Booker Analysis for Upcoming Week

Rob Booker for AUD/USD (4-hour chart):

I am considering two trades on this pair:

1. On a break below the redline, I think we can get all the way to the 38% retracement at .7219.  A break of that level should take us as far as .7180.
2. I would really like to see a resumption of the uptrend that we were in before – and this would happen above .7350.  On a break above that level, even to .7365, I like a long trade, stop .7300, target at least .7500.  More on that if the trade opens.

 

 

 

 

 

Popularity: 2%

Learn:Forex Exclusive Analysis

Learn::Forex provides exclusive content for members of FXCM.  I find that out of all Guest Trading Ideas they have "keeping it simple" analysis that you have to respect.  Others have analysis that from day to day is not consistent and analysis that also can be contrued as more of an art.  (easily interpreted differently from 1 person to another)

Here is Learn::Forex's Analysis today.  See for yourself.

AUD/JPY April 12th, 2006

The pairing that has caught our attention this week is the AUD/JPY.

First lets take a look at the Daily. Two things that stand out.First, notice that we have TWO different fib pulls that are coming together and have for resistance. And second, look at the momentum.it is appearing to weaken.

Then on the 240 minute chart we find confirmation of the price action losing momentum and we also get a nice trend line to use. In SHORT there seems to be an opportunity here.anywhere from current market price all the way back to re-test the trend line and resistance zone of 87.00

We have some support at the 85.50 area with more major support coming in at 85.00 which also happens to line up with a .382 retracement fib. 

 

 

 

 

 

 

 

 

Popularity: 3%

Wave Analysis for Multiple Currency Pairs

The fibo-group submitted their wave analysis to my forex directory yesterday and it’s pretty interesting stuff.  Here’s an example of the commentary and respective chart for the Daily USD/CAD:

The pair reversed sharply, having broken the second critical level. No “Signal line” of the descending “Andrew’s pitchfork” degree Minor is broken. That’s why it is too early to talk about reversal. We see retracement. The depth of the retracement is seen as the “Reaction line 23,6%” of the “Andrew’s pitchfork” degree Intermediate, drawn from the last wave pivots of this wave degree. The pair forms pivot on this “Reaction line” in 80% of all cases.
This suppose is confirmed by the fact that this resistance level is marked by the “Upper signal line” of the descending “Andrew’s pitchfork” degree Minor.

 

 

 

 

 

 

 

 

 

You can check it all out at http://www.fibo-group.com/pages/505

Popularity: 2%

DashboardFX: Forex Weekly Wrap-up

EUR/USD

A virile run mid-morning at the session close, as market participants drove the dollar down to near session lows of 1.1945.  When all was said and done a tight range of 1.1845/1.1955 was fashioned in the major European counterpart and the benchmark currency.

What is interesting to note regarding this week’s price action relative to the previous is that we have two ranges with one large move lower separating them.  That coupled with the cresting off the benchmark S (former R) in the 1.1860 area, which has stymied those bidding the dollar on many occasions in the life of the pair, implies perhaps a solid base pattern of an inverted H&S is in the process of developing with the head all but confirmed on today’s rally in the pair.  The moment of truth for the pattern comes in on the break back into last week’s range followed by a failure to trade through it – thus drafting the second shoulder.  We have cited the major R above as the top end of the shoulder range.

GBP/USD 

Sterling dealers and traders alike have noted vehemently the significance of the MPC minutes slated for next Wednesday.  A prominent reporter in the UK feels an admonishment of a 5-4 split in the minutes could strongly imply a 25bp hike is in the shoe.

As we noted yesterday, “…with such a wide swath these orders clearly have rather lofty targets or expect to average in with size on forays below 1.7340/50.  Irrespective, the activity has garnered attention…” regarding some purported dealer’s activity and it turns out that our summation was incredibly predicative given the proceeding 24-hours of pricing.

USD/CHF 

With no front page news regarding geopolitical unrest, it seems unlikely that the pair will style any type of meaning retracement of the overt trend.  However, we know better to presume the two cannot take place simultaneously, perhaps exacerbating a strengthening in the Swiss franc and weakness in the dollar. 

Some clear top patterns have emerged; but the pair continues to make new highs and the patterns are somewhat eschew.  As we noted recently, “…The drop from the major R we noted in yesterday’s report was rather precipitous and could be ominous indication of more selling pressure to come.  Yesterday daily low of 1.3040/45 will be the moment of truth for those attempting to break the overt trend…” and it seems this statement is rather accurate given the resulting price action.

USD/JPY

The pair continues to rally following our call on the significance of the 1700 figure.  Session highs were recorded at 118.87 following Thursday’s rollover.  It has come in a bit however, leaving a tall wick behind in the vicinity of macro R.  this could be a tell tale sign of some virile selling as specs unwind what have now become very large positions.

Popularity: 2%