Technical Analysis
PART: bearish
1. This pair has been wedging down.
2. It has also been in a downward channel.
This downward channel certainly can break the horizontal channel.
3. 101.34 resistance level has been broken several times.
4. What else is bearish?
PART:bullish
1. Horizontal channel has been broken to the downside but has always come back.
2.Last...
Long term downtrend on the monthly chart finding resistance at the monthly trend line after a 5 wave up move. Expecting prices to eventually fall to the 94.593 price level then further to the 91.097 region
Note: I got rid of NZD/USD and USD/CHF. NZD/USD pretty much correlates with AUD/USD while USD/CHF correlates with EUR/USD, so I figured it was redundant to analyze both pairs.
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Interesting Pairs:
AUD/USD - Bearish
- Price tested the broken trend line last week and bounced down
- Price retested the same price...
With the reversal at ~102.50 the descending wedge pattern is maturing. I am playing the short side down near support but in the big picture I am bullish once the pattern completes. Descending wedges are typically bullish continuation patterns.
I use the currency forecast poll and compare my own view on the market with the experts who get paid for their forecasts. In this case I have used the USDJPY. I believe that the technicals signal a move down to about 101.5. Here is what the pros say: www.fxstreet.com
I also use the awesome oscillator. When we see the awesome oscillator move below the zero line,...
