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30 September 2011, 19:14

September 30, 2011

CURRENCYCURRENT BIASPOTENTIAL STRATEGY
EUR/USD (Medium Term)
Watch for a new pattern to emerge.
GBP/USD (Medium Term)
Sell GBP/USD at 1.5714. Stop at 1.5741. Profit target at 1.5673.
USD/JPY (Medium Term)
Watch for a new pattern to emerge.
USD/CHF (Medium Term)
Watch for a new pattern to emerge.
USD/CAD (Medium Term)
Watch for new pattern to emerge.
AUD/USD (Medium Term)
Sell AUD/USD at 1.0057. Stop at 1.0134. Profit target at 0.9941.
NZD/USD (Medium Term)
Watch for an opportunity to go short near the bearish trend line.
EUR/USD (Swing Forecast)
Potential Strategy
Watch for a new pattern to emerge.
What is the trend?Neutral
What is this pattern?No pattern present - See all chart patterns
Why is this significant?There is no high probability pattern so we cannot place a trade.
What other indicators or Fib Levels support this thesis?No trade.
Reason for Strategy
The EUR/USD rapidly dropped today despite piercing our bearish trend line each of the last two days. I gave the trend line the benefit of the doubt because there were three solid tests before the breaches, but the next test of the trend line will be critical. If the next test sees strong resistance at the trend line, then we will assume it is still very strong. If the next test breaks through the trend line, we may have to look for a brand new formation to emerge.
Trade Invalidation
No trade.
Support & Resistance Levels
Resistance 3N/AN/A
Resistance 2N/AN/A
Resistance 1Bearish trend lineSee 2hr Chart
Current Price1.3392
Support 1N/AN/A
Support 2N/AN/A
Support 3N/AN/A

Weekly Chart - The pair continues to trade below the broken trend line.
2hr Chart - Bearish trend line.
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FX360.com and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of futures results.

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