Let's take a look at the USD/JPY.
In the shorter term, there is still more potential room for downward movement. However, once the downward movement is complete, look for a potential move back up to test the 78.00 price point.
We did show more bullish movement in the longer term in our Forex Street technical analysis, however, we're stuck in this sideways channel and we'll maybe see a break in the next week or so - perhaps with NFP.
Added by Ross Yamashita on August 31, 2011 at 4:04am — No Comments
Let's take a look at the GBP/USD chart.
The longer term trend does appear to be potentially bullish, although we may see a retracement to test the two lines drawn in.
Once we see the downward retracement end, look for a continuation back up. If you're currently in a long trade, look at protecting some pips and to potentially re-entering the trade at a better price.
Good luck with trading.
Added by Ross Yamashita on August 25, 2011 at 8:36pm — No Comments
Let's pull up the AUD/USD chart.
The overall sentiment appears to be bearish, but there may be a couple scenarios which could unfold in this market.
1) We could have seen the 3 wave retracement (pretty easily countable) and am now heading back down.
2) We could form a potential Contracting Triangle (CT), which means we may see more sideways and even bullish movements, however, when that triangle completes, we will see the contiuation back…
Added by Ross Yamashita on August 23, 2011 at 12:45am — No Comments
Let's take a look at the EUR/JPY.
We are currently seeing a downward movement in the hourly chart as we hear through the Asian session, however, look for the pair to potentially turn upwards around the European and New York sessions.
Look for the pair to potentially head down to the 110.00 level. Once it completes it downward movement, then look for the pair to potentially head up, watching for a price target point of 110.60, then 111.15.
Let's pull up the EUR/USD daily chart.
It's always important to analyze your data over various time frames and when we pull up the daily chart, we can see a potential contracting triangle (CT) forming. As you know, we refer to contracting triangles as "continuation" triangles.
We see a move up, then a triangle forming. Look for a potential move up. In the longer term, look for a move up to 1.4500, 1.4800 and 1.5000.
Good luck with trading and be…
Added by Ross Yamashita on August 17, 2011 at 4:39am — No Comments
Let's pull up another one of our favorites - the EUR/GBP.
We've seen a lot of sideways movements with periodic breakouts here and there.
It does look like the pair does have more room to potentially push up. Look for a potential price target area of .8850. If we can break above that, then look for a potential price target of 89.00 and above.
Good luck with trading.…
Added by Ross Yamashita on August 16, 2011 at 2:22am — No Comments
Although we did a EUR/USD anaylsis a little while ago, there's been a lot of inquiry regarding this pair because of the big recent moves in the market.
If you look at the 4 hour chart, you can see we're forming a potential Contracting Triangle (CT). CTs are also called "Continuation" triangles.
Once the triangle completes, look for the pair to potentially move back up to test the high from early May (around 1.4900) and above.
Good luck with…
Added by Ross Yamashita on August 11, 2011 at 6:23am — No Comments
Let's take a look at the AUD/JPY pair.
It looks like the pair is in a sell bias for the longer term.
We just saw the pair hit a trendline of lows and bounce back up. If we do see a retracement, look for the pair to potentially retrace into the yellow zone.
We are already short on this and have pips protected so if you're already in a sell trade then be sure to protect some pips and look to re-enter if we see a strong retracement off the bottom…
Added by Ross Yamashita on August 4, 2011 at 1:32am — No Comments
Let's take a look at one of the crowd favorites - the EUR/USD chart.
We just completed our technical analysis of this pair for the following weak, month and quarter and it appears the momentum may be shifting to the downside.
We're below that major resistance trend line and look for the pair to potentially heading down to test the 1.4000 area and below. If it can break through all this sideways movement to the downside, we may see a nice move down.…
Added by Ross Yamashita on August 3, 2011 at 1:13am — No Comments