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EUR/GBP rose on Thursday as the Euro go t a bit of a bid after the Italian debt auction didn't turn out to be a disaster. The pair rose to the 0.84 level, one of our first resistance areas. However, the candle looks a bit bullish, so it is possible that we will retest the 0.85 support level for resistance now. EUR/JPY fell hard enough to pierce the 100 level on Thursday, but bounced to form a nice hammer. The bounce coming could set us up for a quick scalp, but buying the Euro for anything more than a scalp is not likely on our end. Play video >>
EUR/USD fell for the start of the Thursday session as the Italian 10 year bonds had a lackluster performance at auction. Further compounding the problems: The yields rose above 7% in secondary markets. The 1.29 level gave way - but we saw a bonce late, and formed a hammer. EUR/CHF looks somewhat the same as it formed a hammer at support. The pair is at the bottom of the recent consolidation areas, and looks very constructive for a short-term bounce. Play video >>
USD/CAD saw a fall in the early hours, only to see a massive rebound in the later hours. The pair is highly sensitive to oil prices, and with the drama unfolding in the Persian Gulf - there is a lot of volatility. CAD/JPY is a classic oil play. The Japanese have to import 100% of their oil, and Canada is a major exporter. Because of this, the pair tends to move in concert with the oil markets. Because of this - we think the breaking of the lows of Wednesday might be a decent selling opportunity. Play video >>
EUR/USD fell during the low volume session on Wednesday as the "risk off" trade came back. The move could have been a bit exaggerated, but the Italian bond auction later today will more than likely move this pair. If the 1.29 level gives way - look out below. EUR/CHF is currently at the bottom of the recent range. However, the Euro is being so beat up presently - we aren't biting. The pair could continue lower, but selling won't be easy either - there's a floor! Play video >>
GBP/USD rose on Tuesday, only to fail right at the 1.57 resistance level. The day was positive, but the inability to rise above the resistance area shows us that the consolidation should continue over the next several sessions as most traders simply aren't involved right now. GBP/JPY rose as well, but formed a shooting star as the pair reached the upper area of the 120 - 123 consolidation range. The pair is likely to grind lower over the next few days as the markets will more than likely be fairly quiet this week. Play video >>
USD/CHF fell during the low volume session on Tuesday. The pair continues to find support at former resistance in the 0.93 area. The pair looks like a no-brainer to the upside, but the resistance at 0.95 will have to be overcome first for it to be a long-term buy and hold pair. USD/JPY fell during the session, and is forming a massive triangle. It looks fairly bullish, but the 80 mark has to be overcome in order for any real strength to be believed. Either way, we are watching the triangle for a breakout. Play video >>
CHF/JPY pair fell on Friday after failing at the 84 level. The area was once supportive, and now looks very resistive. With this in mind, we like the pair to the downside currently. AUD/JPY is a very highly risk-sensitive pair. It has recently failed to get back above the 80 level, and the pair even made a shooting star on Friday. With a break of the Friday lows, we are selling for a short-term trade. Play video >>
USD/CAD fell during the Friday session as the oil markets continue to grin higher, but only slightly so. The resulting candle was a hammer, and it formed right at the 1.02 level – an area we have seen as support from time to time. USD/CHF continues to hover just above the 0.93 level. This area has served as resistance previously, and now looks very constructive as support. Play video >>
EUR/USD has attempted to rally over the last week, but only managed to form a shooting star on top of massive support. Can we finally break below the support level? It looks like we just might be able to soon. The USD/CAD pair continues to be very choppy as the oil markets are fighting back and forth. As long as the CL and COIL contracts are choppy, this pair will be. GBP/USD continues to consolidate above the 1.55 level. The 1.53 below is the last stand for the bulls. If it gives - look out below! Play video >>
USD/CAD fell on Thursday as the hammer from Wednesday has been broken below. The oil markets continued to show signs of bullishness, and this will continue to push demand for the Loonie if it continues. However, there is a lot of noise under this level, and the path of least resistance has to be up. The AUD/USD pair had a bullish day during the Thursday session, but didn’t manage to break above the top of the shooting star from the previous session. While this shows strength, the fact that we are so close to the holidays suggests that the move cannot be trusted. Play video >>
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