European forex blog » 14 http://topfxsignals.com Daily currency review, examples of trades. Lern how to trade on my blog. Mon, 11 Jan 2010 07:06:52 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 Review on 14th of May 2009 http://topfxsignals.com/2009/05/review-on-14th-of-may-2009/ http://topfxsignals.com/2009/05/review-on-14th-of-may-2009/#comments Thu, 14 May 2009 08:18:09 +0000 trader http://topfxsignals.com/?p=280 NEWS: USD 8:30 AM est PPI / Unemployment Claims*
            NZD 6:45 PM est Retail Sales
 
 
EUR/USD had an inside, lover volatility day as price sold off from the weekly highs and found support at the current weekly low.   Price is testing the longer term resistance from mid-late March and made need some more selling off before the momemtum of the long term uptrend
is going to carry price through this level.  Price is likely to sell off to the 200 day MA before doing so, pontentially at some point this week.  If price does sell off, the next fib retracements for potential support are 1.3540 and 1.3485.  IF price again rallies, the current weekly highs
just above the 1.3700 level may be resistance again, then 1.3777 is the next fib target cluster for the next possible resistance level.  Take note of unemployment claims which is likely to introduce high volume and volatility into the market and can be somewhat unpredictable.
 
GBP/USD also had an inside day as price failed to test the weekly highs and failed to make a lower low then Tuesday even though price sold off fairly heavily after the 5:30 AM est news was released.  Price did find resistance for the weekly highs at a previous resistance level at
the beginning of the year and could need to also sell off, like the EUR/USD, before momentum pushes price into new yearly highs.  IF price sells off, 1.5000 may be strong support, initially, as this is a fib cluster and whole number.  1.4935 is a fib target from Wednesday’s high/low
swing points.
 
USD/JPY continued with the current weekly bearish trend and trended down for most of the day as price found the current daily low just below the previous monthly low/monthly pivot which was initially support when tested before breaking through the level.  IF price continues
to sell off the next possible support is 94.25-94.00 which contains multiple fib targets, then 93.37 being the next level below this.  The CURRENT daily low is 95.15.  IF price does NOT make a new lower daily low then watch for potential resistance at 96.90, 97.47 and
98.00.  These are the major fib retracements from highs of last week and the current low of this week. 
 
USD/CHF had a slight rally after finding support near the 1.1000 number for the current weekly lows.   Price double topped at the current weekkly highs and may be preparing for a slight rally for the rest of the week as price may need a correction after the big sell off to the bottom of the long term trend channel on a daily chart and whole number.  IF price does rally, the next potential resistance is 1.1150 and 1.1200 as the next fib retracements from last week’s high to this week’s current low.  IF price resumes the long term sell off, watch for potential support at current weekly lows of around 1.1000-1.0967 and the next fib target of 1.0870.
 
USD/CAD reversed from the strong sell off from the last 3 weeks and found the current high of the day at the next major 38% fib level.  IF price needs more of a correction from the strong sell off and rallies again for the rest of the week, the next possible resistance is 1.1865 (may be strong potential resistnace when tested as this level is level is a major retracement cluster as of right now.)  Next possible resistnace cluster begins at 1.1950, which is also identified currently as a trade zone.  IF price sells off, 1.1500 zone is just above the weekly lows and could be support again when tested.
]]> http://topfxsignals.com/2009/05/review-on-14th-of-may-2009/feed/ 0 Review on Wensday 14th of April http://topfxsignals.com/2009/04/review-on-wensday-14th-of-april/ http://topfxsignals.com/2009/04/review-on-wensday-14th-of-april/#comments Tue, 14 Apr 2009 07:47:15 +0000 trader http://topfxsignals.com/?p=189 NEWS:  USD  8:30 AM est Core Retail Sales / PPI
10:30 AM est FOMC Member Evans Speaks
1:30 PM est Fed Chairman Bernanke Speaks

EUR/USD reversed from last weeks strong sell off and rallied to the 20 day MA and 62% retracement of last week’s sell off and found resistance for the ultimate high of the day.   IF price sells off from this level, use the fib retracement zones beginning at the fib levels from last week’s low and this week’s high as your potential support.   1.3277, 1.3241 and 1.3205 are the beginning of the previously mentioned zones which may offer support.  IF price continues the rally from Monday and rallies through resistnace of Monday’s high, then next potential resistnace are the fib target clusters of 1.3500* and 1.3582.*   Both of these zones have multiple levels of resistance and may cause strong selling the 1st time they are tested.

GBP/USD also had a big rally above last week’s consolidation pattern and has currently found resistance at the monthly pivot for the highs of the day.  Price action for Tuesday is still looking bullish, especially if price rallies above Monday’s high.  The next possible resistnace begins at 1.4958 which is last week’s high and a fib target cluster.  IF price sells off, 1.4780 was a previously strong resistance level and may act as support if tested on Tuesday and 1.4690 is a 62% retracement of last week’s low from Monday’s current high!

USD/JPY sold off to last months high which has now acted as support multiple times and was the ultimate low of the day for Monday.  Difficult to determine the trend for the day on Tuesday.  IF price rallies, watch for possible resistance at 100.73 then at the monthly pivot of 101.17 for light resistnace.  If price sells off below the previouly mentioned support level of 99.85, the next support is 99.34 and 98.70 for strong possible support.

USD/CHF sold off over 300 pips to just above the 200 MA and long term trendline.  IF price retraces watch for a possible entry to get back into the downtrend at 1.1420, 1.1455 and 1.1491 as the daily fib levels for Monday.  IF price does continue to sell off, the next possible support will be 1.1243 as last week’s low and last month’s low of 1.1161.

USD/CAD sold off on light volume and found support at last month’s low of 1.2193 which is also a monthly pivot.  Price is bearish and if this level is broken tomorrow to the short side, you may attempt to sell the breakout.  The next possible light support is the fib target at 1.2112 and fib target cluster and weekly pivot of 1.2039.*  IF price rallies, the 1.2300 zone has been strong resistance before and 1.2323 is the next longer term 50%  level for possible resistnace.
Happy trading

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