Tagged "support"

7-24-08

14:51 GMT – The EUR/USD is approaching a daily support line that also shows up on weekly and monthly charts as it has held since August of 2007 (purple line on chart below). The yellow line directly beneath the purple line (about 50 pips away) is another possible strong daily support line so I consider this the area in between these lines to be a buying zone.

Trading Idea: look for the pair to slow down as it approaches the support (currently between 1.5570 and 1.5500) and look for some candlestick confirmations on the 4H or 60M charts. Longs favored above yellow support line with targets at 1.5660, 1.5725, 1.5815 and 1.5900.

(click to enlarge)

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7-23-08

3:26a GMT – GBP/USD is approaching intraday support on the 4H and daily charts at the bottom of its bullish channel (blue lines on chart below). We also have possible daily support at 1.9835 and this area of double support might provide a good bounce on the pair. Possible event risk at 6:45a GMT with French Consumer Spending (a weak Euro could support the dollar across the board) and the Bank of England minutes at 8:30a (mention of a drop in interest rates could send the GBP downward).

Trading Idea: long positions favored above channel support currently found at 1.9830 with targets at 1.9890, 1.9925 and 1.9985. Look for candlestick signals to confirm. If support is broken look for a retest of 1.9805 and 1.9760.

(click to enlarge)

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7-18-08

7:36a GMT – EUR/USD remains mildly bullish on the daily charts after closing higher than the previous day’s close though the pair is caught in a tight range currently between 1.5890-1.5815. The daily charts remain slightly overbought and leave quite a bit of room for further correction, possibly all the way down to 1.5615 (purple line on 4H chart below is daily support trendline). However with dailies mildly bullish and the 4H caught in a bullish channel my trading direction will remain to the upside. Tight stops will be used as signals are definitely mixed. Red lines show daily support/resistance.

Trading Idea: longs favored above 1.5815 with targets at 1.5875, 1.5895 and 1.5930. If support is broken look for a challenge of 1.5755.

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7-16-08

19:34 GMT – EU dropped today on a strong US stock performance and a declining price of oil. However, I view the drop as a temporary correction and expect the longs to pick back up again at this discounted price. Multiple levels of support can be found between 1.5780 and 1.5755 on the technical charts and I expect these to hold as more buyers are found.

Trading Idea: Longs favored above 1.5755 with targets at 1.5780, 1.5835, 1.5890 and 1.5950.

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7-10-08

4:22a GMT – The UJ pair presents a pretty technically sound bullish picture as the pair has been in a pretty steady uptrend since mid-March on daily and 4 hour charts. Current support is between 106.50 and 106.25, between which may offer some good entry points.

Trading Idea: Look for a bullish reversal candlestick to confirm the trade with long targets at 106.95, 107.35 and 107.65. I support is broken look for a return to lower support between 105.50 and 105.25.

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7-3-08

14:43 GMT – Caution is advised as the EUR/USD approaches multi-day trend support due to mixed reactions to the ECB rate hike. Fundies have pushed the pair down on comments from Trichet that rate increases are done. However, US has a host of bad data about its economy and will not look to hike rates until end of year. I expect pair to rebound some, if not all. However, extreme market volatility may make this pair behave strangely.

Trading Idea: trend support is currently between 1.5700 and 1.5675. Long targets at 1.5735, 1.5815 and 1.5840.

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7-2-08

19:42 GMT – The overall structure of the AU pair remains bullish and I will look to be significant dips in the price action, preferably around the .9550 support area.

Trading Idea: Look for a sustained bounce or a bullish candlestick reversal around the .9550 support area (though a stab toward .9525 or higher at .9580 is possible) with long targets at .9585, .9615 and .9645.

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7-2-08

5:09a GMT – Looking for an opportunity to buy on the latest consolidation between 106.15 and 105.10. RSI shows that the uptrend is still intact on the 4 hour charts.

Trading Idea: Long targets favored above 105.10 and will look for a candlestick entry, possibly around 105.60. Long targets include 106.15, 106.45 and 106.85. If support is broken look for a test of 104.50.

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7-1-08

6:21a GMT – Support for the EUR/USD at 1.5715 is being tested for the second time on the 4H chart after a good bounce on 6/26-6/27. Pair has been crashing against this support for the past 24 hours and I expect it to hold.

Trading Idea: Long positions above 1.5715 are favored while support holds. Targets at 1.5745, 1.5780 and 1.5830. If support is broken look for a return to 1.5675 and 1.5615.

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6-27-08

15:48 GMT – EUR/USD looks poised to make more gains, though I expect a slight dip to shake off the oversold levels on the houries and make room for another rally.

Trading Idea: Look for support to hold around 1.5675 and enter long on a bullish reversal candlestick. If support is broken with no signal look for channel support around 1.5610 to hold. Targets at 1.5740 and 1.5795.

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