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AUD/USD fell on Friday as traders sold off the risk trade. The pair looks like it is consolidating in a tight range now that we have a shooting star following a hammer. The pair looks like it wants to think about its next move. We prefer selling in this environment if we get a move. NZD/USD looks very much similar to the AUD/USD, but also has the clear cut progression of “lower highs” to add to the possibility of selling off. Play video >>
USD/CHF has formed a nice hammer sitting on top of support at the 0.90 level, showing that this pair may be getting ready to break out at this point. Makes sense to us - the USD is a "safe haven" currency, and the Franc is being worked against by the SNB. USD/JPY continues to grind higher, but those who are not paying attention to the greater resistance line at 80 are doomed to losses. The GBP/USD pair rose during the week, but has now formed a shooting star at the bottom of the recent plunge, and this suggest that if we can get below the 1.53 level - we go much farther. Play video >>
The AUD/USD pair managed to recover from a fall in the earlier hours of the session. The pair is massively risk-related, and the headline risks will continue to weigh on this pair. Will this candle be a hammer, or a hanging man? NZD/USD looks almost identical, and is probably even more parabolic. The gap hasn’t been closed yet, and the pair looks like it is struggling at the 0.78 level, and that resistance should continue to the 0.8000 handle. We like selling – if we get the breaking down of this pair. Play video >>
USD/JPY had a fairly quiet session on Thursday as traders are preparing for the Non-Farm Payroll report today. The pair is normally one of the most volatile ones during this release, and it could move drastically in one direction or another. The 0.80 handle above gives us a perfect set up if we can get close to it. USD/CHF continues to consolidate and build support. The hammer from Thursday could be the launching point for another attempt at new highs. Play video >>
NZD/USD shot straight up on the Wednesday session as the “risk on” trade came back into vogue. The central banks around the world are easing the cost of borrowing Dollars, and as a result the USD lost ground. The pair has gone parabolic, so we aren’t willing to buy at this point. In fact, we will be looking for sell signals on shorter time frames to fade this rally. NZD/JPY broke above the 60 level, but couldn’t break above the top of the resistance area in the form of 60.50 or so. The pair has been parabolic, and it is definitely due for a pullback at this point in time. The crossing below the 60 level has us short again. Play video >>
EUR/USD shot straight up after the announcement of the cutting of Dollar funding rates by the central banks. In theory, this should keep EU banks from being locked out of Dollar markets, which are important because USD is what international trading is normally done in. (We will see.) The 1.35 showed its strength as resistance again during the Wednesday session though. EUR/JPY rose as well, and had a similar reaction - knee jerk shot up, and then a fall at the first significant resistance. This could signal that this move has limited time to thrive. In the mean time, we like selling on signs of weakness as long as we remain sub-105. Play video >>
USD/CAD initially fell hard on Tuesday, and even managed to break below the 1.03 support level. However, as the oil markets ran into resistance in the later hours of the day, the pair bounced back above the level and formed a bullish hammer. The EUR/CAD pair looks ready to roll over at this point. It has been range bound over the last several months, and it appears we are heading back towards the bottom again. Play video >>
EUR/USD had an initial spike as the Italians managed to sell bonds during the morning. However, the almost 8% yield is something that many traders are worried about, and the 1.35 level seems to be far too strong to be overcome. We believe in selling rallies. EUR/GBP didn't bounce much at all during the Tuesday session. The path was straight down, and this shows that the Euro could be in real trouble going forward. The Pound is winning this battle of ugly currencies at the moment. Now....can we break down through 0.85? Play video >>
GBP/USD had initially gained massively during the Monday session, but at the close – we are seeing a massive shooting star. This suggests that the 1.55 level is stronger resistance than we initially thought. Because of this, we feel that the 1.53 level is calling. EUR/GBP had a back and forth session during the Monday trading day, mainly because this is a battle between two very unloved currencies. We currently see it as being in “no man’s land” and impossible to trade. However, we do see a clear range from which to base decisions off of. Play video >>
EUR/USD initially surged on reports of an IMF bailout of Italy. This rumor was denied, and the rally only proved to be what they all have been lately: A chance to sell the Euro again. The resulting candle is a shooting star, and looks very weak. EUR/JPY had a slightly better day, but also had the pullback that the EUR/USD. (To a lesser extent.) The 104 level seems to be fighting back, and as a result - this pair will probably continue to be a "sell the rallies" market. Play video >>
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