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The AUD/NZD pair had a very bearish day on Monday, and looks dead set on testing the 1.25 area for support. We like the look of the area, and would be interested in buying on signs of support in that general neighborhood. The AUD/USD could perhaps be doing a little bit of foreshadowing as during the last few hours of the US session, it is finding a lot of buyers and is looking to form a hammer just above the 1.03 level. The AUD could be ready to get a bit of a bid as the markets seem to be ready to bounce a bit in general. Play video >>
USD/JPY looks like it is trying to form a base at the 77 level, as it has printed 3 hammers in a row now. Because of this, we are interested in going long, but only for about 150 pips as we see the 80 level as being massively resistive. With the Bank of Japan sitting underneath, we feel that this is the closest thing to a "safe trade" as you are going to get in the FX markets. USD/TRY isn't a pair we talk about very often, but this pair is a great symbol of what is going on in the emerging economies - devastation. The currencies for most emerging markets look the same as the Turkish Lira, weak. This signifies just how strong the USD is right now - something you should keep in mind when you are trading. Play video >>
EUR/USD finally gave up on Friday and has broken below the all-important 1.3850 support level. Because of this, the pair melted down as rumors of Greek defaults and ECB members resigning causes massive panic in that currency. The 1.35 and possibly 1.30 areas are in play now. The EUR/AUD pair is banging on the door of the all-time lows at the 1.30 mark, and looks set to either do a "dead cat bounce", which we would sell - or a gap lower and below that level. This chart looks absolutely horrible, and it a sell in either case. Play video >>
EUR/USD finally broke the last of it's support during the week, and it now appears that this pair has entered a massive bear market. We no longer buy this pair, and will only sell rallies at this point. We look for 1.40 to be resistive in the near-term, and wait to see 1.35, and even 1.30 before it is all said and done. USD/CAD finds itself banging on the door of parity yet again. As we have said recently, the oil markets will dictate where this pair goes. If the CL contract in the oil markets closes above the $90 mark, there will be a lot of demand for the Canadian dollar. If it closes below $80 - this pair will move upward with force. The USD/SGD was knocking on the door of some very low levels recently, however - with the recent spat of major fear in the markets, the USD is being bought against everything, the Sing dollar is no different. Play video >>
EUR/USD fell like a stone during the session on the Thursday session as the Chairman of the ECB, Mr. Trichet played down the economic prospects of the EU. Because of this traders are selling the Euro against almost everything at this point. If we can break below the 1.3840 ish area - this pair falls much, much more. The EUR/NZD pair broke below the hammer formed a few days ago, and is now struggling to break below the 1.69-1.68 support area. If it does - this pair falls to 1.62 fairly fast, and more than likely even lower points than that. Play video >>
USD/JPY formed a hammer just above the 77 handle for the second day in a row on Thursday. This is a bullish sign, and with the world buying the USD in general, and the Bank of Japan willing to intervene, it appears that this pair is gearing up for a small short-term trade, maybe for about 150 pips. USD/CAD rose on Thursday after filling the gap from the weekend. The pair is bearish overall, but will have to wait on the CL (Light Sweet Crude) futures contract to close over the $90 level to fall hard and continue the trend. The pair could be choppy, and would be hard to buy unless we close above the parity mark. Play video >>
The AUD/JPY pair is currently testing resistance, and forming an ascending triangle as well as an ascending channel at the same time! This looks very bullish if we can close above the 83 level. The sudden sigh of relief around the world on Wednesday should send traders into this pair. The AUD/EUR pair is sitting just above the 1.32 area, which is significant support. However, the trend is down, and we have been below this area before. This means that it is likely that it will give way, allowing the trend to continue. Play video >>
USD/CAD fell hard enough on Wednesday to fill the gap that the open to the week produced. Gaps are normally supportive, but this one is counter-trend. The situation in the oil markets is proving favorable for the Loonie, and as such we see a break of the Wednesday low as a selling signal. Also, watch the $90 mark that is currently being threatened in the CL, the Light Sweet Crude NYMEX contract. CAD/JPY is currently bumping up against a major support turned resistance area, and if the other Yen pairs are any indicator, this pair could be very benign for the time being, a perfect pair for range trading on the shorter time frames. Play video >>
EUR/CHF skyrocketed during the Tuesday session as the SNB has announced a bit of a peg against the EUR @ 1.20. With this move, it has changed the rules of the game, and this pair that has been so generous to us is now going to be avoided for the time being. USD/CHF broke through all of the barriers that we asked it to as a result. The pair now looks like it could be a buy, but it will have to rested support in the 0.83 - 0.85 area first. Play video >>
USD/JPY popped during the Tuesday session, and is currently threatening the recent highs. If we can rise above the Tuesday highs, we feel that the action in conjunction with the Bank of Japan's desire to push this pair up could present a decent short-term trade to the upside. USD/CAD had a bullish day at first, but the 0.99 - parity level appears to be too strong for the bulls. The resulting candle on Tuesday formed something between a doji and shooting star. Either way, this pair looks vulnerable. Play video >>
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