm — No Comments
Currently we are at 1.4659 and testing a break out. IF – we get the breakout look to the old Day chart up trend line around 1.4578-4600. The average daily true range (ATR) for the pair currently is 85 pips.…Continue
Added by Scott Barkley on April 11, 2014 at 12:49pm — No Comments
This market has made lower highs over the last few days producing two counter-trend pin bars. We may see a deeper retracement back to support near 94.00 over the next few days.
Added by Lewis Barber on April 10, 2014 at 10:00pm — No Comments
The S&P 500 rallied higher today following the price action pin bar / false-break we discussed in our forex market commentary yesterday. From here we may see a retest of key resistance near 1900, which would be a logical level to look for bearish price action signals forming at the top of this trading range.…Continue
Added by Lewis Barber on April 9, 2014 at 10:02pm — No Comments
Monday’s failure at the top of the Ichimoku Cloud proved important yesterday as selling interest returned to the cross. The resulting strong decline- the most aggressive of this month – took EURGBP through the bottom of the Cloud and to the most negative levels for 5 weeks. Intraday signals for sentiment are oversold but rallies should now be temporary and limited with potential to .8215, then .8189.…Continue
Added by Alan Collins on April 9, 2014 at 8:47am — No Comments
The GBP/USD exploded higher today following the price action false-break that we discussed in our weekly commentary. This market is so strong now we would not be surprised to see it break above 1.6800 in the coming days / weeks. We will remain cautious though, as a false-break of 1.6800 on the daily timeframe would be a bearish development given how significant this resistance level is.…Continue
Added by Lewis Barber on April 8, 2014 at 9:24pm — No Comments
The DAX 30 Index (and FTSE 100) tanked it massively lower today following the bearish price action pin bars we discussed in our market commentary yesterday. There is still a lot of room left for more selling in this market before running into support and we expect to see a significant move lower from current levels this week.…Continue
Added by Lewis Barber on April 7, 2014 at 9:43pm — No Comments
The setback from this year’s high continued last week with an expected 2nd down week in a row. This move lower, dominated by selling at the beginning and end of the week, took USDCAD to 4 week lows and consolidated prices within the Ichimoku Cloud. These are not strong signals but supported by negative 3cA studies and with the 13 day m.a capping we look for the downside to develop with potential to 1.0911 and 1.0870.…Continue
Added by Alan Collins on April 7, 2014 at 7:29am — No Comments
The GBP/USD dipped lower on Friday but managed to close back above key support at 1.6565. This level coincides more or less with the 50% level of the last move higher and so there is a lot of confluence here too. We would not be surprised to see this market continue to push higher into the start of next week contesting that level near 1.6700 and then up past that we have resistance near 1.6800 which may be…Continue
Added by Lewis Barber on April 6, 2014 at 9:43pm — No Comments
What ProAct Forex Target Traders See: We are currently sitting @ 1.3703. We are looking for a continued move to the 1.3636 ish area (Day chart bottom) and then a bounce back to the 1.3700. The average daily true range (ATR) for the pair currently is 72 pips.…Continue
Added by Scott Barkley on April 5, 2014 at 2:10pm — No Comments
Currently we are at 89.05 after the pullback. We are looking for a bullish continuation to the R6 area @ 90.11 AFTER NON FARM PAYROLL!. The average daily true range (ATR) for the pair currently is 84 pips.…Continue
Added by Scott Barkley on April 4, 2014 at 12:51pm — No Comments