Let's pull up the NZD/USD hourly chart.
We saw a nice move up from March 2011 followed by what appears to be a pretty clear 3 wave correction. It appears the bullish run will continue and look for a potential price point of .8250+.
Good luck with trading.
For those of us in the United States, we'd like to wish everyone a happy and safe Memorial Day weekend. Memorial Day weekend typically kicks off the "summer" for the United States and here in…
Added by Ross Yamashita on May 27, 2011 at 8:51am — No Comments
Let's pull up the EUR/CHF hourly chart.
It looks like we're near the end of the bearish movement. Look for a little more push down - potentially to the 1.2200 area and below.
Once the movement down from early April is complete, that could potentially mark the end of a 3 wave corrective movement down. Once that completes, look for the start of a new movement up. More to come once we see the potential end of the dowward movement.
Let's take a look at the GBP/USD chart.
The overall trend remains bullish and it looks like we may be forming a potential Ending Diagonal movement.
On the shorter term, look for the pair to continue to head down in the downward channel that's visible on the hourly chart - potentially to test the 1.6100 level and below.
Once that downward cycle completes, look for a move back up.
In the longer term, look for an overall potential…
Let's take a quick look at the USD/JPY hourly chart.
We saw a steep move up, followed by a steady move to the downside. It seems the low from early May will hold its ground and so look for more shorter term movements to the upside - to a price point of 82.00 and above.
Once the upward wave is complete, look for a potential break back to the downside. Use your Fibonacci levels to help with potential retracement levels.
Good luck with trading and…
Added by Ross Yamashita on May 20, 2011 at 5:25am — No Comments
Let's take a look at our house favorite - the EUR?/JPY.
It appears the overall trend is bearish, however, look for a continued movement up - potentially to the 117.00 - 117.50 area. After that bullish movement is coplete, then look for the pair to head down to a potential price point of 115.00 and below.
Good luck with trading and be sure to apply your money management and use your stops.
Added by Ross Yamashita on May 19, 2011 at 5:04am — No Comments
Let's take a look at the USD/CHF hourly chart.
We've had a nice downtrend but it looks like the low from May 5 may potentially be able to hold. If it does, look for a potential 3 wave retracement up before heading back down.
Rigth now, it appears we may be going down in a Wave B (or 2). Once this downward movement completes, then look for a continuation upwards to complete Wave C (or 3) - potentially to test the red trend line drawn in.
Added by Ross Yamashita on May 18, 2011 at 5:34am — No Comments
Greetings and welcome back.
Let's take a look at the AUD/JPY pair.
We saw a big move up and then a peak in April - and from there we've seen a sliding downward channel retracement.
The overall trend is bullish and it looks like we're in a corrective downward channel.
The shorter term trend appears to be potentially bearish and it appears we're potentially in the 3rd wave of a 3 wave retracement. Look for more potential downward movement to test the lower…
Added by Ross Yamashita on May 17, 2011 at 4:57am — No Comments
Let's take a look at one of our other currency pairs - the EUR/CHF.
The current trend is down, and look for that bearish trend to continue.
We may see a break up as a retracement, however, once that completes, look for the downtrend to potentially continue to a price point of 1.2200 and below.
Good luck with trading, apply your money management, preserve your capital and use your stops.
Have a great weekend everyone! Spend time with…
Added by Ross Yamashita on May 13, 2011 at 6:31am — No Comments
We just did our weekly analysis for FX Street and we'd like to focus in on the EUR/USD daily chart.
If you look at the chart below, it looks like we're forming a downward trend channel, one which could potentially turn into a Contracting Triangle (CT). We call CT patterns "Continuation Patterns" so if it turns out to be one, once completed, we will see a continuation of the previous upward trend.
In the next few weeks, look for the pair to potentially…
Added by Ross Yamashita on May 12, 2011 at 5:11am — No Comments
Greetings and thanks again for tuning in to our ForexStreet blog.
Let's take a look at the EUR/GBP.
We saw quite a dramatic downslide in the past week and because of the steepness of the move downward, it seems the high from May 5 may be a turning point.
Look for a potential 3 wave retracement down and for the shorter term - look for a potential price target right above the .8650 mark (high from late January).
Be sure to apply your money management and use…
Added by Ross Yamashita on May 10, 2011 at 6:00am — No Comments
Greetings and thanks again for viewing our blog on FX Street.
Let's take a look at the USD/CAD.
As you can see, we are definitely in a downward channel, however, it seems we may have seen a low which may hold as a key support level so you may want to take this chance to watch for a potential buy trade.
A helpful confirmation will be a break and break away of the trend line drawn in. If we do see a break up, look for a potential move up to the .9800…
Added by Ross Yamashita on May 5, 2011 at 6:30am — No Comments
Added by Ross Yamashita on May 4, 2011 at 7:09am — No Comments
Let's turn to one of our favorite pairs to trade - the GBP/JPY.
We're currently starting to see a sideways channel form, and it looks like it may even be forming a triangle formation.
We have a couple potential confirmations about this downward cycle being a retracement. If it is forming a Contracting Triangle (CT), then once complete, it will move in the original direction - which, in this case, is up.
If we're counting waves, it looks like…
Added by Ross Yamashita on May 3, 2011 at 6:20am — No Comments