Open trading account 
The British pound fell during the course of the session on Thursday, but as you can see we have quite a bit of support just below, and as a result the 1.2850 level is the absolute “floor” as far as I can see, and as a result I believe that a break down below there would be very bearish and perhaps reach down to the 1.25 level below. Ultimately, I think every time we rally at this point in time, exhaustive candles will be selling opportunities as well. Remember, we are still punishing the British…
frankooo's Blog
EUR/USD
The EUR/USD pair went back and forth during the course of the session on Thursday, forming a fairly choppy and neutral candle. This tells me just how difficult this pair is at the moment, and as a result I think we are going to continue to see downward pressure overall, but it’s not going to be a straight line down to the 1.1150 level, which I think is where we are heading. I also recognize that the downtrend line on the chart suggests that the dollar pressure continues, so it’s not until we bre…
AUD/USD
We have had a really huge sell off of both of the antipodean (Australian and New Zealand) Dollars since last Thursday, with the price easily breaking through support, confirming the area at 0.7723 as crucial resistance. The price has now just about returned to a basing area confluent with a very psychologically key round number at 0.7500 which will quite probably provide some kind of support, although it does not look as if there could be a meaningful rise right away. There probably would need t…
EUR/USD
The EUR/USD pair rose during the course of the week, slamming into the 1.1350 level. However, we turn right back around and form a bit of a shooting star so having said that it’s likely that the market will continue to be very volatile and choppy. We ended up doing just that, and as a result it looks like the market is going to continue to be very negative but in a very choppy manner. Truthfully, I don’t like this market at all currently.
S&P 500
The S&P 500 had a relatively negative day during the session on Thursday, but we are still essentially in the middle of the consolidation area that we’ve been trading in for 2 months now. I do believe that every time we pullback, the market looks at it as potential value and that we will eventually break out to the upside. I think a lot of this comes down to the lack of volume, as a lot of traders are still away at holiday. Ultimately, I believe that this market is probably going to reach toward…
NZD/CHF
The NZD/CHF pair initially tried to rally during the day on Thursday but turned right back around as the New Zealand dollar sold off in general. I find this a very interesting pair to trade, because there isn’t much more of a shoe or “risk appetite” type of currency pair that you can find in the world. The New Zealand dollar of course is known for its “risky” behavior, as it is highly leveraged to commodities, while the Swiss franc is considered to be a bastion of stability. So having said this,…
USD/JPY
We are seeing something between a retracement and a consolidation as the price comes off the low around 101.00 following its strong downwards move made earlier this week. There is no reason not to think that there will be another meaningful downwards movement, but I would feel more confident that it had started after yesterday’s high was equalled again, or even better, after 102.00 was hit.
AUD/USD
The AUD was boosted again by the poor U.S> data release yesterday, although it should be noted that this was much less than the better performers, most notable the AUD’s sister currency the NZD with which it tends to be quite highly positively correlated. We have a bullish trend in the short-term, and also a weakly bullish long-term trend. Just above there are three key resistance levels as shown in the chart below. Taken together these are probably going to be hard to break for a while. A real …
GBP/USD
The British pound of course tried to rally during the day as well but turn right back around to form a shooting star. Having said that, what I find interesting is that it is the exact same candle that form for Friday, and it is right where you would anticipate seeing quite a bit of resistance. Because of that, I believe that if we break down below the bottom of the range for the Monday session, the market will probably try to reach down to the 1.3050 region again. This is a market that continues…
AUD/USD
The AUD/USD pair rallied during the course of the session on Friday, but gave back quite a bit of the gains in order to form a shooting star. The shooting star of course is very negative, but I do recognize that the 0.75 level below will continue to offer support. If we can break down below the most recent low, I think the market could continue to go much lower. Ultimately, rallies at this point in time should be selling opportunities on short-term charts as well, and as a result I think it’s on…