USD/CAD (a daily chart of which is shown) as of Friday (7/30/2010) has once again hit the bottom of a large triangle consolidation pattern after having traded just below key 1.0400 resistance for the entire week. This large triangle occurs within the context of a prolonged sideways trading range consolidation that has been in place since late 2009. For more USD/CAD technical analysis, please click here.
GBP/USD (a daily chart of which is shown) as of Friday (7/30/2010) has consolidated above 1.5500, a prior resistance region that was broken to the upside earlier in the week. This occurs within the context of a strong accelerated uptrend extending originally from the 1.4230 area lows in May, and after price just hit a fresh 5-month high on Thursday. For more GBP/USD technical analysis, please click here.
USDJPY formed a cycle top at 88.11 level on 4-hour chart. Now the fall from 88.11 is treated as resumption of downtrend from 92.88 (Jun 4 high). Further fall towards 84.82 (2009 low) is expected in next several days. Key resistance is at 88.11, only rise above this level could indicate that lengthier consolidation of downtrend is underway. Daily Forex Forecast
USD/JPY (a 4-hour chart of which is shown) as of Thursday (7/29/2010) has once again descended to approach the 7-month low in the 86.25 price region that was just established in mid-July and confirmed with a double-bottom low just a week later. This occurs within the context of a strong overall downtrend for the pair. For more USD/JPY technical analysis, please click here.
EUR/USD (a 4-hour chart of which is shown) as of Thursday (7/29/2010) morning, has reached its upside resistance target of 1.3100, as noted in Monday’s EUR/USD analysis. This occurs within the context of an accelerated parallel uptrend channel that originally stems from the 1.1875 low in early June, and after breaking out cleanly above the prior 1.3026 high. For more EUR/USD technical analysis, please click here.
USDJPY’s bounce from 86.26 extended to as high as 88.11 level. Further rise towards the upper boundary of the falling price channel on 4-hour chart is still possible, and next cycle top is nearing. Key support is at 86.80, a break below this level will indicate that a cycle top has been formed at 88.11, then the following downward movement could bring price towards 84.82 (2009 low). Daily Forex Forecast
7/28/2010 Forex Trading Technical Analysis (FXpath.com) – AUD/USD (a 4-hour chart of which is shown), has retraced back down to a key uptrend support line extending from the 83.15 double-bottom low established in early July. This bearish retracement occurs within the context of this month’s steep uptrend that hit a 2+ month high of 0.9067 just yesterday before beginning the current correction. If the current uptrend continues to be respected with a bounce off (or near) the trendline, the 0.9000 level would continue to be the upside breakout level to watch in order to gauge further potential bullishness on this uptrend. To the downside, a significant drop below key support in the 0.8850 price region could presage a potential reversal/change in th
7/28/2010 Forex Trading Technical Analysis (FXpath.com) – USD/CAD (a daily chart of which is shown), which has generally been entrenched in an overall sideways consolidation since late 2009, has now formed a large converging triangle pattern consolidation. This pattern suggests a progressive tightening of volatility in the pair over the course of the past several months, which could potentially result in a substantial breakout on high volatility. As there is little in the way of a strongly discernible trend on USD/CAD at the moment, the direction of this potential breakout does not currently have a clear bias. Currently, as of Wednesday (7/28/2010), price is near the lower portion of the triangle, just under the 1.0400 support/resistance level. A br
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