The EUR/NZD pair is one that has been in a strong downtrend for some time, but recently had seen a bit of a reprieve. Now that we are approaching a recent inflection point at the 1.6775 handle, the market is starting to form shooting stars. Ultimately, the fact that we continue to do this suggests that perhaps we are going to get a bit of a pullback. However, the...
The New Zealand dollar tried to rally to kick off the week on Monday but has failed at the previous trendline against the Japanese yen. It is because of this that we are likely to continue to consolidate overall, with perhaps an eye on the ¥75 level underneath which has been support. Ultimately, this could be a bit of “market memory” as we tend to see at these...
Looking at the Euro/US dollar pair over the last several weeks, you can see that we initially fell but then found plenty of support near the 1.12 level. That’s an area that of course is a major round figure that will attract a lot of attention, and furthermore you will see the 61.8% Fibonacci retracement level from the absolute lows, the rally, and then the pull...
Recently, we have seen the US dollar/Canadian dollar pair consolidate in a symmetrical triangle, breakout, and then pulled back several times. We are currently sitting just above that triangle which should be rather supportive. With that in mind it makes sense that we could find buyers in this general region, at the very least trying to fulfill the overall...
For most of the year, the Australian dollar has been bouncing around against the Swiss franc in a roughly 300 point range. As you can see on the chart, the 0.70 level has been rather supportive, while the 0.73 level above has been rather resistant. It looks as if we have 75 pips of support and resistance right around these big figures, as the noted on the chart as...
The EUR/USD pair has been very negative as of late but once you zoom out you can see that we have been here before. We had crashed into the 1.12 level during the month of February, only to turn around and bounce even higher. We still haven’t made a “lower low” yet, so it’s likely that the market is going to have to make a rather significant decision at this...
The New Zealand dollar broke down a bit during the Tuesday session, slicing through what would be thought of as a minor trendline, showing just how weak the Kiwi has become as of late. With the Royal Bank of New Zealand recently suggesting that the next move might be an interest rate cut, the New Zealand dollar has taken it on the chin. The trendline started at...
During trading on Monday, we rallied rather significantly in the GBP/JPY pair yet again as the ¥144 level continues offer massive support. That’s an area that of course has attracted attention several times, and now we have broken back above the 200 day EMA as well as the psychologically important ¥145 level. Recently, headlines have come out to knock the British...
Over the last several weeks, we have been watching the CHF/JPY pair as we continue to bounce around in a symmetrical triangle. This is going to be a very interesting pair to watch as both are considered to be “safety currencies”, and as a result you can watch this pair to decide which currency you should either buy or sell based upon risk appetite in other...