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EUR/JPY formed a hammer on Friday as traders closed out their bearish bets. The G20 meeting over the weekend could produce some kind of Euro positive statement, and this could push this pair forward. However, we feel that the 1.05 level could prove resistive, so any longs here would have to be short-term in nature. EUR/AUD is presently pressing against resistance in the form of the 1.3850 level. The area is the bottom of a massive shooting star that sold this pair off last time, and should continue to be resistive. The pair looks like it wants to pullback, and we see the 1.35 level as a natural support area. Play video >>
NZD/USD absolutely fell apart this past week as risk continues to get sold off around the globe. The pair is highly sensitive to this, and as a result looks positively horrible at this point. The selling off of commodities should continue to put pressure on the Kiwi over the longer-term. USD/CHF rises with global fear now. The USD is the last man standing as a safe haven currency since the SNB is devaluing the Franc, and the Bank of Japan is openly hostile to the idea of a higher Yen. Because of this, we expect this pair to keep climbing. With the G-20 meeting over the weekend, you can believe that the world is waiting to see any statement regarding the EU. The EUR/USD pair has fallen below the 1.35 level, but couldn't close under it. Is there a bounce coming? We hope so, because it allows us to sell from higher levels. Play video >>
EUR/USD broke through the 1.35 level on Thursday, which shows another possible down leg is in the works. The support area should now turn resistive, and with the problems in the EU - it isn't hard imagining a situation where this pair falls. EUR/JPY has fallen to new lows, and appears that it is ready to continue the plunge. The EU is in serious trouble at this point, and appear prepared to do nothing about it. However, the USD/JPY pair will be important, as a plunge in that pair will have the Bank of Japan shorting the Yen. If you short this pair, hope the USD/JPY doesn't meltdown, and you should be fine. Play video >>
AUD/USD fell precipitously on Thursday as traders dumped risky assets around the world. The breaking below parity is significant and we feel that this pair has entered a new phase at this point. The parity level should be a roof on prices for the time being, and selling rallies might be the way to go at this point in time. AUD/NZD just emphasizes the weakness in the AUD in general. The AUD fell hard on a day that both currencies were sold off against the USD. This shows us that the AUD is in trouble going forward. Play video >>
AUD/USD fell hard after the Fed's announcement and gloomy outlook on the global economy. The pair is rapidly approaching the parity level, and we expect this will be the site of a massive battle now. The pair bounced the last time it hit parity, but the high it made was much lower than the previous one. Because of this, the AUD looks weak, and could be sold if we close below the 0.99 level on the daily chart. EUR/AUD is presently in the middle of an inverse head-and-shoulders at the 1.35 level. The pair is a battle between two weak currencies at the moment, and as such we will be watching this with great interest. If the AUD/USD falls below parity we could see this pair melt up. Based upon the measurement of the inverse head and shoulders, we see a potential target of 1.40 if it takes off. Play video >>
USD/CHF rose again on Wednesday as the global "risk off" trade continues. With the SNB willing to sell the Franc to keep values low, we think the USD is basically the sole "safety trade" left. Because of this, and the Fed's dicey announcement on Wednesday, we feel this pair could continue to rise. The 0.90 level could cause a reaction - but it will only be temporary at best. EUR/CHF formed a shooting star on Wednesday as the world sold Euros. The pair has a floor in it at the 1.20 level, and we think that should be an area that the SNB will be interested in intervening if a breakdown occurs. If this happens - it should weaken the Franc, leading us back to buying the USD/CHF pair! Play video >>
AUD/USD rose, but fell towards the end of the day on Tuesday. The pair does look like it wants to bounce from the current levels, but we feel that the 1.05 area will be a cap. In fact, this pair is sensitive to bad news, and that's all we get on a regular basis - we sell rallies unless we break above the 1.05 area. The EUR/AUD seems to be stuck between 1.33 and 1.35 at the moment. The Tuesday candle was a hammer, and the recent shooting star shows resistance at the 1.35 level. The pair looks like a scalper's market for the time being. Play video >>
USD/CAD saw a fall during the early session on Tuesday, but as you can see the pair bounced again. This candle gives us pause instead of selling back into the recent consolidation zone. The 1.0050 area is the cap in our opinion at this point in time, but if we close above that - the game is up for the Loonie. The USD/CHF pair printed a hammer on the day, as the rumors of Swiss National Bank setting a new floor for the EUR/CHF pair at 1.25, and this could push the Franc lower. This should make the demand for USD go even higher, and this pair is set to run to the upside at this point. Play video >>
AUD/USD continues to look weak on Monday as traders bought risk on currency pairs towards the end of the US session. The pair looks weak because it is lagging the other commodity related currencies, and adding to that is the idea that the RBA will release it's monetary minutes this morning. Any mention of a possible rate cut gets this pair running towards parity. The upside is capped by both the 1.05, and the various bad news we are seeing around the world. The AUD/NZD pair looks horribly weak, and a break of the 1.23 area is a long-term selling signal. This pair isn't a favorite to trade, but it does show relative strength in the Antipodean currencies, and as a result - it looks like Australia could fall much more than New Zealand as a whole. Play video >>
USD/CAD rose on Monday as traders sold off risk around the globe. The oil markets fell, and as a result the demand for Canadian dollars fell. However, we feel that the recent consolidation area should hold for the time being. This pair is known for going sideways for long periods of time, and that is what makes it a great short-term trading pair. EUR/USD fell hard at the open on Monday, but talk of a possible agreement between Greece and the "Troika", or the IMF, EU, and ECB on getting their second bunch of cash in order to meet funding demands. The resulting candle is a hammer, and it looks like there might be a push to fill the gap from the open. However, the smart money is certainly waiting to sell any significant rallies as the agreement, if it is real - is only a short-term solution in a much larger problem. Play video >>
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