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NZD/USD fell during the late Wednesday and most of the Thursday session. However, during the US session, it seems to have found a bid, and formed a hammer-shaped bar at the top of the recent run up. This could be bullish, or it could be bearish. If we can rise above the top of the candle, and close above the 0.8000 level, this would be massively bullish. If we break the bottom of the candle, it would qualify it as a "hanging man", and would be massively bearish. We feel the next 24-48 trading hours could be big for the Kiwi. AUD/USD looks like it is starting to struggle with the 1.02 - 1.03 resistance area. The day was bullish on Thursday, but hardly impressive. We see nothing but bits of resistance almost all the way to 1.05, so are looking for signs of weakness to sell now. Play video >>
GBP/USD broke higher for the Wednesday session, and even rose above the 1.57 level, and area that has held the pair in check over the last couple of weeks. However, there is a gap just above, and is still there waiting to push the pair down. The pair is risk-sensitive, and it doesn't seem like a real stretch to see bad news coming out. USD/JPY has been a scalper's market. The day on Wednesday saw it push to the top of the recent range, and looks like another chance to sell. Play video >>
EUR/USD rose rapidly again on Wednesday as traders continue to show belief in the possibility of a solution in the EU. NZD/USD rose as well, but faces similar problems: A round number which has shown itself to be massive, (0.80) and the 50% retrace that sits right above it. Play video >>
EUR/JPY approached the 105 level, and area that has been resistive on Tuesday. The pair failed to break through, and even sold off a little towards the New York close as the Slovaks have rejected the EU bailout fund. The vote was expected, but the fact that it sold off anyway shows just how nervous people are. EUR/USD had a fairly quiet day as the 1.37 level continues to keep prices down. The gap from a couple of weekends ago was formed at this level, and continues to keep a lid on the Euro. Because of this, we are still bearish of the Euro. Besides - there are simply far too many potential problems with the EU to own this thing. Play video >>
AUD/USD had a fairly benign day as it sits just below the parity level. GBP/USD fell from the top of it's recent consolidation area. The 1.57 level continues to act as resistance, and with the Bank of England going into QE mode again, this pair should continue to act weak. Play video >>
USD/CAD fell on Monday as traders bought the oil markets. The falling of this pair isn't a big surprise because of this, and to think that the pair would do any different would be difficult. However, we think that the 1.02 - 1.03 level should continue to be supportive and are willing to buy supportive candles. GBP/USD rose as well, but fell short of breaking out of its consolidation area, marked by the 1.57 level on the top. The breaking of this area would be bullish - but the 1.59 - 1.60 area should be resistive as well. Because of this, we are selling rallies. Play video >>
EUR/USD rose on Monday as the German and French leaders decided to agree on something in the future in order to recapitalize the EU banks. Yes, this is a bit far-stretch, and we think this pair is simply reacting to a short-covering rally of sorts. The 1.37 level holding as resistance does make us think the pair is going to fall easier than rise over the longer haul. EUR/CHF fell as well. The very fact this pair fell shows us that there might be underlying weakness in the Euro, despite the rally on Monday. This pair isn't really able to be traded, but it is important to watch it for signs of Euro weakness. Play video >>
USD/CAD saw a fall over the last couple of days, just as we suggested could happen. The resulting pullback also gave us a bullish signal right where we had anticipated potential support - 1.03 or so. Now that we have this, it looks like the pair may go ahead and retest the crucial 1.0650 - 1.07 resistance level again. USD/CHF continues to grind higher as the SNB is so actively warning people against bidding the value of the Franc higher. Because of this, the USD is considered to be the sole "safe haven" trade at the moment, and this pair continues to show it. Play video >>
AUD/USD rose, but failed to hold most of it's gains on Friday. The resulting shooting star is just where you would like to see it - in order to sell this risk sensitive currency pair. NZD/USD had an almost identical day on Friday as the currency markets first rallied on the good jobs data out of the US, but recoiled when the downgrade of both Italy and Spain hit the newswires. As the Kiwi is highly sensitive to global risk, this pair looks set to retest the lows on a break of the shooting star formed on Friday. Play video >>
EUR/JPY continues to fall, but the weekly candle suggests that perhaps the sellers are running out of steam. However, it should be noted this could be a "sucker's rally" if the 105 level comes into play. AUD/NZD formed a hammer for the second week in a row at the 1.25 level - this shows that perhaps the Kiwi's massive up move could be coming to an end against many other currencies. GBP/CHF sees 1.45 coming into play, and a resistive move in the short-term is more than likely. However, with the SNB working against the Franc, this will more than likely be a chance to reload on longs as the pair pulls back. EUR/AUD continues to show that the 1.40 area is simply too much. We look for a return to the 1,000 pip or so consolidation area. Play video >>
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