James Chen, CTA, CMT's Blog (73)

EUR/USD Bearish Correction of Bullish Correction



EUR/USD (daily chart) as of Tuesday (11/01/2011) has dropped precipitously since the beginning of this trading week from its high last week around key 1.4250 resistance (also the underside of the major uptrend support line extending from the June 2010 low). This dramatic fall broke down below several key levels, including 1.4000 and 1.3830, and occurs after a steep…

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Added by James Chen, CTA, CMT on November 1, 2011 at 4:25pm — No Comments

EUR/CHF Continues Bearish Downturn Within Long-Term Downtrend



EUR/CHF (daily chart) as of Monday (10/31/2011) has continued its fall towards the significant 1.2000 psychological support level after having turned down two weeks ago from an important long-term downtrend resistance line extending from the December 2009 high and the key 1.2400 price region.  After having hit the high above 1.2400 two weeks ago, price action broke down…

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Added by James Chen, CTA, CMT on October 31, 2011 at 3:59pm — No Comments

USD/CHF Follows Through on Head-and-Shoulders Pattern Breakdown



USD/CHF (daily chart) as of Thursday (10/27/2011) has extended its fall substantially after breaking the neckline of a well-formed head-and-shoulders reversal pattern. Thursday’s price action saw the pair drop more than 200 pips to hit a 7-week low just below 0.8600, approaching key support in the 0.8550 price region. 0.8550 represents a key level that has been…

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Added by James Chen, CTA, CMT on October 27, 2011 at 3:57pm — No Comments

USD/JPY Hits New All-Time Low Within Bearish Trend Channel



USD/JPY (daily chart) as of Wednesday (10/26/2011) has hit yet a new all-time low below 76.00, reaching down to 75.70 in Wednesday’s trading. This bearish price action conforms to a bearish trend channel that extends back to the early April high around 85.50. The downtrend channel has prompted the pair to drop below successively lower support levels, including the key…

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Added by James Chen, CTA, CMT on October 26, 2011 at 4:27pm — No Comments

GBP/USD Hits Key 1.6000 Resistance

GBP/USD (daily chart) as of Monday (10/24/2011) has extended its rise up to the key 1.6000 psychological resistance level before backing off slightly. This occurs within the context of a steep bullish correction that began after price hit its 1.5270 low in early October. The current 2+ week bullishness has risen to more than 50% of the precipitous fall from the August 1.6616…

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Added by James Chen, CTA, CMT on October 24, 2011 at 5:34pm — No Comments

EUR/CHF Turns Down from Resistance Confluence



EUR/CHF (daily chart) as of Thursday (10/20/2011) has hit and tentatively respected a key resistance confluence that includes both a long-term descending resistance trend line extending back almost two years, and a key support/resistance line at the important 1.2400 level. Therefore, price is currently at a critical juncture. This occurs after price action rose…

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Added by James Chen, CTA, CMT on October 20, 2011 at 4:27pm — No Comments

Gold Makes Tentative Breakdown Move



Gold (daily chart) as of Tuesday (10/18/2011) has made a pronounced drop below its wedge pattern consolidation, which hints at a potential continuation of the bearish run that originated from the early September all-time high around 1920. This wedge pattern, which can also be considered a large inverted pennant pattern, represented a slightly bullish pullback…

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Added by James Chen, CTA, CMT on October 18, 2011 at 3:16pm — No Comments

USD/CHF Stalls Above Key Support within Uptrend



USD/CHF (daily chart) as of Monday (10/17/2011) has stalled above key support in the 0.8900 price region, emphasizing this level as the current price region to watch for key events to occur. At the moment, that key event has been a slight bounce that has highlighted 0.8900 as the most important support/resistance area within the context of the current bullish trend that…

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Added by James Chen, CTA, CMT on October 17, 2011 at 6:22pm — No Comments

EUR/USD Turns Down From Resistance to Target Potential Bearish Continuation



EUR/USD (daily chart) as of Thursday (10/13/2011) has turned down from key resistance in the 1.3830 price region. This occurs after more than a week of strongly bullish price action that has formed a significant bullish correction within the context of the new overall downtrend that has been in place since the breakdown below 1.4000 in early September. The 1.3830…

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Added by James Chen, CTA, CMT on October 13, 2011 at 5:06pm — No Comments

Gold Struggles to Recover



Gold (daily chart) as of Wednesday (10/12/2011) has continued its struggle to recover from the precipitous drop that brought price down from its latest all-time high of 1920 in early September down to a low of 1532 in late September. That three-week plunge of almost $400 culminated in a large hammer candle right down at the 200-period simple moving average support,…

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Added by James Chen, CTA, CMT on October 12, 2011 at 3:16pm — No Comments

AUD/USD Tentatively Respects Parity



AUD/USD (daily chart) as of Tuesday (10/11/2011) has tentatively respected key resistance around parity (1.0000), turning down in trading on Tuesday after rising just a few pips above the parity level. This occurs after five straight days of net bullish price action that saw price rise steeply from its 0.9400 support level. Despite these past five days of bullishness,…

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Added by James Chen, CTA, CMT on October 11, 2011 at 4:19pm — No Comments

USD/CHF New Bullish Trend Targets Higher Highs



USD/CHF (daily chart) as of Wednesday (10/05/2011) has continued to display a strong bullish bias in line with the new bullish trend that has been in place since the prior long-term downtrend was broken to the upside in early September. After that trend breakout, the new uptrend has been displaying the characteristics of a well-formed and technically-behaving bullish…

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Added by James Chen, CTA, CMT on October 5, 2011 at 4:37pm — No Comments

AUD/USD Drops to Key Support Target, Continued Bearish Bias



AUD/USD (daily chart) as of Tuesday (10/04/2011) has dropped down to a key support target in the 0.9400 price region after five consecutive bearish days that brought the pair plummeting down from its correction highs near parity (1.0000). This occurs within the context of an exceptionally steep downtrend that initiated from the 1.0760 high in the beginning of September.…

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Added by James Chen, CTA, CMT on October 4, 2011 at 2:55pm — No Comments

GBP/USD Targets Downtrend Continuation



GBP/USD (daily chart) as of Monday (10/03/2011) has resumed its strongly bearish bias within the context of a steep downtrend that has been in place for more than two months since the late August 1.6616 high. This downtrend established a low right around key support in the 1.5330 price region slightly more than a week ago, before making a significant bullish correction…

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Added by James Chen, CTA, CMT on October 3, 2011 at 4:19pm — No Comments

EUR/USD Resumes Bearish Trend Bias



EUR/USD (daily chart) as of Friday (9/30/2011) has begun a resumption of its bearish stance after making a bullish correction within the context of a strong and steep breakout downtrend. This new downtrend has its origins at the early September breakdown below a key wedge pattern and then below the 1.4000 price region, which represented a confluence of three important…

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Added by James Chen, CTA, CMT on September 30, 2011 at 3:14pm — No Comments

AUD/USD Consolidates but Still Bearish



AUD/USD (daily chart) as of Thursday (9/29/2011) has consolidated above key support in the 0.9700 price region. This occurs after price action dropped precipitously from its high just under 1.0800 in the beginning of the month. The month of September has shown a strong and steep bearish trend that has thus far culminated in an attempt to breakdown below 0.9700, but the…

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Added by James Chen, CTA, CMT on September 29, 2011 at 3:59pm — No Comments

USD/CHF Pulls Back within Strong Bullish Trend



USD/CHF (daily chart) as of Tuesday (9/27/2011) has pulled back yet again in what is turning out to resemble a well-formed bullish trend characterized by strong breakouts to the upside interspersed with bearish pullbacks, or retracements. If price action continues this pattern of higher highs and higher lows, the uptrend that was started early in September on the strong…

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Added by James Chen, CTA, CMT on September 27, 2011 at 2:37pm — No Comments

AUD/USD Backs Off Support, Continued Bearish Bias

AUD/USD (daily chart) as of Friday (9/23/2011) has backed off key support around the 0.9700 price region after having broken swiftly and strongly below prior key support around parity (1.0000). Friday’s price action rose up above 0.9800 from its half-year lows just below 0.9700. This pullback occurs after a precipitous 1100 pip drop that started in the beginning of September.…

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Added by James Chen, CTA, CMT on September 23, 2011 at 3:13pm — No Comments

GBP/USD Continues Dramatic Plummet

 

 

 

 

 

 

 

 

 

 

 

GBP/USD (daily chart) as of Thursday (9/22/2011) has continued its dramatic plummet since Wednesday, extending the sharp bearish trend that has been in place since the mid-August 1.6616 high. The current drop has brought price down to hit and dip under key support in the…

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Added by James Chen, CTA, CMT on September 22, 2011 at 3:24pm — No Comments

USD/CHF Turns Back Up to Target New Highs

 

 

 

 

 

 

 

 

 

 

USD/CHF (daily chart) as of Tuesday (9/20/2011) has once again risen to re-test key resistance around the 0.8900 price region, a level that was just tested and essentially respected early last week. After last week’s resistance test, price pulled back slightly in its…

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Added by James Chen, CTA, CMT on September 20, 2011 at 2:30pm — No Comments

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