Forex Analysis Video

EUR/USD The EUR/USD is still stuck in a consolidation area, and seems to be waiting for a trigger to run. You can see that we are consolidating between three levels. On the 4 hour chart, it is clearer as to where we are battling. The 1.3750 area has served as resistance, even though we popped above it for a short time recently. It should be noted that the price didn’t hold for long, and it was more like a “false breakout”. The 1.3450 area has been significant support, and there is even a third area to pay attention to now – the 1.36 handle. As such, it appears that we are going to go back and forth between these three levels. The 4 hour chart is probably the way to track this pair as we fight between these three areas. USD/CAD The daily bar has closed in a hammer formation, a very bullish sign. Add to that the fact that 0.98 has been very...

EUR/USD Looking at the EUR/USD pair, you can see that we are still stuck in the consolidation area between 1.35 and the 1.3850 handle. We tried support, and it held again. Any gains should be capped by the 1.3850 resistance area. In fact, no longer-term positions are advised until we get a daily close either above the 1.3850 level, or below the 1.35 handle. USD/CAD The USD/CAD has been in a long, slow, gradual decline for several months. We are approaching a very important support area at the 0.98 handle. We have seen massive support at this level several times recently and any new shorts of this pair should wait for a sustained break below that mark. With the chart set up, any break below could run as far as 0.90 since there is no real support until that level. With the various issues going on around the Middle East right now, a spike in oil prices could certainly favor the Loonie, and soon. USD/CHF As...

EUR/USD On the weekly chart, we have been pointing out the several shooting stars that are forming in the pair. This shows that any serious attempt at appreciation in the EUR/USD has failed. It appears that we are still stuck in the range. We have dipped below the 1.35 level, only to find the 1.34 line major defense as well. This gives up a support range of 100 pips between the 1.34 and 1.35 levels. Anything that is going to present long-term shorting opportunities will have to be under the 1.34 level. USD/JPY We have had a break of the 0.83 handle a couple of days ago, and formed a shooting star. Since then, we have broken above it, which is a very bullish sign. Looking at the charts now, it appears that the next bullish target will be the recent highs in the 84.50 area. Anything closing below 0.83 would cause major concern, as it appears very supportive. EUR/JPY Looking at this chart on the...

  The EUR/USD pair had a slightly bullish day today again, but the charts are starting to look a little tired at this level. It cannot be ignored that the last two days have formed shooting stars, and could be pointing south. The market has support below at 1.45 and 1.46 as well. Because of this, shorting isn’t recommended, but rather waiting for the pullback is. Buying at those levels might be the move to make.

  The NZD/USD pair fell today, but found support at the 0.80 level, a former major resistance area. This is good for the bulls, but if you are not in this pair right now, this is a perfect example of a market move that you missed. Buying at these levels is simply out of the question based upon the large move over the last few months. Look for significant pullbacks in order to buy this pair, perhaps at 0.78 or even 0.75 as well.

  The GBP/USD pair had a bullish day today, as the market retested the 1.6350 level, a major area of resistance. At the end of the day, we formed a shooting star. Because of this, it looks as if the pair could pullback from this level. Noting that the pair has a history up here, that wouldn’t be too surprising. A pullback should present buying opportunities as the strength is still with the bulls overall.

  The GBP/USD pair had a bullish day today, as the market retested the 1.6350 level, a major area of resistance. At the end of the day, we formed a shooting star. Because of this, it looks as if the pair could pullback from this level. Noting that the pair has a history up here, that wouldn’t be too surprising. A pullback should present buying opportunities as the strength is still with the bulls overall.

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