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USD/CAD rose above the 0.98 level on Tuesday, but fell later in the day to form a shooting star-like candle. This shows just how weak the bulls are, and coincides with the oil markets that are all either on the way to breaking out to the upside, or already have in the case of a few of them. The USD/CHF pair ran to the weekly trend line, but failed. However, there is a resistance area just above this line as well that we are watching. The action isn't convincing either way at the moment, so we can only go by breakout points in this pair. A daily close above 0.83 could lead to something special on the upside in this pair. A breaking of 0.8000 is needed to start selling again. Play video >>
USD/JPY sits still yet again as the Bank of Japan keeps threatening the market as the Yen rises in value. Because of this, we don't like selling this pair.....but nobody wants to buy. We will be watching the longer-term charts such as the weekly or monthly to get our signal now. The USD/CAD pair fell below the all-important 0.98 support level on Monday, and appears that it is ready to fall. This makes sense as the Light Sweet Crude markets rose over $2, and this creates demand for the Canadian dollar. We are sellers, and especially so if the Monday lows. Play video >>
The AUD/USD pair has finally broken above the 1.06 level on Monday, an area that we have mentioned as the top of the resistance level that has kept this market down. The AUD/USD pair looks like it is ready to continue its massive bull market. The pair looks like it might find resistance at the 1.08 level, as well as the 1.10 area. The AUD/NZD has broken back through the 1.25 level, rose, and then has fallen back down to the level again. The resulting hammer on Monday looks very promising for the market, and we believe a break of the Monday highs gets the market running back to the upside. Play video >>
GBP/CHF has broken the 1.30 area, and now is pressing the 1.32 level. The 1.32 area looks like resistance area that has to be taken out. The pair looks very strong, and the SNB is willing to support it - so there is no reason to fight them on it. EUR/CHF has broken above the 1.15 area, and quite convincingly on Friday. The 1.18 is the next resistance level, and it appears that we are heading straight there. The market has bounced quite hard recently, but to be honest - this move is very small considering the strength of the downtrend in this pair for the last few years. Play video >>
The USD/JPY pair has been whipped around the recent area, and the last couple of days have been very active. The BoJ is willing to step in and support this pair, but there really no reason that the pair should go upwards. The AUD/JPY is a much clearer situation than the USD/JPY pair. The hammer that has been formed is a great signal to go long in this pair, but only if we managed to break the highs on Friday. With the Aussie being so strong against many other currencies, this move makes sense. Play video >>
The EUR/USD chart shows us that the 1.45 area is being tested yet again, this massive resistance area simply must give way for this pair to continue northward. We believe that the pair is trying to tell us this will happen. The AUD/USD pair looks very similar at the moment, but the 1.06 area needs to be broken. With a shooting star about to give way - this pair looks very bullish. However, 1.06 is still there.... The USD/CAD pair is still stuck, but we show you what levels need to be broken, and they aren't even Forex rates! Play video >>
AUD/USD rose, and then fell on Thursday as traders simply cannot hold above the all-important 1.05 level. The Jackson Hole announcement later today will decide if there is any potential QE3 coming out of the USA, and if so - commodities will skyrocket. Under that scenario, the AUD/USD should have no problem rising above the 1.05 area. If not, this pair could continue to look weak, perhaps even retesting the 1.01 area for support. The NZD/USD pair is in a similar boat, being another commodity currency. The candle shape suggests that weakness could be ahead, but the wildcard is the speech. The hint of QE3 will more than likely make this currency pair a favorite for FX traders to the long side. If not - then we could drift lower, perhaps even testing 0.8000 as support. If that gives way - look out below! Play video >>
USD/CAD fell, and then formed a hammer from the 0.98 support level on Thursday. The candle is very bullish, and suggests that the market may not be expecting Bernanke to announce any QE3-like measures today. With the recent consolidation, we have two very clear levels - 0.98 and parity. If we can break either, that would show us the way. The USD/CHF pair has been stuck at this level (0.8000) for quite some time. With the Jackson Hole announcement coming out later, we may finally get some kind of direction. If QE3 is announced, this pair will fall as the SNB gets overwhelmed. Play video >>
GBP/USD fell hard on Wednesday as traders are starting to think that the Fed will not ease on Friday, thus punishing the Pound. The pair formed a shooting star on Tuesday, and then broke down - a classic technical move. The pair looks like it wants to fall further, perhaps to 1.61 if we get further downward pressure. The USD/JPY pair is rising slightly due to the selling of US Treasuries and the higher yields coming out of America. The markets need to break a bit higher before we get long as the trend is so bearish, but until then - we are sitting tight. The 77.50 level is our mark to buy, with a possibility to reach as high as 80. Play video >>
The EUR/CHF pair has several interesting things going on at once. A triangle has been broken to the upside, and a hammer has been formed as well. The 1.15 level seems to be putting a cap on this pair for the time being, but the pair looks like it wants to go higher. It might simply be a move by proxy as the SNB still sits below. A break below the hammer turns it into a "hanging man", and is very bearish. A close on the daily chart above 1.15 gets us very bullish. The EUR/USD pair is currently stuck just under the 1.45 level. The area looks like it is going to be very difficult to best. However, the Fed announcement this Friday from Jackson Hole, Wyoming will be listened to closely for any hints of "QE3" out of the US. If there is, the EUR/USD pair should finally break above that mark. If not - this pair could fall. More than likely, this market will be very tight until that news conference. Play video >>
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